Business is an incredible social construct of the world, consisting of firms that are part of and arise from society. However, businesses have come under increasing scrutiny from internal and external stakeholders over sustainable business practices. A sustainable business model creates a balance between integrity, equity and financial prosperity, the so-called triple-bottom-line. Environmental, social and governance issues (ESG) have become the modern-day proxy for sustainable business practices. The relationship between sustainable business practices and corporate financial performance is a relatively new but prominent area of research in practice and academia in South Africa. This study explores the relationship between ESG disclosure performance and the corresponding corporate financial performance (CFP) for 70 sampled firms listed on the Johannesburg Stock Exchange (JSE) between the periods 2011 and 2019. In line with international and South African research, ESG in its composite and disaggregated form was considered against a select number of CFP metrics. Select accounting-, market- and qualitybased CFP metrics were considered. Quantitative research methods were employed, using panel regression models to investigate the ESG-CFP relationship where ESG was the independent variable while the CFP metrics were individually considered as the dependent variables. All CFP data was obtained from Bloomberg and Bloomberg's proprietary ESG scores were used. This study finds a statistically significant negative relationship between ESG and the selected CFP metrics. Upon disaggregating the ESG scores, it was evident that the E- and S-scores were also significantly and negatively related to the CFP metrics whilst the G-score was positively related to CFP, but it was not statistically significant. The empirical evidence suggests that over a nine-year investment horizon, higher ESG disclosure performance detracts from firm fundamental and market performance. Further interpretation of the results in conjunction with the literature may suggest that ESG ought to be seen as an insurance policy against excessive underperformance during volatile periods and not a CFP enhancer. Therefore, being “over-insured with ESG” may lead to underperformance.

Due to the lack of data, about environmental issues, which are really necessary to set up bounds for strategic effective actions that priorize and even lead to the formulation of public policies directed at attending sustainable development necessary to small and medium industries in Sergipe´s semiarid. We have researched on different industries in order to obtain a bigger range as well as a better comprehension of how the ecological variable affects semiarid industry. The methodology of this study focuses on a bibliographic review over the topic allied to a diagnose research of the environmental management situation at small and medium industries in Lagarto/SE and all medium industry in Itaporanga D´Ajuda/SE. Also, issues related to environmental aspects have been approached such as: potentially significative impacts as well as measures adopted, internal/external factors which press for environmental practices and management procedures. Despite environmental management is still an unknown theme among industries, they recognize the importance of environmental inspection. Yet, it was observed that they devote themselves entirely to get environmental certification, especially, medium industries, which are interested in exportation. The most important environmental aspects concern to energy consumption and reuse of solid waste. The lack of management in those waste control and the difficulties to reuse and recycle account for one of the most serious environmental impacts observed in this research. In spite of having little information, about several environmental programs, a great deal of medium industries are already using some procedures related to environmental practices. It follows that, the biggest obstacles faced by those industries, concerning to environmental management, is the lack of: environmental agencies´ support, technical information and a policy which provides specific incentive to small and medium industry. / Devido a falta de dados sobre as questões ambientais tão necessários para balizar ações estratégicas efetivas que priorizem e até levem à formulação de políticas públicas pautadas nas necessidades de atendimento ao desenvolvimento sustentável das pequenas e médias indústrias do semi-árido sergipano. É que pesquisamos empresas de atividades industriais distintas, de forma a obter uma maior abrangência e, por conseguinte, uma melhor compreensão e familiarização acerca de como a variável ecológica tem afetado essas indústrias. Para tanto, buscamos subsídios em aportes teóricos que pudessem embasar uma revisão bibliográfica sobre o tema e aliamos a isto uma pesquisa diagnóstico da situação da gestão ambiental nas pequenas e médias indústrias do município de Lagarto/SE e todas as médias indústrias do município de Itaporanga D´Ajuda/SE. Assim, abordaram-se questões referentes a: aspectos ambientais bem como os impactos potencialmente significativos e medidas adotadas; fatores externos/internos que pressionam por práticas e procedimentos de gestão ambiental. E como resultado verificamos que a preocupação com o meio ambiente é incipiente e pontual, e tem na legislação a sua maior pressão. Apesar de a gestão ambiental ainda ser um tema desconhecido entre as empresas, estas consideram importante a fiscalização ambiental. Constatamos por parte dos entrevistados o empenho em buscar a certificação ambiental principalmente nas médias empresas interessadas em exportação. O aspecto ambiental mais identificado diz respeito ao consumo de energia. A falta de gerenciamento da disposição dos resíduos e as dificuldades na reutilização e reciclagem correspondem a um dos mais agravantes impactos ambientais observados na pesquisa. Apesar do desconhecimento dos vários programas ambientais, uma boa parte das médias indústrias já se utiliza de alguns procedimentos de práticas ambientais. Conclui-se, desta forma, que os maiores obstáculos enfrentados por essas indústrias no tocante à gestão ambiental é a ausência de apoio dos órgãos ambientais, a falta de informação técnica e de uma política de incentivo específico ao pequeno e médio empresário.

Made available in DSpace on 2014-12-17T15:51:30Z (GMT). No. of bitstreams: 1 JoseABS_DISSERT.pdf: 1154148 bytes, checksum: b638773e39be8f60c03967c75db7c277 (MD5) Previous issue date: 2012-05-15 / Coordena??o de Aperfei?oamento de Pessoal de N?vel Superior / The present work aimed at investigating the small hotel managers perceptions from Natal/RN concerning the environmental practice uses as a competitive factor. This study is characterized as a descriptive exploratory research that used an aleatory probabilistic sample followed by the application of collect data instrument (questionnaire). The small hotels located in Natal/RN were the study participants and the specific location where 35 questionnaires were answered. Based on the data and on the mangers point of view, it is possible to comprehend that, among the presented indicators, the development of environmental programs in the hotel enterprise is showed as the least important for the client s choice. As the main conclusion it is relevant to argue that, according to the small hotel managers, the guests do not still search for hotels that implement environmental practices. On the other side, the interviewed managers believe that the use of these practices can generate a great competitive advantage in relation to their competitors. The information obtained by this present research will be able to contribute to establish a contemporary panorama in relation to the importance attributed by the managers concerning the use of environmental practices in small hotel enterprises in Natal/RN. In addition the correct use of this information can generate possibilities of major competitiveness in this segment / O objetivo do trabalho foi investigar a percep??o dos gestores de pequenos meios de hospedagem de Natal/RN sobre o uso de pr?ticas ambientais como fator de competitividade. O estudo foi caracterizado como sendo explorat?rio e descritivo no qual foi utilizada amostra probabil?stica aleat?ria, seguida de aplica??o de instrumento de coleta de dados (question?rios). Foram objetos da pesquisa os pequenos meios de hospedagem localizados no munic?pio de Natal, capital do estado do Rio Grande do Norte, onde foram respondidos um total de 35 question?rios. Pode-se concluir com os dados dispostos no trabalho que dentre os indicadores apresentados, o desenvolvimento de programas ambientais no empreendimento, se mostra o menos importante para a escolha do meio de hospedagem pelos clientes, a partir da perspectiva dos empreendimentos. Como principal conclus?o do trabalho pode-se ent?o inferir que de acordo com os propriet?rios e gestores entrevistados, os h?spedes em sua maioria ainda n?o buscam por empreendimentos que implementam pr?ticas ambientais como fator de decis?o na escolha do hotel, por?m mesmo assim os entrevistados acreditam que o uso destas pr?ticas pode gerar grande vantagem competitiva em rela??o aos seus concorrentes. Haja vista a import?ncia do tema da pesquisa em pauta, as informa??es obtidas por esta investiga??o poder?o contribuir com o fornecimento de dados para estabelecer um panorama atual no que diz respeito ? import?ncia atribu?da pelos gestores ao uso de pr?ticas ambientais em pequenos meios de hospedagem do munic?pio de Natal, onde atrav?s do correto uso destas informa??es, podem ser geradas possibilidades de maior competitividade neste segmento