Marco Antonio Figueiredo Milani Filho

Responsabilidade social e investimento social privado: entre o discurso e a evidenciação

This study aims to investigate if companies that declare themselves socially responsible divulge specific financial information on resources spent in public benefit (private social investment) and, also, if the dimension of these expenses is significantly different between companies whose products are associated to negative externalities and the organizations members of the Corporate Sustainability Index (CSI) of the Sao Paulo Stock Exchange (Bovespa). The sample consisted of 52 companies, separated in: 34 CSI participant organizations and 18 companies from the tobacco, alcoholic beverages and arms industries. The data were obtained from annual reports (fiscal years 2005 and 2004), websites, social statements and the Bovespa electronic database. Questionnaires were sent to managers of companies that did not disclose their social projects. Although most of the companies declare themselves socially responsible, the results appointed that 11.8% of CSI companies and 72.2% of organizations associated with negative externalities do not divulge financial information on social expenses, generating doubts about the existence or the dimension of their investments in the community. Only two tobacco companies (CTA Continental and Souza Cruz) used to disclose social information. They stand out because they present higher average levels of social investments than CSI companies, suggesting that they have specific incentives for such behavior.

Assessing accounting for citizenship: an empirical analysis of the corporate control and capital structure decisions

The accounting for citizenship pursues the citizen’s best interest to protect their future financial well-being, in order to adjust the corporation control pressure through capital structure decisions that aim to promote sustainable practices and to improve the corporate governance. Studies of corporate governance identify that lenders now consider the cost of capital and the influence of the concentration of capital in the financial decisions. This article presents a synopsis of corporate control based on several authors and determinants of capital structure. The empirical part develops a longitudinal exploratory analysis from 356 corporations included from 2004 to 2009. The dependent variable used is debt (long-term, short-term, financial and total debt) and the independent variables are concentrated control and significant influence. Several control variables are used to avoid bias in the analysis. The results show that corporate control could change, in convergence and divergence, the capital structur...

Sustainability: Incorporating Social and Environmental Variables in the Analysis of Credit in Brazil

This work is aligned with the Equator Principles that are minimum criteria for granting of credit to ensure that the funded projects are developed in a socially and environmentally responsible way. The objective of this paper is to verify the relevance of social and environmental variables included in the credit analysis. The main results show the relevance of social and environmental variables for the improvement of credit score models. It might be inferred also that models should provide more robust results as the social and environmental variables are standardized and incorporated into the audited financial statements of companies.