Banca de DEFESA: ALINE DAYANE LEONEZ GONÇALVES

Uma banca de DEFESA de MESTRADO foi cadastrada pelo programa.
STUDENT : ALINE DAYANE LEONEZ GONÇALVES
DATE: 19/03/2021
TIME: 15:00
LOCAL: https://meet.google.com/zje-fpef-zrp
TITLE:

The Association between Corporate Ethics and Economic-Financial Efficiency: an analysis of Brazilian companies listed on B3

KEY WORDS:

Corporate Ethics; Code of ethics; Economic and financial efficiency; Signaling Theory; Agency Theory; Correspondence Analysis.

PAGES: 101
BIG AREA: Ciências Sociais Aplicadas
AREA: Administração
SUBÁREA: Ciências Contábeis
SUMMARY:

We aimed to identify the association between corporate ethics and the economic and financial efficiency of companies. Based on the Signaling and Agency Theories, we inferred that the implementation and dissemination of quality codes of ethics, in addition to being used as a risk control mechanism, is fundamentally important to present greater credibility to the market, thus being able to influence the financial and economic results of the entities. Therefore, we analyzed whether the implementation of a quality code of ethics could influence the economic and financial results by using a sample of 201 non-financial Brazilian companies listed on the Brazilian Stock Exchange (B3). First, we verified the quality of the codes of ethics, released by companies in 2018, based on a numerical scoring model, resulting from the sum of the quantity compliance with the criteria established by regulatory bodies. Then, we identified the economic-financial efficiency score using the Data Envelopment Analysis (DEA) and information collected from the financial reports, from 2015 to 2019, released by the companies, from which we considered as Inputs - Operating Expenses, Third Party Capital and Equity - and Outputs - Net Sales and Cash Flow from Operating Activities. Finally, we made the relationship between the quality indicator of the code of ethics and the economic-financial efficiency score by using Correspondence Analysis (ANACOR). Thus, we reached the conclusion that, on average, companies had a moderate quality indicator (QCE), with 42.78% presenting a satisfactory quality indicator. Regarding economic and financial efficiency, only 15.92% of companies were efficient and 52.24% had low (SE) scores. However, when looking at the association between the two variables (QCE and SE), we did not find a positive relationship between the variables observed. Thus, we were unable to validate the theoretical statement that the quality of the code of ethics positively influences the economic and financial results of companies.

BANKING MEMBERS:
Presidente - 2814007 - RENATO HENRIQUE GURGEL MOTA
Interno - 3220688 - ALEXANDRO BARBOSA
Externo à Instituição - LILIAN PEROBON MAZZER - UEPB