DOES THE MARKET RECOGNIZE CORPORATE SOCIAL RESPONSIBILITY?

Sanchez-Lopez, Juan Camilo; Bejarano, Jesús María Godoy

doi:10.1590/S0034-759020220205x

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ARTICLES • Rev. adm. empres. 62 (02) • 2022 • https://doi.org/10.1590/S0034-759020220205x copy

DOES THE MARKET RECOGNIZE CORPORATE SOCIAL RESPONSIBILITY?

Authorship SCIMAGO INSTITUTIONS RANKINGS

ABSTRACT

This article examines the impact of the Dow Jones Sustainability Index (DJSI) announcements that are prepared annually by RobecoSAM on the market value of Colombian firms. The analysis of 77 events and their impact on 13 firms for the 2009-2018 period found that DJSI-related events lead to insignificantly abnormal returns being generated for shareholders. The study suggests that this happens because Colombian companies do not widely disclose these types of event.

KEYWORDS
Corporate social responsibility; market; study of events; DJSI; Colombian companies

Analyzed events
Company	Industry group (a)	Entry date (dd/mm/yy)	Exit date (b) (dd/mm/yy)	Assets (USD millions, 2019)	Sales (USD millions, 2019)	Participation in COLCAP (2019)
NUTRESA	Food, beverage & Tobacco	8/9/2011		15,645,241	9,958,851.00	7.68%
ÉXITO	Food & Staples Retailing	12/9/2013		15,861,015	15,293,083	0.15%
BCB	Bank	13/9/2012		169,798,731	9,813,828	10.87%
CEMARGOS	Materials	12/9/2013		19,194,350	9,375,076	2.52%
ECOPETROL	Oil and Gas	8/9/2011	8/9/2016	135,448,018	70,846,769	13.59%
GRUPOARGOS	Materials	12/9/2013		50,998,434	16,798,588	3.85%
GRUPOSURA	Diversified Financials	8/9/2011		69,037,830	21,914,783	6.50%
EEB	Utilities	12/9/2013		27,721,294	4,871,940	9.67%
ISA	Energy	10/9/2015		18,909,931	1,159,768	12.34%
ISAGEN (c)	Energy	12/9/2013	8/9/2016	18,860,181	3,183,401	2.99%
PFDAVVNDA	Bank	11/9/2014		122,222,023	10,725,258	3.22%
CELSIA	Energy	13/9/2018		8,275,536	2,664,293	2.88%
BOGOTÁ	Bank	18/10/2017	13/9/2018	175,019,580	12,375,221	3.29%

Company	Start_Date (yy/mm/dd)	End_date (yy/mm/dd)	Minimum	Mean	Maximum	Standard deviation
NUTRESA	2011-04-15	2018-12-28	-4.99	0	4.81	1.08
ÉXITO	2009-01-05	2018-12-28	-11.95	0.01	8.03	1.57
BCB	2009-01-06	2018-12-28	-7.79	0.03	8.03	1.48
CEMARGOS	2012-01-04	2018-12-28	-10.45	0.01	6.55	1.59
ECOPETROL	2009-01-06	2018-12-28	-10.11	0.01	10.27	1.76
GRUPOARGOS	2009-01-05	2018-12-28	-9.2	0.02	7.05	1.31
GRUPOSURA	2010-01-05	2018-12-28	-7.52	0.01	5.67	1.34
EEB	2009-09-07	2018-12-28	-9.86	0.04	8.62	1.33
ISA	2009-01-05	2018-12-28	-9.82	0.03	10.48	1.52
ISAGEN	2012-01-04	2016-12-29	-14.9	0.04	19.28	1.96
PFDAVVNDA	2013-01-03	2016-12-28	-9.41	0.02	5.79	1.45
CELSIA	2017-01-03	2016-12-28	-5.45	0	4.54	1.02
BOGOTÁ	2016-01-05	2016-12-28	-8.85	-0.01	6.89	1.18

	Company	Event	Event date (yy/mm/dd)	-5	-4	-3	-2	-1	0	1	2	3	4	5
1	NUTRESA	Continuation	2012-09-13				2.45
2		Continuation	2013-09-12							-1.81
3		Continuation	2015-09-10							2.84		1.60
4		Continuation	2017-10-18			1.93
5		Continuation	2018-09-13					-3.21			-2.69		-2.26
6	ÉXITO	Entry	2013-09-12		-1.83
7		Continuation	2014-09-11			2.23								2.14
8		Continuation	2015-09-10				-1.64		-2.86
9		Continuation	2018-09-13	-2.88						-1.52
10	BCB	Continuation	2014-09-11				-2.54	1.57
11		Continuation	2015-09-10		-1.79
12		Continuation	2017-09-07	5.88			-1.87
13		Continuation	2018-09-13	1.76		-1.88				2.96	-2.58*			2.70
14	CEMARGOS	Entry	2013-09-12									2.11
15		Continuation	2014-09-11				-2.13
16		Continuation	2015-09-10											1.87
17		Continuation	2017-09-07			-1.67
18		Continuation	2017-10-18				-2.18
19		Continuation	2018-09-13	-3.61	-2.05		3.42	-2.94
20	ECOPETROL	Continuation	2013-09-12											-1.40
21		Continuation	2014-09-11				1.72
22		Continuation	2015-09-10	-1.58
23	GRUPOARGOS	Continuation	2014-09-11		-2.18				1.45
24		Continuation	2015-09-10	2.68	3.63								-2.47	2.12
25		Continuation	2017-09-07	-4.24	-5.02
26		Continuation	2018-09-13	-4.71
27	GRUPOSURA	Entry	2011-09-08		-1.53
28		Continuation	2015-09-10								1.77
29		Continuation	2017-10-18					1.86						-1.71
30		Continuation	2018-09-13				1.98				2.28*			-2.79
31	EEB	Continuation	2014-09-11									-2.27
32		Continuation	2015-09-10									2.31
33		Continuation	2017-09-07	-1.93
34		Continuation	2017-10-18								1.60			-2.44
35		Continuation	2018-09-13	-3.59		1.45
36	ISA	Entry	2015-09-10	1.71				3.72
37		Continuation	2016-09-08							-1.88
38		Continuation	2017-09-07	-1.84								-1.88
39		Continuation	2017-10-18		-1.59
40		Continuation	2018-09-13	2.11	1.61	2.25		-2.42	2.44		-2.86*	1.84
41	ISAGEN	Entry	2013-09-12	-3.62							-1.69		-2.34
42		Continuation	2015-09-10						4.39	1.71
43	PFDAVVNDA	Continuation	2015-09-10		3.16							-2.00
44		Continuation	2017-09-07				2.10
45		Continuation	2018-09-13	1.79	-1.63	-4.50		-1.97			1.71			2.17

Publication per type of media
Use of communication media	General	Specialized	Number of companies
Entry
0	-	-	7
1	-	1	1
2	3	3	3
3	2	4	2
Total	5	8	13

Continuation
0	-	-	2
1	-	-	0
2	-	-	0
3	2	4	2
4	5	11	4
5	-	-	0
6	-	6	1
7	3	11	2
Total	10	32	11

Exit
0	-	-	2
1	1	-	1
Total	1	0	3

Fundação Getulio Vargas, Escola de Administração de Empresas de S.Paulo Av 9 de Julho, 2029, 01313-902 S. Paulo - SP Brasil, Tel.: (55 11) 3799-7999, Fax: (55 11) 3799-7871 - São Paulo - SP - Brazil
E-mail: rae@fgv.br

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[1] AUTHORS’ CONTRIBUTION

Juan Camilo Sánchez-López and Jesús María Godoy Bejarano worked together on the research conceptualization, the theoretical-methodological approach, and on the literature review. Data collection was coordinated by Jesús María Godoy Bejarano, who was also responsible for data analysis. Both authors worked together on writing the manuscript and the final revision.