SUSTAINABLE CULTURE RINGS WITH GOOD PERFORMANCE? A STUDY OF COMPANIES LISTED IN THE BUSINESS SUSTAINABILITY INDEX (ISE)

Abstract

Object: To analyze the relationship between Sustainable Culture, and the value drivers of open capital Brazilian listed companies in the period from 2006 to 2020. Theoretical framework: The theoretical framework mainly addresses topics such as sustainability, Corporate Sustainability Index, Environmental, Social and Corporate Governance (ESG), and Corporate Social Responsibility, as well as the relationships between environmental and financial performance in the business context. Method: The panel data regression model was used to analyze the data. Resultados e conclusão: The main results suggest that there is apparently a negative association between investment in ESG versus the financial performance of companies. However, a positive relationship was identified between the time of permanence in the ISE and the intangible assets of the firms, which may indicate the creation of value through a better institutional image before society. Implicações da pesquisa: The results show that being sustainable is expensive for companies and that, on the other hand, investing in sustainability seems to do companies' image good, indicating yet another strategic tool for firms in general. The importance of a sustainable corporate culture is evident, which has repercussions throughout society, in an agenda of global interest, aiming at environmental, organizational, and, consequently, social wellbeing. Originalidade/valor: This study is pioneering in suggesting a relationship between the time companies have been on the ISE and their intangible assets, analyzing the portfolio of that indicator since its inception.