Relação do capital intelectual de natureza social e ambiental com o desempenho econômico-financeiro do segmento de energia elétrica brasileiro

Abstract

This study aims to verify the relationship between indicators of intellectual capital (IC) social and environmental in nature and the variables of economic-financial performance of companies listed in the corporate sustainability index (ISE) of the BM & FBovespa in 2010 and 2011. For this, we used a sample composed of 11 electric utilities. Analysis variables departed from the Intellectual Capital Social construct (with three variables and indicators 66) Environmental and Intellectual Capital (with three variables and 48 indicators), as proposed by Guthrie et al. (1999) and adapted by Silva and Ensslin (2011). In the analysis, Spearman correlation was applied with ten economic-financial performance indicators. The results indicate higher social environmental CI analysis period, with call for investments in socially responsible actions. The correlations between the economic and financial variables and the CI social and environmental development are, in most cases, positive with little statistical significance, although there is positive development from one year to another, confirming that the financial-economic development presents important relationship with increasing investments in social and environmental CI. Regarding the correlation between social and environmental, this IC is strong and positive, which is justified by the fact that the environmental factors being the only independent arrays of oscillations of economic-financial performance and represent important competitive factors and often protected by laws. (English) [ABSTRACT FROM AUTHOR]