As part of the EU’s sustainable strategy in reducing emissions and combating climate change the EU introduced the Corporate Sustainability Reporting Directive (CSRD) in 2022. This directive requires the reporting of sustainability information from a significantly wider group of companies. The CSRD imposes higher demands on reporting and especially within a company’s Scope 3 transportation emissions. The study aims to identify and understand the challenges newly affected companies face in collecting and reporting scope 3 transportation emissions to comply with the CSRD. The study also intends to shed light on the resource and capability gaps that newly affected companies encounter and propose strategies and solutions to address these challenges. The study draws from institutional theory combined with are source-based view of a company to propose a hypothesis that companies face resource and capability gaps due to institutional pressure. The research methodology employed was exploratory multi-method qualitative research. The findings identified how companies, needing to adapt to the CSRD, perceived a regulatory institutional pressure in the form of new and higher requirements and demands now placed on them. In addition the exploration resulted in identification of external challenges, affecting companies ability to comply with the new legalization. Furthermore, internal and supplier challenges were discovered as factors within companies that affect their compliance. These highlighted the presence of resource and capability gaps within companies. In order to close these gaps, the study proposes several strategies and solutions together with a roadmap to address these challenges, ultimately guiding companies towards managing institutional pressures and enhancing their sustainable competitive advantage. Solutions regarding management and strategy as well as tangible operations were identified. These solutions and strategies include developing a sustainability culture within the organization, engaging with stakeholders through collaboration and communication efforts, and implementing technology solutions for data collection and analysis. The study can potentially be utilized by companies to navigate useful solutions when trying to comply with the CSRD. Additionally, the study contributes to guiding companies towards a future position of managing institutional pressure while enhancing their sustainable competitive advantage. Companies are encouraged to shift and transform their viewpoint of complying with the institutional pressure of CSRD from a compliance-focused approach towards a corporate social responsibility-driven sustainable approach with long-term value development. The study thus contributes with a new perspective by highlighting how complying with sustainability reporting can become a tool for advancing corporate responsibility and contributing to a more sustainable development and responsible business landscape.

Från och med år 2024 kommer stora och vissa små/medelstora företag (SMEs) i EU bli hållbarhetsrapporteringsskyldiga enligt det nya EU-direktiv, Corporate Sustainability Reporting Directive (CSRD) (2022/2464/EU). Direktivet medför lagkrav på att företagen som omfattas ska rapportera om deras påverkan på människor, miljö och vilka ekonomiska risker samt möjligheter som kan uppstå till följd av klimatförändringar. Direktivet medför krav på företag att ställa om sina rapporteringsrutiner vilket innebär att de står inför stora utmaningar och implementeringsbarriärer. Denna studie presenterar och analyserar de utmaningar och möjligheter företag kan komma stå inför med det nya rapporteringskravet. Därav lyder studiens forskningsfrågor: Vilka externa möjligheter och hot kan företag tänkas möta till följd av CSRD? Vilka interna styrkor och svagheter kan företag tänkas identifiera till följd av CSRD? Hur påverkar tidigare kommunikation kring hållbarhet organisationens syn på utmaningar som uppstår vid förändringar i hållbarhetsarbete? Studien baseras på intervjuer från ett svenskt företag som omfattas av CSRD, Parks and Resorts (PRS). Intervjusvaren har genomgått en innehållsanalys med ett analytiskt ramverk baserat i SWOT-analys. Analysen visar att informanterna upplever utmaningar med datainsamling, resurser och kommunikation. Mot bakgrund av den tidigare forskningen visar studien att företags rutiner, resurser och befintliga praktiska hållbarhetsarbete hotas under implementeringsfasen. Studien visar att CSRD bidrar med möjligheter för företag att utveckla sitt långsiktiga hållbarhetsarbete, och öka statusen för hållbarhetsfrågor inom företag. Vidare visar studien att företag som har god kommunikation blir mer mottagliga för förändringar i hållbarhetsarbete, då det finns en acceptans, ett redan etablerat kontaktnät och ett hållbarhetsengagemang inom organisationen. Studien bidrar till forskningsläget genom att påvisa utmaningar företag kan uppleva vid implementering av ny lagstiftning, i detta fall CSRD. Studien visar också hur organisationers tidigare kommunikation kring hållbarhet påverkar dess anpassningsmöjlighet till externt pålagda krav som medför förändringar för företaget. Till skillnad från tidigare forskning visar denna studie att jämförbarhet i mätdata upplevs svåruppnått, och därav finns det en risk att CSRD inte uppfyller sitt syfte att öka transparens. / From the year 2024, large enterprises and some small/medium-sized enterprises (SMEs) in the EU will be obliged to report on sustainability according to a new EU directive, the Corporate Sustainability Reporting Directive (CSRD) (2022/2464/EU). The directive sets legal requirements that the companies covered must report on their impact on people, the environment and the financial risks and opportunities that may arise as a result of climate change (European Commission, u.å). The directive requires companies to change their reporting routines, which means that they face major challenges and implementation barriers (Ioannou & Serafeim, 2017). This study presents and analyzes the challenges and opportunities companies may face with the new reporting requirement. Hence the study's research questions are: What external opportunities and threats can companies face as a result of CSRD? What internal strengths and weaknesses can companies identify as a result of CSRD? How does previous communication about sustainability affect the organization's view of challenges that arise from changes in sustainability work? The study is based on interviews from a Swedish company covered by the CSRD, Parks and Resorts (PRS). The responses have been analyzed through content analysis with an analytical framework based on SWOT analysis. When compared to previous research, the study shows that companies' routines, resources and existing practical sustainability work are threatened during the implementation phase of the CSRD. The study shows that the CSRD can contribute to opportunities for companies to develop their long-term sustainability work and increase the status of sustainability issues within companies. Furthermore, the study shows that companies that have good communication become more resilient to changes in sustainability work, as there is acceptance, an already established network of contacts and a commitment to sustainability within the organization. The study contributes to research by identifying challenges companies may experience when implementing new legislation, in this case CSRD. The study also shows how organizations' previous communication about sustainability affects its ability to adapt to externally imposed requirements that bring about changes for the company. In contrast to previous research, this study shows that it is difficult to achieve comparability in climate-data, and hence there is a risk that CSRD does not fulfill its purpose of increasing transparency.

Studiens syfte är att undersöka sambandet gällande hållbarhetsredovisningens påverkan på företagens finansiella lönsamhet. Studien tar även hänsyn till branschspecifika faktorer, vilket tidigare forskning saknat. För att besvara studiens syfte har en kvantitativ forskningsmetod använts. Den teoretiska referensramen består av institutionell teori, legitimitetsteori och intressentteori, vilket hypoteserna formulerats utifrån. Studien analyserar hur omfattningen på hållbarhetsredovisningar år 2013 påverkat företagens finansiella lönsamhet år 2014. Företagens finansiella lönsamhet mäts med nyckeltalen ROE och ROA. Studien använde sig utav en regressionsanalys, där de oberoende variablerna var företagens bransch, företagens ålder, balanslikviditet, omsättning samt CSR antal ord. Det empiriska resultatet påvisade att det inte förekom något samband gällande hållbarhetsredovisningens påverkan på företagens finansiella lönsamhet. Studien visade heller inget samband gällande företagens bransch och dess påverkan på företagens finansiella lönsamhet. Studiens frågeställning besvaras således med att det inte finns något samband gällande hållbarhetsredovisningens påverkan på företagens finansiella lönsamhet. Slutsatsen stöds även av studiens kontrollvariabler, företagens ålder, balanslikviditet samt omsättning. Resultatet talar för att vid en regressionsanalys av ROE och ROA skall ingen av de valda variablerna inkluderas i modellen. Resultat skall tolkas med försiktighet. Studien analyserade sambandet under en kort tidsperiod vilket leder till att studien brister i den långsiktiga aspekten. / This study’s purpose is to explore the connection regarding sustainability reports and its effect on corporate financial profitability. This study also takes into account industry-specific factors, which previous research are lacking. A quantitative research method has been used. The theoretical framework is based on institutional theory, legitimacy theory and stakeholder theory, which the hypotheses are founded from. The study analyzes the extent of sustainability reports in 2013 and how it affected the financial profitability in 2014. Financial profitability is measured with the indicators ROE and ROA. The study uses a regression analysis, where the independent variables are the business industry, corporate age, balance sheet liquidity, turnover and CSR number of words. The empirical result indicated that there is no connection regarding sustainability report and its effect on financial profitability. The study didn’t either show a connection regarding the company’s industry and its effect on profitability. The study’s research question is therefore answered with that there is no connection regarding sustainability report and its effect on financial profitability. This conclusion is also supported by the study’s control variable, corporate age, balance sheet liquidity and turnover. The result regarding ROE and ROA indicates that none of the variables should be included. The result should be interpreted with caution. The study analyzes the connection in a short period of time, which leads to the lacking of a long-turn aspect.

The importance of addressing the topic of sustainable development has been widely acknowledged, and the researchers call for future studies that would develop new perspectives on integrating sustainability in the business context. Currently, most of such studies focus on large companies, whereas it has been shown that the impact of SMEs on the economy, the society and the environment is also significant. The present work aims at exploring the integration of corporate social responsibility (CSR) and corporate sustainability (CS) in small and medium-sized enterprises (SMEs) in the Nordic countries. Adopting a qualitative dominant mixed research method, the following objectives are achieved: using content analysis, we analyse the activities disclosed by SMEs and describe their type and focus. Further, the multiple case study of 13 SMEs operating in Sweden, Finland, Norway, Denmark and Iceland allows exploration of the process of CSR integration in companies in more detail. Using the abductive approach to analysis and systematically combining the existing approaches to analysing CSR integration with the empirical findings, we are able to distinguish several specifics of SMEs. Namely, the process of CSR integration in SMEs may be different due to increased role of the top management commitment and the varying degree of externally formalising CSR and CS through obtaining certifications. This allows us to design suggestions for the updated model of CSR integration, which would reflect these specifics of SMEs. The present work contributes to current research by exploring CSR and CS integration in the context of SMEs, which have been previously identified as research gaps. We develop suggestions for modifying an existing framework for analysing CSR integration that combines the focus on specific business operations and the stages that a company can undergo in implementing CSR. The developed model could be used as a practical tool for analysing the company and the potential areas that would lead to CSR integration on a more strategic level. The qualitative nature of the present work and supporting the theoretical reflections with quotes from SME managers and owners provides opportunities for naturalistic generalisations and gaining insights on what activities could be implemented in companies. We acknowledge that our work has several limitations. The qualitative nature of the study does not allow statistical generalisation; thus, further research is recommended to enhance the findings and test the developed model in different context and using different methods, as well as targeting not only managers and owners whose responsibilities are related to strategy and sustainability, but also employees from other functions. Quantitative and qualitative studies of SMEs in the analysed region conducted by native speakers are also recommended.

Syftet med denna uppsats är att undersöka och redovisa hur ett antal företag inom olika branscher i Sverige arbetar med frågor som rör social, miljömässig och ekonomisk hållbarhet: vanligtvis kallat corporate sustainability och CSR. Begreppen sammanfattar företagens strävan att uppnå långsiktig hållbarhet i sin verksamhet, till exempel genom att hushålla med naturresurser. Uppsatsen bygger på casestudier, med tillhörande djupintervjuer, av sex olika företag. Den grundläggande frågeställningen är hur företagens arbetat med sin organisationsutveckling för att implementera CSR i verksamheten och till exempel bli ett ”grönare” företag. Slutsatserna i studien är att företagen i studien tar ett tydligt samhällsansvar i någon form och samtidigt avfärdar den klassiska ekonomiska teoribildningen kring vinstmaximering som förlegad.  Uppsatsen skulle även kunna utgöra ett instrumentellt dokument för företag som vill lära sig mer om eller utveckla sitt CSR-arbete. Den berör även de negativa konsekvenser som riskerar följa av ett CSR-arbete som inte är tillräckligt dedikerat, används i egen-syfte (greenwashing) eller inte får något utrymme alls.

A sustentabilidade está sendo inserida no contexto empresarial como uma forma de minimizar os impactos causados pelos processos produtivos. Empresas estão deixando de considerar somente questões econômicas e passaram a atentarem-se as questões socioambientais. Diante desse contexto, as organizações utilizam ferramentas como normas de sistemas de gestão para auxiliar a satisfazer os anseios das partes interessadas e introduzir a sustentabilidade em seus contextos. No cenário científico não identificou-se estudos que abordassem a relação existente entre normas de sistemas de gestão e a sustentabilidade empresarial. Sendo assim, esse estudo teve como objetivo analisar a relação entre normas de sistemas de gestão (ISO 14001, ISO 9001, OHSAS 18001 e NBR 16001) e a sustentabilidade empresarial. Para isso realizou-se uma revisão bibliográfica com o intuito de identificar os requisitos da sustentabilidade empresarial. Esses foram extraídos do Índice de Sustentabilidade Empresarial, Indicadores Ethos e Global Reporting Initiative, pois agrupam os principais elementos da sustentabilidade empresarial. Posteriormente foi construída matriz de relação contendo os requisitos da sustentabilidade empresarial e os requisitos de cada norma de sistema de gestão estudada. Essa matriz foi preenchida pela pesquisadora e por 6 especialistas que utilizam essas normas diariamente. Posteriormente as respostas foram consolidadas gerando a Matriz de Relação Consolidada (MRC) que foi analisada e interpretada. As relações foram classificadas como forte, moderada, fraca ou nula. Essa matriz foi o meio utilizado para atingir o objetivo da pesquisa. Os resultados da pesquisa apontam que a ISO 9001 e a OHSAS 18001 possuem relação fraca com a sustentabilidade empresarial. A ISO 14001 apresenta relação moderada e a NBR 16001 apresenta relação forte. Sendo assim, conclui-se que esses padrões normativos podem auxiliar as empresas a introduzirem a sustentabilidade em seu contexto, no entanto, a ISO 9001 e a OHSAS 18001 são normas que abordam apenas alguns elementos da sustentabilidade empresarial. A NBR 16001 é a norma que mais apresenta os elementos da sustentabilidade em seu escopo. Sendo assim, empresas que objetivam introduzir a sustentabilidade nos ambientes corporativos poderiam focar na implementação da NBR. / Sustainability is being inserted into the business context as a way to minimize the negative impacts of production processes. Organizations are ceasing to consider only economic issues and began to heed to social and environmental issues. In this context, organizations use tools such as management system standards to help stakeholders satisfy their aspirations and introduce sustainability into their contexts. A study that approached the relation between standards of management systems and corporate sustainability wasnt identified in the scientific scenery. Therefore, the goal is to analyze the relation between management system standards (ISO 14001, ISO 9001, OHSAS 18001 and NBR 16001) and corporate sustainability. A literature review was carried out in order to identify the requirements of corporate sustainability. These were taken from the Corporate Sustainability Index, Ethos Indicators and Global Reporting Initiative, for they group the main elements of corporate sustainability. Later, a relation matrix containing the requirements of corporate sustainability was built with the requirements of each standard management system studied. This matrix was filled by the researcher and six experts who use these standards daily. Later responses were consolidated generating the Consolidated Relation Matrix which was analyzed and interpreted. Relations were classified as strong, moderate, weak or null. This matrix was the means used to achieve the objective of the research. The survey results show that the ISO 9001 and OHSAS 18001 have weak relation to corporate sustainability. The ISO 14001 has moderate relation and the NBR 16001 presents strong relation. Therefore, it is concluded that these regulatory standards can help companies to introduce sustainability in their context, however, ISO 9001 and OHSAS 18001 are standards that address only some elements of corporate sustainability. The NBR 16001 is the standard that has more elements of sustainability in its scope. Thus, companies aiming to introduce sustainability into corporate environments could focus on the implementation of the NBR 16001.

O aumento significativo da deterioração das condições ambientais e sociais em muitas partes do mundo indicam que a sustentabilidade como um todo pode estar ameaçada. Assim a sustentabilidade empresarial tornou-se um objetivo bastante almejado e de fundamental importância não só para as empresas que sofrem constantes pressões sociais, mas também para toda a humanidade. Por esses motivos, cada vez mais empresas estão adotando relatórios de sustentabilidade para demonstrar seu engajamento com a sustentabilidade empresarial. Para tanto, é preciso utilizar indicadores adequados para a mensuração de desempenho dessas organizações em relação à sustentabilidade. Assim, esta dissertação analisou relatórios de sustentabilidade e identificou que o relatório de sustentabilidade GRI vem sendo utilizado não apenas como um relatório de transparência mas como um certificador, portanto tem como objetivo avaliar se o GRI pode ser analisada como ferramenta adequada para a caracterização de empresas brasileiras enquanto sustentáveis, por meio de revisão bibliográfica, pesquisa em modelos de indicadores de sustentabilidade e análise dos relatórios das seis empresas brasileiras atestadas como A+. Como resultado desta pesquisa verificou-se que o GRI deve ser melhorado em vários e importantes aspectos para que possa ser usado como certificador da Sustentabilidade Empresarial. / The significant increase of deteriorating environmental and social conditions in many parts of the world indicate that sustainability as a whole may be threatened. Thus corporate sustainability has become a very desired objective and of fundamental importance not only for companies that suffer constant social pressures, but also for all mankind. Thus, seek sustainability has come to represent a real need for organizations to be able to survive. For these reasons more and more companies are adopting sustainability reports to demonstrate their commitment to corporate sustainability. Thus, this dissertation examined sustainability reports and identified the GRI sustainability report has been used not only as a transparency report but as a certifier therefore aims to evaluate whether the GRI can be considered as suitable tool for characterizing companies while Brazilian sustainable, through literature review, research on models of sustainability indicators and analysis of the reports of the six Brazilian companies certified as A +. As a result of this research it was found that the GRI should be improved in several important respects so that it can be used as certifier Corporate Sustainability.

A Economia Ecológica traz como principal fundamento a limitação biofísica do Capital Natural como fonte primária na geração de Serviços Ecossistêmicos demandados pela sociedade. A discussão sobre os limites ecossistêmicos ganhou expressão internacional nas reflexões trazidas pelo relatório Limits to Growth (1972) e consolidou-se na Avaliação Ecossistêmica do Milênio (2005). A diretriz de limitação das atividades econômicas à capacidade de suporte dos ecossistemas vem sendo incorporada no contexto da governança ambiental global, por meio de conferências, convenções e tratados voltados para a governança de temáticas como mudanças climáticas, gestão de recursos hídricos e biodiversidade. No entanto, desde a publicação do Clube de Roma (1968), (um alerta sobre a vulnerabilidade do crescimento econômico às limitações do capital natural) houve predominância, no setor empresarial, de abordagens pautadas nos conceitos Triple Bottom Line e de Ecoeficiência, deixando em segundo plano a discussão sobre os limites ecossistêmicos. Os relatórios de sustentabilidade, instrumentos voltados à divulgação de informações socioambientais das empresas aos seus Stakeholders, refletem também esta trajetória de ênfase a estas abordagens. Entretanto, o advento do Relato Integrado (RI), traz elementos em sua Estrutura, documentos-base e em discursos de sua entidade propositora (o International Integrated Reporting Council - IIRC), que sugerem aderência ao entendimento da Economia Ecológica. Ou seja, de que o Capital Natural provê o ambiente sobre o qual os outros capitais se apoiam. Em função disto, este estudo teve como objetivo geral verificar se o RI corresponde a uma iniciativa alinhada aos fundamentos da Economia Ecológica. O alinhamento do RI a tais fundamentos, o configuraria como um marco no setor empresarial, correspondendo a uma iniciativa pioneira, permitindo considerá-lo um potencial vetor de mudança sobre os paradigmas atuais de gestão corporativa. Para elucidar esta questão realizou-se uma análise multimétodo, em três etapas. Nas duas primeiras analisaram-se os documentos: Estrutura Internacional para Relato Integrado (2013), o CAPITALS: Background Paper for (2013) e os Relatórios Integrados divulgados pelas 6 organizações brasileiras selecionadas, para os anos de 2014 e 2015. Na última etapa de entrevistas verificou-se o discurso dos gestores de cada empresa. Os resultados avaliam a aderência de tais documentos e dos discursos aos fundamentos da Economia Ecológica. O estudo conclui que o RI não corresponde a uma iniciativa alinhada com os fundamentos da Economia Ecológica e, entre seus principais resultados, destaca: i) as divergências encontradas entre os documentos produzidos pelo IIRC, quanto ao seu alinhamento aos fundamentos da Economia Ecológica, que comprometem o potencial do RI como vetor de transformação da governança corporativa; ii) a baixa incidência de elementos e abordagens alusivas a tais fundamentos nos relatórios analisados, além de que, iii) para os casos em que o alinhamento a tais fundamentos foi detectado, não há relação com a adoção das diretrizes do IIRC. O estudo contribui ainda com a sugestão de modificações na Estrutura Internacional para Relato Integrado, no sentido de orientar o alinhamento da iniciativa aos fundamentos da Economia Ecológica, diferenciando-a no que tange à gestão ambiental corporativa. / The Ecological Economics has as its main foundation the biophysical limitation of Natural Capital in relation to the society\'s demand for Ecosystem Services. The discussion on ecosystem boundaries gained international expression in the reflections brought by the Limits to Growth report (1972) and consolidated in the Millennium Ecosystem Assessment (2005). The guideline limiting economic activities to ecosystem support capacity has been incorporated in the context of global environmental governance, through conferences, conventions and treaties focused on the governance of issues such as climate change, water resources management and biodiversity. However, since the Club of Rome (1968) (an initiative alerting about the vulnerability of economic growth to the limitations of natural capital), there was a predominance in the business sector of approaches based on the concepts of Triple Bottom Line and Eco-efficiency, leaving in the behind the discussion about the ecosystem limits. The sustainability reports, instruments aimed at the dissemination of companys social and environmental information to their Stakeholders, also reflect this trajectory of emphasis to these approaches. However, the advent of the Integrated Reporting (IR) brings elements in its Structure, base documents and speeches of its proposer (the International Integrated Reporting Council - IIRC), which suggest adherence to the understanding of the Ecological Economics, that Natural Capital provides the environment upon which other capitals rely. In this sense, this study has as general objective to verify if the IR corresponds to an initiative aligned with the Ecological Economics foundations. The alignment of the IR to such basement, would configure it as a landmark in the business sector, corresponding to a pioneering initiative, allowing to consider it as a potential vector of change on the current paradigms of corporate management. To elucidate this question a multi-method analysis was carried out in three stages. Stages one and two analyzed the following documents: The international Framework (2013), CAPITALS: Background Paper for (2013) and the Integrated Reports released by the six Brazilian organizations selected, for the years 2014 and 2015. And in the third interview stage analyzed the discourse of the managers of each company. The results evaluate the adherence of such documents and discourses to the Ecological Economics foundations. The study concludes that IR does not correspond to an initiative aligned with the Ecological Economics foundations and, among its main results, it highlights: i) the divergences found between the documents produced by the IIRC and its alignment with the these foundations, which compromise the potential of IR as a transformation vector of corporate governance; ii) the low incidence of elements and approaches alluding to such foundations in the analyzed reports. Besides that, iii) in cases where the alignment to these foundations was detected, there is no relation with the adoption of the IIRC guidelines. The study also contributes by proposing modifications in The international Framework, in order to direct the alignment of the initiative to the Ecological Economics foundations, differentiating it in what concerns to the corporate environmental management.

Made available in DSpace on 2016-04-25T16:44:35Z (GMT). No. of bitstreams: 1 Janaina Rute da Silva Dourado.pdf: 8254438 bytes, checksum: 780b6512e994da5173238abb5e1ff1fa (MD5) Previous issue date: 2013-10-07 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Considering all the work done by countless organizations that standardize deployment sand propose improvements, linking the implementation of the corporate governance of companies, is generated continuous development for transparency in the capital market, especially the great change madeinapplicationsofLevels1and 2andNovo Mercado, certifications related to social responsibility have been implemented in various institutions in order to improve transparency in relations with stakeholders and social partners, leading to a major transformation in the environment of large companies. Nevertheless, you can t meet the needs related to environmental issues. When considering the standard established as the Novo Mercado, the main objective of this dissertation is to understand if the ISE is just a certification or it is a paradigm shift and could become the new standard. For this, the methodology is characterized by the case study is divided into three phases: the documentary research and the ISE, Ibovespa index, IGC index, and IBrX index e IBrX 50 index; interviews with evaluators ISE and finally, the analysis the data. Thus the main results were that the ISE has a positive relative distance between the other indices studied the Brazilian capital market, confirming that the work done in the certification process brought legitimacy to the questionnaire and there have been requests for voluntary participation by companies wish in the future to integrate this portfolio. So one can understand that the Brazilian capital market is undergoing a paradigm towards a new standard and that is linked to criteria related to sustainability, thus signaling ISE as a future standard / Considerando todo o trabalho realizado por inúmeras organizações que normatizam e propõem implantações de melhorias, que vinculam a implantação da governança corporativa nas empresas, é gerado contínuo desenvolvimento para a transparência no mercado de capitais, com destaque para a grande mudança realizada com aplicações dos Níveis 1 e 2 e o Novo Mercado, certificações ligadas à responsabilidade social terem sido implementadas em várias instituições com o objetivo de melhorar a transparência nas relações com os stakeholders ou parceiros sociais, levando a uma grande transformação no ambiente das grandes empresas. Mesmo assim, ainda não se consegue alcançar as necessidades relacionadas às questões socioambientais. Ao considerar o padrão estabelecido como o Novo Mercado, o objetivo principal desta dissertação é compreender se o ISE é apenas um certificador ou se trata de uma mudança de paradigma, podendo vir a se tornar o novo padrão. Para isso a metodologia adotada caracteriza-se pelo estudo de caso que está dividido em três fases: a pesquisa documental do ISE e dos índices Ibovespa, IGC, IBrX e IBrX 50; a entrevista com os avaliadores do ISE e, finalmente, a análise dos dados. Dessa maneira os principais resultados foram que o ISE apresenta um relativo distanciamento positivo entre os demais índices estudados do mercado de capitais brasileiro, a confirmação de que os trabalhos desenvolvidos no processo de certificação trouxeram legitimidade ao questionário e tem havido solicitações voluntárias de participação de empresas que desejam no futuro integrar esta carteira. Assim pode-se compreender que o mercado de capitais brasileiro está em processo de mudança de paradigma para um novo padrão e que este está ligado aos critérios relacionados à sustentabilidade, sinalizando assim o ISE como futuro padrão

A sustentabilidade está sendo inserida no contexto empresarial como uma forma de minimizar os impactos causados pelos processos produtivos. Empresas estão deixando de considerar somente questões econômicas e passaram a atentarem-se as questões socioambientais. Diante desse contexto, as organizações utilizam ferramentas como normas de sistemas de gestão para auxiliar a satisfazer os anseios das partes interessadas e introduzir a sustentabilidade em seus contextos. No cenário científico não identificou-se estudos que abordassem a relação existente entre normas de sistemas de gestão e a sustentabilidade empresarial. Sendo assim, esse estudo teve como objetivo analisar a relação entre normas de sistemas de gestão (ISO 14001, ISO 9001, OHSAS 18001 e NBR 16001) e a sustentabilidade empresarial. Para isso realizou-se uma revisão bibliográfica com o intuito de identificar os requisitos da sustentabilidade empresarial. Esses foram extraídos do Índice de Sustentabilidade Empresarial, Indicadores Ethos e Global Reporting Initiative, pois agrupam os principais elementos da sustentabilidade empresarial. Posteriormente foi construída matriz de relação contendo os requisitos da sustentabilidade empresarial e os requisitos de cada norma de sistema de gestão estudada. Essa matriz foi preenchida pela pesquisadora e por 6 especialistas que utilizam essas normas diariamente. Posteriormente as respostas foram consolidadas gerando a Matriz de Relação Consolidada (MRC) que foi analisada e interpretada. As relações foram classificadas como forte, moderada, fraca ou nula. Essa matriz foi o meio utilizado para atingir o objetivo da pesquisa. Os resultados da pesquisa apontam que a ISO 9001 e a OHSAS 18001 possuem relação fraca com a sustentabilidade empresarial. A ISO 14001 apresenta relação moderada e a NBR 16001 apresenta relação forte. Sendo assim, conclui-se que esses padrões normativos podem auxiliar as empresas a introduzirem a sustentabilidade em seu contexto, no entanto, a ISO 9001 e a OHSAS 18001 são normas que abordam apenas alguns elementos da sustentabilidade empresarial. A NBR 16001 é a norma que mais apresenta os elementos da sustentabilidade em seu escopo. Sendo assim, empresas que objetivam introduzir a sustentabilidade nos ambientes corporativos poderiam focar na implementação da NBR. / Sustainability is being inserted into the business context as a way to minimize the negative impacts of production processes. Organizations are ceasing to consider only economic issues and began to heed to social and environmental issues. In this context, organizations use tools such as management system standards to help stakeholders satisfy their aspirations and introduce sustainability into their contexts. A study that approached the relation between standards of management systems and corporate sustainability wasnt identified in the scientific scenery. Therefore, the goal is to analyze the relation between management system standards (ISO 14001, ISO 9001, OHSAS 18001 and NBR 16001) and corporate sustainability. A literature review was carried out in order to identify the requirements of corporate sustainability. These were taken from the Corporate Sustainability Index, Ethos Indicators and Global Reporting Initiative, for they group the main elements of corporate sustainability. Later, a relation matrix containing the requirements of corporate sustainability was built with the requirements of each standard management system studied. This matrix was filled by the researcher and six experts who use these standards daily. Later responses were consolidated generating the Consolidated Relation Matrix which was analyzed and interpreted. Relations were classified as strong, moderate, weak or null. This matrix was the means used to achieve the objective of the research. The survey results show that the ISO 9001 and OHSAS 18001 have weak relation to corporate sustainability. The ISO 14001 has moderate relation and the NBR 16001 presents strong relation. Therefore, it is concluded that these regulatory standards can help companies to introduce sustainability in their context, however, ISO 9001 and OHSAS 18001 are standards that address only some elements of corporate sustainability. The NBR 16001 is the standard that has more elements of sustainability in its scope. Thus, companies aiming to introduce sustainability into corporate environments could focus on the implementation of the NBR 16001.