CORPORATE SOCIAL RESPONSIBILITY AND FINANCIAL PERFORMANCE IN THE ELECTRICAL ENERGY SECTOR: A STUDY WITH PANEL DATA MODEL

Abstract

Corporate social responsibility (CSR) has become of great importance for companies, a theme that has been a fruitful field for divergences in relation to what is and if it is appropriate the contribution of resources for the development of actions in the socioenvironmental area. The objective of this study was to analyze the relationship between socio-environmental indicators and financial performance in public companies of the electric energy sector that makes up the Bovespa Index, from 2009 to 2015. The results show that both, the return on assets (ROA) and the return on equity (ROE), present similar results when compared to socio-environmental investments and the size of companies. It is important to note that internal social indicators show a direct and significant relationship with organizational results, indicating that investing in employees tends to produce positive financial results for companies.