Oron över de miljömässiga effekterna av företags handlingar har ökat, och således även miljö­arbetet för en hållbar framtid. Företag kan arbeta med miljöfrågor på flera olika sätt och miljö­arbete blir vanligare inom små och medelstora företag. Fastighetsbranschen har stor energiförbrukning, många farliga kemiska produkter och hög generering av fast avfall, vilket resulterar i miljöpåverkningar. Fastighetsbranschens miljöpåverkan resulterar i att miljöfrågor borde vara viktiga för företag i branschen.   Syftet med studien är att identifiera och beskriva vilka av de proaktiva motivationskällorna: personliga värderingar, intressenternas påtryckningar, legitimitetsskapande och konkurrensfördelar, som är anledningen till att miljöarbete initierades, pågår och redovisas i fyra kommunala små och medelstora fastighetsföretag i Skaraborg. För att uppfylla studiens syfte samlades empiriskt material in från fyra kommunala fastighetsföretag: Tidaholms Bostads AB, AB Karlsborgsbostäder, AB Bostäder Lidköping och AB Skövdebostäder. Det empiriska materialet samlades in genom semistrukturerade intervjuer med informanter med olika befattningar, samt granskning av årsredovisningar från 2014. Studiens resultat och slutsats är att motivationen till varför miljöarbete initierades och pågår till viss del har förändrats. Motivationskällan till att det initierades hos alla företagen är personliga värderingar hos personal. Motivationskällorna till det pågående miljöarbetet är hos alla företag personliga värderingar hos personal och intressenternas påtryckningar från personal. I ett av företagen är dessutom motivationskällan konkurrensfördelar motivation till det pågående arbetet. Motivationskällan intressenternas påtryckningar från ägare är också till grund för det pågående miljöarbetet i ett av företagen. Vår slutsats är också att motivationskällan till att kommunala fastighetsföretag redovisar miljöarbete är legitimitetsskapande, vilket innebär att motivationskällan till redovisning och miljöarbete är olika. / The concerns over how activities of enterprises have affected the environment have increased, and therefore enterprises environmental activities have increased to reach a sustainable future. Enterprises can work with environmental issues in several ways, and environmental work is becoming more common in SMEs. The business of real estate has large energy consumption, several hazardous chemicals and a high generation of solid waste, resulting in affecting the environment. Environmental issues should be important for enterprises in the business of real estate, because of the environmental impact the business have.  The purpose of this study is to identify and describe which of the proactive motivations: personal values, stakeholder pressure, legitimation and competitive advantages, that is the reason to why environmental activities were initiated, occurs and reports in four municipal   real estate SMEs in Skaraborg. Empirical material was collected from four municipal real estate companies: Tidaholms Bostads AB, AB Karlsborgsbostäder, AB Bostäder Lidköping and AB Skövdebostäder to fulfil the purpose. The empirical material was collected through semi-structured interviews with informants with different positions, and examination of annual reports from 2014. The result and conclusion of the study is that the motivations of why environmental activities were initiated and occurs have, to some extent, changed. The proactive motivation for the initiation of the activities in all companies is staffs’ personal values. The motivations of why environmental activities occur in all companies is staffs’ personal values and stakeholder pressure from the staff. The motivation, competitive advantages, is in one of the companies a motivation to the occurring environmental activities. Stakeholder pressure from owners is in one of the companies a motivation to the occurring environmental activities. Our conclusion is also that the motivation to the reporting of environmental activities in municipal real estate businesses is legitimation, resulting in the motivations to report and environmental activities differ.

Sammanfattning 4FE17E Examensarbete Redovisning 30hp, Civilekonomprogrammet, Ekonomihögskolan vid Linnéuniversitetet, VT 2016 Författare: Julia Kindvall & Frida Nilsson Handledare: Biträdande professor Timurs Umans Examinator: Docent Anna Stafsudd Titel: Employer branding – en uppsats om revisionsbyråers attraktionskraft mot generation Y. Bakgrund: Revisionspliktens avskaffande har medfört en högre konkurrens på marknaden för revisionsbyråer. Revisionsbyråerna måste därför hitta ett sätt att särskilja sig för att kunna attrahera de mest kompetenta medarbetarna. Generation Y är en ny generation på väg in på arbetsmarknaden, därför behöver revisionsbyråer vara medvetna om hur de ska använda sitt employer brand. Syfte: Syftet med uppsatsen är att förklara hur revisionsbyråernas externa och interna employer branding påverkar redovisningsstudenters samt revisorsassistenters, från generation Y, sannolikhet att ansöka samt stanna kvar. Metod: Underlaget till enkäterna samlades in genom en förstudie om hur revisionsbyråernas employer branding ser ut, genom intervjuer och mejlkonversationer med Big Four. För att mäta sannolikhet att ansöka samt stanna kvar utformades enkäter till redovisningsstudenter och revisorsassistenter. Uppsatsen tillämpar en kvantitativ metod och en deduktiv ansats. Slutsats: Uppsatsens resultat påvisar att det inte råder något samband mellan sannolikheten att ansöka samt stanna kvar, gentemot påverkan av revisionsbyråers employer branding, när det gäller aspekterna professionalitet, framgång eller etiska värderingar. Däremot påverkar inställning deras sannolikhet att ansöka samt stanna kvar. / Abstract School of Business and Economics at Linnaeus University Växjö, 4FE17E Master Thesis in Accounting 30 ECTS, Spring term 2016 Authors: Julia Kindvall & Frida Nilsson Supervisor: Postdoctoral Researcher Timurs Umans Examiner: Associate Professor Anna Stafsudd Title: Employer branding – A thesis about audit firms attractiveness against generation Y. Background: The Audit requirement abolished has resulted in higher competition in the market for audit firms. This means that they must find a way to differentiate themselves to attract the most competent employees. Since it is a new generation entering the labor market, accounting firms needs to be aware of how they use their employer brand. Purpose: The purpose in this paper is to explain how the audit firms external and internal employer branding affects the accounting students and auditor assistants, from generation Y, likelihood to apply and stay. Method: To gather data for the surveys a feasibility study was conducted on how the audit firms employer branding works through interviews and email conversations with the Big Four. To measure likelihood to apply and stay we designed questionnaires to accounting students and auditor assistants. The thesis applies a quantitative method and a deductive approach. Conclusion: The results of the thesis demonstrate that there is no correlation between the likelihood to apply and stay, and the influence of audit firms employer branding, when it comes to aspects of professionalism, success or ethical values. However, attitude affects their likelihood to apply and stay

Syfte: Avsikten med studien är att undersöka relationen mellan CSR och corporate governance, från teori och praktik.     Metod: Med bakgrund av forskningsfrågorna tillämpas den induktiva vägen eftersom vi ser på praktiken, men tolkar teorin utifrån den teorietiska referensramen tillsammans med empirisk data från två företag som undersökningsobjekt, vilket även leder till abduktion. En kvalitativ datainsamling bestående av främst sekundär-, men även primärdata har även genomförts.   Teori: Utgångspunkten ligger i teorierna CSR och corporate governance. För att öka förståelsen för dessa begrepp har teoriavsnittet utökats med angränsande teorier, som till exempel intressentteorin, legitimitetsteorin och triple bottom line.   Empiri: I empirin presenteras Swedbanks och Sveaskogs perspektiv och arbetssätt med CSR tillsammans med en djupintervju med en respondent från Sveaskog, vilket visar på ett välutvecklat engagemang med CSR där etik och miljö är framstående områden.      Slutsatser: Vår studie visar att det föreligger samband mellan CSR och corporate governance, vilket kan tolkas ur flera olika perspektiv. En av dessa kopplingar återfinns i de två fenomens etiska ansvarstagande, när det gäller integritet i affärer och styrelsers implementering av etiska standards. Sambandet mellan CSR och den svenska koden ligger inte i Kodens riktlinjer, utan i dess syfte och mål.  Andra relationer återfinns i förtroendet och det är inom de båda ägarstrukturerna viktigt att visa upp ett starkt CSR-engagemang, eftersom detta bidrar till att skapa en positiv bild av företaget, stärka varumärket samt ge företaget legitimitet inför sina intressenter. Ett vidare intressentperspektiv är tydligt i statligt ägda bolag på grund av statens ägarpolicy, där CSR är en central del för ett föredömligt agerande. När det gäller börsnoterade bolag kan CSR istället användas som ett medel för att övertyga samhället och kapitalmarknaden om det tagna ansvaret för ökad tilltro. / Purpose: The thesis aspires to explore the relationship between CSR and corporate governance from a theoretical towards an experiential approach.   Methodology: With background of the research questions we applied the inductive approach when it comes to the experiential approach, but since we interpreters the theory on the basis of the theoretical perspectives along with two companies, we also used abduction. We have implemented a qualitative survey which is based on both reports and an interview.   Theoretical perspectives: The theoretical perspectives uses CSR and corporate governance as a starting point and is complemented with other related theories such as the stakeholder theory, the legitimacy theory and triple bottom line.    Empirical foundation: Swedbanks and Sveaskogs perspectives and approaches on their CSR-implementation are presented in the empirical foundation along with an interview with one respondent from Sveaskog.    Conclusions: Our study shows that it exist connections between CSR and corporate governance, which can be interpreted from several different perspectives and a number of conclusions can be made. One of these relationships is found in the ethical responsibility, when concerning the integrity in business and implementation of ethical standards. Other relationships are found in the issue of trust and it is, within both ownership structures, important to present an involvement in CSR. This is because it provides stakeholders with a positive image of the company and its trademark, which leads to legitimacy.  A wider stakeholder perspective is found in State owned companies because of the State's ownership policy where CSR is a central part. When it comes to the listed companies CSR can instead be used as a means in order to convince the society and the capital market about the taken responsibility for increased trust. A final conclusion is that the connection between CSR and the Swedish Code of Corporate Governance can not found within its regulations, but rather in its purpose and aspiration.

Syfte Syftet med den här undersökningen är studera vad som driver företagen inom banksektorn till att upprätta en hållbarhetsredovisning och vad en hållbarhetsredovisning kan tillföra till företaget. Vidare ska undersökningen granska om lagen om hållbarhetsredovisning i årsredovisningslagen som infördes juli 2016 har påverkat utformningen på hållbarhetsredovisningen för banksektorn. Metod Studien har en fallstudiedesign med två kvalitativa datainsamlingsmetoder. Undersökningen har genomförts på fem utvalda företag inom banksektorn. Insamling av data sker via telefonintervjuer med de undersökta företagen samt kvalitativa innehållsanalys på respektive företags hållbarhetsredovisningar som upprättats från år 2015 fram till år 2018. Resultat Undersökningens insamlade data visade på att företagen hållbarhetsredovisar för att det är naturligt. De främsta motiven till att upprätta en hållbarhetsredovisning är påtryckningar och förväntningar från intressenter och bibehåll av legitimitet. Att upprätta en hållbarhetsredovisning har genererat fler positiva effekter än negativa, som exempelvis intern och extern legitimitet och ett starkt rykte och varumärke. Studien har även visat att lagkravet som infördes juli 2016 gällande hållbarhetsredovisningen har inte haft någon väsentlig påverkan på utformningen av företagens hållbarhetsredovisning, utöver att vissa områden som lagen innefattar har blivit mer spetsade i hållbarhetsredovisningarna. Originalitet/värde Studien bidrar till en ökad förståelse kring vad som driver företag inom banksektorn att hållbarhetsredovisa och vad det sedan har tillfört till företagen. Den har även bidragit till att få en djupare förståelse kring lagkravet som infördes juli 2016 som en ny företeelse. Lagen är relativt ny och därav har inte mycket forskning gjorts på området kring hur lagen faktiskt påverkat företaget. / Purpose: The aim of this study is to research what motivates companies in the banking sector to establish sustainability accounting reports, and what these reports can add to a company from a business perspective. The perspective is linked to three different theories: stakeholder theory, legitimacy theory and institutional theory. Furthermore, this study will examine whether the law on sustainability accounting in annual reports, issued in July 2016, has influenced the formation of sustainability accounting reports within the banking sector.Methodology: This essay has a case study design. The research has been conducted on five selected companies within the banking sector. Two different methods of qualitative data collection were used: telephone interviews, and qualitative content analysis on reports prepared between 2015 and 2018.Result: The collected data showed that companies produce sustainability accounting reports because it is natural. The main reasons for establishing a sustainability accounting report are pressure and expectations from stakeholders and the maintenance of legitimacy. Establishing a sustainability accounting report has generated more positive effects than negative, such as internal and external legitimacy and a strong reputation and brand. The study has also shown that the legal requirement that was introduced in July 2016 regarding sustainability accounting has not made a significant impact on the formation of the companies' sustainability accounting reports, besides becoming sharper in all areas covered by the law.Originality/value: The study contributes to an increased understanding of what motivates companies within the banking sector to engage in sustainability accounting and what it has subsequently added to companies. It has also contributed to a deeper understanding of the legal requirements introduced in July 2016 as a new phenomenon. The law is relatively new and therefore much research has not been done in the area of how the legal requirements have actually affected companies.

Det blir allt vanligare för företag att publicera hållbarhetsrapporter som innehåller krav från intressenter. Tidigare studier genom denna kommunikationskanal har fokuserat på innehållet och inte på hur rapporterna konstruerar företagets hållbarhet. Syftet med denna studie är att undersöka hur en organisation kommunicerar i sin hållbarhetsrapport för att anses legitim genom specifika diskursiva strategier. I fallstudien används diskursiva strategier som en teoretisk referensram, men även som metodisk utgångspunkt. Dessutom undersöker fallstudien datamaterial som hämtats från företag som verkar inom kläd- och flygindustrin, publikationer från tidigast 2017. Analysprocessen som används i denna uppsats är genom en diskursanalys där resultatet visar att företagen tillämpar olika diskursiva strategier som ett legitimerande verktyg genom hela sin hållbarhetsrapport. Det gör att företagen framstår som hållbara. / increasingly common for companies to produce sustainability reports containing demands from stakeholders. Previous studies through this communication channel has focused on the content and not on how constructions of the company's sustainability are made in their report. The purpose of this study is to examine how an organization communicates in its sustainability report in order to perceive as legitimate through specific discourses. The authors of this case study use discourses as a theoretical point of view which is also used as a method. This case study examines empirical material retrieved from companies operating in the apparel and aviation industry published after 2017. The analytical process used in this essay is through a discourse analysis which shows that companies apply various discourse strategies as a legitimacy device throughout their sustainability report. Companies can therefore appear sustainable as a result of gaining legitimacy. This paper is written in Swedish.

Diskurser kan ses som samhälleliga diskussioner där sociala fenomen definieras. I kontexten hållbarhetsrapportering innebär detta att diskurser formar bilden av hur sociala aktörer uppfattar vad som är ett hållbart företag. Därmed blir det betydelsefullt hur ett globalt företag konstruerar bilden av sig själv som ett hållbart företag. Hållbarhetsfrågorna har hamnat alltmer i fokus. Hållbarhetsrapportering är ett sätt för företag att kommunicera sitt hållbarhetsarbete till intressenter. Detaljhandelsföretag kännetecknas av att produktionen är främst förlagd till utvecklingsländer och hålls ofta ansvariga för hur deras leverantörer agerar. Syftet med denna studie är att visa vilka diskurser ett globalt detaljhandelsföretag använder i sina hållbarhetsrapporter för att konstruera bilden av sig själv som ett hållbart företag samt hur dessa diskurser förändrats över tid. Studien har en kvalitativ ansats med fallstudie som undersökningsform. Det empiriska materialet består av H&M:s hållbarhetsrapporter för år 2002 och 2018. Diskursanalys är studiens analysmetod. Resultatet av studien visar att H&M:s sätt att framställa sig som ett hållbart företag har förändrats över tid. Ambitionen att leda modebranschen i hållbarhetsarbetet samt att lämna ett positivt bidrag till världens miljö- och socioekonomiska utmaningar kan stå för den tydligaste diskursförändringen. Studiens bidrag är att visa hur H&M framställer sig som ett hållbart företag över tid. Eftersom diskurser i företags hållbarhetsrapporter konstruerar bilden av vad sociala aktörer uppfattar som ett hållbart företag, har det betydelse vilka diskurser detaljhandelsjätten H&M använder. / Discourses are societal discussions where social phenomena are being defined. In the context of sustainability reporting it means that discourses shape the image of what people percieve as a sustainable company. Consequently it is important how a global company constructs the image of a sustainable company. Issues of sustainability get increasingly more attention. Sustainability reporting is a tool for companies to communicate their sustainability performance to their stakeholders. Retail companies with production outsourced to developing countries are often held responsible for the actions of their suppliers. The aim of this study is to show the discourses used by a global retail company in the sustainability reports in order to construct the image of a sustainable company, as well as to show how these discourses change over time. The study has a qualitative approach designed as a case study. The empirical material consists of H&M’s sustainability reports covering 2002 and 2018. The method is discourse analysis. The result of the study shows that H&M’s way to construct the image of a sustainable company has changed over time. The most distinct discourse change is the ambition to lead the fashion industry to sustainability and to give a positive contribution to the environmental and socio-economical challenges the planet faces. The study provides knowledge of how H&M constructs the image of a sustainable company over time. Discourses in sustainability reports shape the image of a sustainable company and thereby influence the way people percieve what a sustainable company is. That is why it is important to analyse the discourses the global retail company H&M uses.

Abstract Background: Sustainability reporting is an important communication channel for corporations to increase legitimacy in the public eye and handle different stakeholder demands (Blanc et al., 2017). In order to manage different stakeholder demands scholars have developed different theories to detect any inconsistencies between a corporation’s communication and actions, namely organizational façades and organizational hypocrisy. Purpose: The purpose of this master thesis is to understand in which way RBS are misleading, in form of communication, their customers in their sustainability reports. This phenomenon is investigated between 2008-2013. It is under this period the FCA (2016) investigation concluded that the bank had misled their customers. Method: This thesis adopts the qualitative content analysis when conducting the research. This method aids to categorize the text data which helps to make a large sample of text more attainable and easier to analyse and find connections within the data. In this thesis the textual data is coded into one of the three following codes: (i.) Rational façades - the organization meet fundamental norms of rationality. (ii.) Progressive façades - the organization do not only show rationality but also progress. (iii.) Reputational façades - statements that are disclosed in order to meet demands of the most critical stakeholders (Abrahamson, & Baumard, 2008) Conclusion: The results show that the most frequently apparent façades in the sustainability reports are progressive façades, followed by reputational façades and lastly rational façades. Moreover, the findings of this thesis uncovered clear sub-categories fitting under each façade. The sub-categories discovered were eight folded. Lastly, the results show that RBS shows signs of organizational hypocrisy, since their sustainability report disclosures and their actions are not in line, during the investigation period.

Due to the fact that corporate environmental reporting (CER) is largely voluntary and unregulated, practice has evolved in the absence of a meaningful conceptual framework. This lack of a normative theory stating what should be the content of CER as well as the methods for measuring reported information being largely volumetric or content based, is advanced as a major limitation in the existing literature. In this study, the wellestablished conceptual frameworks for financial reporting are adapted as the basis for a CER conceptual framework in which four characteristics of CER indicate its quality. Empirical methods for the measurement of such characteristics are also adapted from the financial reporting literature. The main aim of this research is to use the adapted framework to examine the extent of variation in the quality of CER and then to test its applicability to the key motivational theories. The empirical work involves a panel of US and UK firms over a two-year period. This allows cross-sectional comparison to be made between different financial accounting regimes (rules- vs. principles-based) as well as permits examination of the development of CER over time. Further, the empirical work is extended to investigate the interrelationship between the financial and environmental performance of a firm. Evidence in support of the legitimacy and institutional theory explanations for disclosure motivations is comprehensively found through the measures of the qualitative characteristics identified. That is, the use of a novel CER framework based on financial reporting quality here enables a more robust understanding of the reporting behaviours than previous work. Moreover, evidence for CER variation owing to the differences in financial reporting regimes is found and thus, it is reasonable to assert that the culture of financial reporting, to some extent, informs the nature of voluntary non-financial reporting. However, perhaps owing to the short time frame of the investigation, evidence of financial rewards from being environmentally effective or through providing CER is not found. The findings from this research will be of interest to preparers and users of corporate environmental reports as well as to policymakers, particularly in terms of enabling them to assess the quality of reporting and its level of fit with their expectations. Moreover, they also shed light on the link between environmental performance, as manifested in carbon emissions, and what is reported.

Submitted by Silvana Teresinha Dornelles Studzinski (sstudzinski) on 2015-06-26T17:36:06Z No. of bitstreams: 1 DaianePiasMachado.pdf: 618795 bytes, checksum: 840ea95531275a994aca53621fb3d09c (MD5) / Made available in DSpace on 2015-06-26T17:36:06Z (GMT). No. of bitstreams: 1 DaianePiasMachado.pdf: 618795 bytes, checksum: 840ea95531275a994aca53621fb3d09c (MD5) Previous issue date: 2014-02-25 / Nenhuma / Esse estudo analisa como as empresas brasileiras de capital aberto utilizam a evidenciação ambiental para gerenciar sua legitimidade social, verificando o objetivo da evidenciação, se é ganhar, manter ou recuperar a legitimidade; a forma como isso ocorre se de maneira pragmática, moral ou cognitiva e as estratégias utilizadas para esse fim. Para isso, são examinadas as informações ambientais divulgadas nos relatórios de sustentabilidade das empresas que compõem a carteira do Índice de Sustentabilidade Empresarial (ISE) da Bolsa de Valores de São Paulo (BM&FBOVESPA), adotando-se como unidade de numeração os parágrafos evidenciados. A amostra é composta por 30 empresas pertencentes a diversos setores da economia. Quanto à natureza, trata-se de uma pesquisa aplicada, com objetivo descritivo, abordagem quantitativa do problema e procedimento técnico documental. Os dados obtidos no estudo permitem concluir que as empresas da amostra utilizam a evidenciação ambiental como instrumento para gerenciar sua legitimidade social, fazendo isso de várias formas e utilizando diversas estratégias. Evidenciam suas informações ambientais com o intuito, preferencialmente, de ganhar legitimidade, empregando equilibradamente a forma pragmática, moral e cognitiva em sua evidenciação, relatando ações que visem popularizar seus modelos, fazer adeptos à sua forma de gestão, cooptar integrantes para desenvolver ações ambientais, mostrar que produzem resultados ambientalmente adequados, entre outras. / This study examines how brazilian companies use environmental disclosure to manage its social legitimacy, verifying the purpose of disclosure, if it’s to gain, maintain or repair legitimacy; how this occurs, if it´s a pragmatic, moral or cognitive mode and the strategies used for this purpose. To do this, we examine environmental disclosures in sustainability reports of the companies listed at the Managerial Sustainability Index (ISE) from São Paulo’s Stock Exchange (BM&FBOVESPA), adopting as unit numbering the highlighted paragraphs. The sample consists of 30 companies belonging to various sectors of the economy. It is an applied research with descriptive objective, quantitative approach to the problem and a documentary research as a technical procedure. The data obtained in this study allow us to conclude that the sample companies use environmental disclosure as a tool to manage their social legitimacy, making it in many ways and using different strategies. Demonstrate their environmental information in order, preferably, to gain legitimacy, employing a balanced pragmatic, moral and cognitive in its disclosure, reporting actions aimed to popularize their models, making adherents to its way of management, co-opt members to develop environmental initiatives, show that produce environmentally adequate results, among others.

Made available in DSpace on 2016-04-25T18:39:54Z (GMT). No. of bitstreams: 1 Moises Avila da Silva.pdf: 1614116 bytes, checksum: be9b6746f1f46bc76c08ed255ece8d74 (MD5) Previous issue date: 2013-06-03 / According to ISE (Corporate Sustainability Index), applications denominated socially responsible investment considers that sustainable companies create long term value to shareholders because they are more prepared to face environmental, social and economic risks. This demand has been strengthening over time and today is extensively attended by many financial instruments in the local and international market. In this context, this study analyzed the inclusion of companies, from 2011 to 2013, to socially responsible company s portfolio (Corporate Sustainability Index), evaluated a set of indicators of stock prices before and after the inclusion in the ISE, compared stock markets performance before and after the announcement of the inclusion. The objective, through the events study, was to evaluate if the investor had value aggregated to its equity by decision of the company s managers to enter the ISE. Inside this context, it also evaluated if the market announcement that they are socially correct companies was able to imply this perception and if stockholders had above average return because of this event. The results observed in this paper (in average) show indication that the market positively evaluates the sustainability efforts and is willing to repay for that. However, this reality doesn t hold for long. For 2013, a new fact that hadn t occurred before can be observed: the indication of a turnaround in the markets perception regarding sustainability efforts by companies. This year, the abnormal returns (WEG companies) continued after the announcement of entering the index. This fact can indicate that the announcement could have been able to increase the stockholder wealth / Segundo responsáveis pelo ISE (Índice de Sustentabilidade Empresarial), as aplicações denominadas investimentos socialmente responsáveis, consideram que empresas sustentáveis geram valor para o acionista no longo prazo, pois estão mais preparadas para enfrentar riscos econômicos, sociais e ambientais. Essa demanda veio se fortalecendo ao longo do tempo e hoje é amplamente atendida por vários instrumentos financeiros no mercado nacional e internacional. Nesse contexto, este trabalho analisou a entrada das empresas, de 2011 a 2013, na carteira de empresas responsáveis socialmente (Índice de Sustentabilidade Empresarial). Avaliou o conjunto de indicativos de preço das ações antes e depois de entrada no ISE. Comparou o desempenho do mercado de ações diretamente com período anterior e um posterior ao anúncio de entrada nesse índice. O objetivo, através do estudo de eventos, foi avaliar se o investidor agregou valor ou não ao seu patrimônio por decisão dos gestores das companhias quando da entrada no índice de sustentabilidade. Dentro desse contexto, avaliou também se o fato de comunicar ao mercado que são empresas socialmente corretas foi capaz de fazer valer essa percepção e se os acionistas dessas empresas tiverem retorno acima do normal por esse evento. Os resultados observados neste trabalho (na média) trazem indícios de que o mercado avalia positivamente os esforços de sustentabilidade e está disposto a remunerar melhor por isso, porém esse patamar não se mantém no tempo. Já para o ano de 2013 observa-se um fato novo, não ocorrido até o momento, que são indícios de uma virada na percepção do mercado quanto aos esforços de sustentabilidade das empresas. Nesse ano, os retornos anormais (para empresa WEG) continuaram após o momento do anúncio da entrada no índice. Esse fato pode indicar que o fato público teria sido capaz de maximizar a riqueza do acionista