Sustentabilidade e eficiência operacional de companhias abertas listadas na BM&FBovespa: um estudo a partir da análise envoltória de dados

Abstract

The research aimed to analyze the operational efficiency of companies belonging and not belonging to the theoretical portfolio of the Corporate Sustainability Index (ISE) of BM&FBOVESPA through data envelopment analysis. The sample was comprised of 159 companies, of which 57 owned and 102 non-ISE. The analysis period covers the years 2005 to 2014, corresponding to 2005 to the ISE creation. Data analysis was performed by using the data envelopment analysis (DEA) by the BCC method defined by Banker, Charnes and Cooper (1984), also known as variable returns to scale (VRS) with the product orientation, that is, the maximization of output. The variables used in the analysis were as inputs current assets, fixed assets and the cost of sales and operating profit as output. All analysis was developed observing the segments of each company in the sample group in isolation, in order to avoid distortion in the data. The results show that the ISE portfolio companies have lower operating efficiency to other companies, as they have not achieved operating efficiency of 100% (DEA - BCC - VRS) over the years, which leads to the conclusion that the fact that these companies are considered sustainable conduct, not necessarily reflected in operational efficiency.