Responsabilidade social corporativa das empresas brasileiras: uma análise do efeito da propriedade estatal

Abstract

Given the growing effort of interested parties to make companies more accountable for their practices and impacts on the environment in which they operate, a movement by companies towards corporate sustainability can be seen, moving towards the search for maximizing their value as institution. Thus, the importance of Corporate Social Responsibility (CSR) practices for company businesses is increasingly evident. CSR is related to the performance of practices and policies by companies that aim to promote the social well-being of their stakeholders beyond legal requirements, focusing on the balance between economic, social and environmental issues. In this sense, the figure of state-owned companies (SOE) is quite unique, since, in addition to the objectives inherent to companies in general, state-owned companies have greater responsibility and social objectives required by the general interest. SOEs are responsible for generating economic and social development, being used by States as instruments for the country's development, intervening in industrial policies, developing sectors, generating quality jobs and social well-being for the population. Therefore, the study in question had the general objective of investigating the effect of state ownership on the adoption of corporate social responsibility practices. To respond to the proposed objective, the study used an explanatory, quantitative methodology. The sample consisted of Brazilian companies participating in the B3 sustainability questionnaire (ISE B3) during the years 2021 and 2022, corresponding to a total of 96 companies. In the first stage, article 1, using the factor analysis method, carried out an investigation and mapping of the CSR practices of state-owned companies, in order to make a comparison with private companies. The findings show that SOEs have higher levels of adoption of CSR practices compared to private ones, which can be justified by the vocation of SOEs in the search for general social well-being. Furthermore, the dimensions of social capital and corporate governance stand out, which reached the highest levels of performance. Finally, we comment on an evolution of companies from 2021 to 2022, which indicates an increase in concern about sustainability issues. In the second stage, article 2, the panel data regression model was applied in order to investigate the influence of the State, as a shareholder of state-owned companies, in the adoption of CSR practices. The results reveal a positive and significant relationship between the presence of state ownership and the adoption of CSR practices, demonstrating that the presence of the State as a shareholder can contribute to better levels of CSR adoption. Furthermore, we found a positive and significant relationship in the corporate governance variable, which demonstrates the importance of transparency and good relationships with stakeholders contributing to CSR. Finally, the relevance of experience is also obtained as a way of obtaining legitimacy for higher levels of CSR.