| Abstract |
The world financial market identified the eminence for socially responsible investment touched by the business organizations due to the pressure of the society to encourage them to follow the sustainable development model and, hence, created indexes with the objective to reunite them as a way to verify the profitability of these applications: in Brazil, in 2005, the business sustainable index was created (BSI). Such question represents a challenge for the organizations because there's a controversy about this, for one side, the theoretical current of shareholder defends that the enterprises must generate an amount only to the shareholders and, by the theoretical current of the stakeholder, this group is extended for the society, customers, suppliers, etc. Over this academic controversy, studies realized in the Brazilian scenery verified if the sustainable organizations were more lucrative or not in relation to the organizations that didn't adopt this practice, however the pointed results in these studies were conflicting between each other. Thereby, as a way to contribute for the theme discussion, this study had as objective to investigate the risk and return relations of the enterprises that are members of the BSI in the period of 2008 to 2010, verifying if they show bigger average returns and smaller systemic risks. To reach this objective, we used the F test with 5% of significance. The results found suggest that the average returns and the systemic risks of the sample, compared to the amounts of a control group in pairs with it, were not significant. In other words, the listed enterprises in the BSI don't offer significant advantages compared to the enterprises in the control group in any analyzed period. We recommend other researches about the theme including the segment banks that belong to the BSI and a larger period of investigation. |