Vanda Roque^*, Maria do Céu Cortez^**

vroque@ipca.pt, mccortez@eeg.uminho.pt

Resumo. O objectivo deste artigo é investigar a relação entre a divulgação de informação ambiental nos relatórios e contas anuais e a performance financeira no mercado de capitais das empresas cotadas em Portugal. Para tanto, é usada uma amosta de 35 empresas não financeiras cotadas no mercado de cotações oficiais da Euronext Lisboa no período de 5 anos compreendido entre 2000 e 2004. Os resultados empíricos obtidos sugerem que as empresas que não divulgam informação ambiental têm uma performance financeira – rendibilidade, risco e rendibilidade ajustada ao risco – superior às que o fazem. Em particular, as empresas que apresentam um melhor relato ambiental, divulgando informação ambiental qualitativa e quantitativa, são as que apresentam pior performance financeira. Contudo, as diferenças encontradas ao nível da performance financeira não são estatisticamente significativas. Estes resultados são robustos às duas metodologias usadas: estudos de carteira e tabelas de contingência.

Palavras-chave: Relato Ambiental, Performance Financeira, Mercado de Capitais

Abstract. This paper aims to investigate the relationship between corporate environmental report and corporate financial performance. We use a sample of 35 corporations listed in Euronext Lisbon stock exchange for the 5 year period from 2000 to 2004. The empirical results suggest that companies that do not disclose environmental information have a superior financial performance – as measured by return, risk and risk-adjusted return – than those that do disclose it. In particular, companies with better environmental reporting, which disclose qualitative and quantitative environmental information, are the ones with worse financial performance. Nevertheless the differences found in financial performance are not statistically significant. These results hold for both methodologies used: portfolio studies and contingency tables.

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^* ESG – Escola Superior de Gestão – Instituto Politécnico do Cávado e do Ave (IPCA)

^** EEG – Escola de Economia e Gestão – Universidade do Minho (UM)