Pode o envolvimento na RSE melhorar a resiliência da empresa à pandemia de COVID-19?
Dados do mercado bolsista marroquino
DOI:
https://doi.org/10.23882/rmd.24182Palavras-chave:
RSE, resiliência, retornos de ações, crise da COVID-19, Marrocos, modelo DiDResumo
O objetivo deste artigo é investigar empiricamente o papel do envolvimento da responsabilidade social corporativa nos retornos das ações durante a crise da COVID-19 no caso de uma amostra de empresas marroquinas listadas. Os autores usam uma regressão de diferença em diferença (DiD) estimada em um conjunto de dados de painel de uma amostra de 23 empresas marroquinas listadas para o período que vai de março de 2019 a março de 2021. Identificámos a ligação entre as atividades de RSE e os retornos financeiros, comparando os retornos mensais das ações dos grupos de tratamento e de controlo. Os resultados empíricos revelam que a diminuição induzida pela pandemia nos retornos das ações é mais forte para as empresas com atividades de RSE. Isto significa que o envolvimento em actividades de RSE não imuniza as empresas marroquinas durante a pandemia. As nossas conclusões mostram que o mercado de acções marroquino não consegue valorizar positivamente as actividades de RSE. Os resultados indicam que os problemas de agência levam os investidores marroquinos a investir excessivamente em actividades dispendiosas de RSE, o que reduz o valor das empresas em tempos de crise da COVID e atrasa a sua recuperação da mesma. Tanto quanto é do nosso conhecimento, este estudo é o primeiro a investigar a relação entre as actividades de RSE e a resiliência das empresas marroquinas. Além disso, este estudo distingue-se pela utilização do método DiD e pela exploração de dados da base de dados Eikon Refinitiv.
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