A relação entre desempenho em responsabilidade social corporativa e o risco de fraude em empresas brasileiras abertas

Erica Patrícia Modesto Clementino; Rodrigo de Souza Gonçalves

doi:10.21710/rch.v32i.623

Autores

Erica Patrícia Modesto Clementino Universidade de Brasília
Rodrigo de Souza Gonçalves Universidade de Brasília

DOI:

https://doi.org/10.21710/rch.v32i.623

Palavras-chave:

fraudes corporativas, responsabilidade social corporativa, comitê de ética, oportunismo

Resumo

O objetivo do estudo é verificar se existe uma associação entre desempenho em Responsabilidade Social Corporativa (RSC) e risco de fraude em empresas brasileiras abertas. Para isso, foram utilizados os dados de desempenho social e ambiental da Thomson Reuters Eikon e um modelo de previsão de falência para identificar o risco de fraude, bem como foram coletadas variáveis de controle relacionadas a questões de governança corporativa que pudessem afetar o risco de fraude. As variáveis do estudo foram testadas utilizando um modelo de regressão quantílica. As variáveis de governança corporativa tamanho e independência do conselho de administração e remuneração da auditoria apresentaram uma relação negativa com o risco de fraude, enquanto o tamanho da empresa e tamanho do comitê de auditoria apresentaram uma relação positiva com o risco de fraude. O desempenho ambiental e social está negativamente relacionado com o risco de fraude, especialmente quando o risco de fraude é maior, indicando um alinhamento com a perspectiva ética da RSC em oposição a perspectiva oportunista. A principal contribuição do estudo reside em identificar se a RSC se relaciona com o risco de fraude. Considerando os impactos negativos decorrentes da fraude, essa discussão é importante para as organizações, os investidores e a sociedade.

Biografia do Autor

Erica Patrícia Modesto Clementino, Universidade de Brasília

Mestranda pela Universidade de Brasília

Rodrigo de Souza Gonçalves, Universidade de Brasília

Professor da Universidade de Brasília

Referências

Abbott, L. J., Parker, S., & Peters, G. F. (2004). Audit committee characteristics and restatements. Auditing: A Journal of Practice & Theory, 23(1), 69-87. https://doi.org/10.2308/aud.2004.23.1.69

Altman, E. I., Baidya, T. K., & Dias, L. M. R. (1979). Previsão de problemas financeiros em empresas. Revista de administração de empresas, 19(1), 17-28.

Alzoubi, E. S. S., & Selamat, M. H. (2012). The effectiveness of corporate governance mechanisms on constraining earning management: literature review and proposed framework. International Journal of Global Business, 5(1), 17-35.

Baraibar-Diez, E., & Sotorrío, L. L. (2018). O efeito mediador da transparência na relação entre responsabilidade social corporativa e reputação corporativa. Revista Brasileira de Gestão de Negócios, 20(1), 5-21. https://doi.org/10.7819/rbgn.v20i1.3600

Beneish, M. D. (1999). The detection of earnings manipulation. Financial Analysts Journal, 55(5), 24-36.

Bhavani, G., & Amponsah, C. T. (2017). M-Score and Z-Score for detection of accounting fraud. Accountancy Business and the Public Interest. http://visar.csustan.edu/aaba/BhavaniAmponsah2017.pdf.

Bianchi, R. J., & Drew, M. E. (2012). Sustainable stock indices and long-term portfolio decisions. Journal of Sustainable Finance & Investment, 2(3-4), 303-317.

Bozzolan, S., Fabrizi, M., Mallin, C. A., & Michelon, G. (2015) Corporate social responsibility and earnings quality: international evidence, The International Journal of Accounting, 50, 361-396.

Bradley, R. L. Jr. (2009). Corporate social responsibility and energy. Culture and civilization, 1, 181-197.

Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. Academy of management review, 4(4), 497-505.

Chen, G., Firth, M., Gao, D. N., & Rui, O. M. (2006). Ownership structure, corporate governance, and fraud: Evidence from China. Journal of Corporate Finance, 12(3), 424-448.

Chen, J., Cumming, D., Hou, W., & Lee, E. (2016). Does the external monitoring effect of financial analysts deter corporate fraud in China? Journal of Business Ethics, 134(4), 727-742.

Choi, J. H., Kim C. F., & Zang, Y. (2010). Audit Office Size, Audit Quality, and Audit Pricing. Auditing A Journal of Practice & Theory, 29(1), 73-97.

Christensen, D. M. (2016). Corporate accountability reporting and high-profile misconduct, The Accounting Review, 91, 377-399.

Dalnial, H., Kamaluddin, A., Sanusi, Z. M., & Khairuddin, K. S. (2014). Accountability in financial reporting: detecting fraudulent firms. Procedia – Social and Behavioral Sciences, 145(25), 61-69. https://doi.org/10.1016/j.sbspro.2014.06.011.

Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1996). Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary accounting research, 13(1), 1-36.

Durand, R., Paugam, L., & Stolowy, H. (2019). Do investors actually value sustainability indices? Replication, development, and new evidence on CSR visibility. Strategic Management Journal, 40(9), 1471-1490.

Farber, D. B. (2005). Restoring trust after fraud: Does corporate governance matter? The accounting review, 80(2), 539-561.

García-Sánchez, I. M., Hussain, N., Khan, S. A., & Martínez-Ferrero, J. (2020). Managerial entrenchment, corporate social responsibility, and earnings management. Corporate Social Responsibility and Environmental Management, 1-16.

Girau, E. A., Bujang, I., Jidwin, A. P., & Said, J. (2021). Corporate governance challenges and opportunities in mitigating corporate fraud in Malaysia. Journal of Financial Crime.

Gonçalves, T., Gaio, C., & Costa, E. (2020). Committed vs opportunistic corporate and social responsibility reporting. Journal of Business Research, 115, 417-427.

Harjoto, M. A. (2017). Corporate social responsibility and corporate fraud. Social Responsibility Journal. 13(4), 762-779.

Harjoto, M. A., & Jo, H. (2015). Legal vs. normative CSR: Differential impact on analyst dispersion, stock return volatility, cost of capital, and firm value. Journal of Business Ethics, 128(1), 1-20.

Hemingway, C. A., & Maclagan, P. W. (2004). Managers' personal values as drivers of corporate social responsibility. Journal of business ethics, 50(1), 33-44.

Hoi, C. K., Wu, Q. & Zhang, H. (2013). Is corporate social responsibility (CSR) associated with tax avoidance? Evidence from irresponsible CSR activities. The Accounting Review, 88, 2025-2059.

Hu, H., Dou, B., & Wang, A. (2019). Corporate Social Responsibility Information Disclosure and Corporate Fraud—“Risk Reduction” Effect or “Window Dressing” Effect?. Sustainability, 11(4), 1141.

Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43, 1-13.

Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility?, The Accounting Review, 87, 761-796.

Knapp, C. A., & Knapp, M. C. (2001). The effects of experience and explicit fraud risk assessment in detecting fraud with analytical procedures. Accounting, Organizations and Society, 26, 25-37.

Koenker, R., & Bassett, G. (1978). Regression Quantiles. Econometrica, 46(1), 33-50. http://doi.org/10.2307/1913643.

Lanis, R., & Richardson, G. (2015). Is corporate social responsibility performance associated with tax avoidance?, Journal of Business Ethics, 127, 439-457.

Lenard, M. J., & Alam, P. (2009). An historical perspective on fraud detection: From bankruptcy models to most effective indicators of fraud in recent incidents. Journal of Forensic & Investigative Accounting, 1(1), 1-27.

Li, X., Kim, J. B., Wu, H., & Yu, Y. (2021). Corporate social responsibility and financial fraud: The moderating effects of governance and religiosity. Journal of Business Ethics, 170(3), 557-576.

Liao, L., Chen, G., & Zheng, D. (2019). Corporate social responsibility and financial fraud: evidence from China. Accounting & Finance, 59(5), 3133-3169.

Mahoney, L. S., Thorne, L., Cecil, L., & LaGore, W. (2013). A research notes on standalone corporate social responsibility reports: signalling or greenwashing?, Critical Perspectives on Accounting, 24, 350-359.

Martinez-Ferrero, J., Banerjee, S., & Garcia-Sanchez, I. (2016). Corporate social responsibility as a strategic shield against costs of earnings management practices, Journal of Business Ethics, 133, 305-324.

Martins, O. S., & Ventura, R. Jr. (2020). Influência da governança corporativa na mitigação de relatórios financeiros fraudulentos. RBGN: Revista Brasileira de Gestão de Negócios, 22(1), 65-84.

McWilliams, A., Siegel, D. S., & Wright, P. M. (2006). Corporate social responsibility: Strategic implications. Journal of management studies, 43(1), 1-18.

Ngai, E. W., Hu, Y., Wong, Y. H., Chen, Y., & Sun, X. (2011). The application of data mining techniques in financial fraud detection: A classification framework and an academic review of literature. Decision support systems, 50(3), 559-569.

Oliveira, R. X., Goncalves, R. S., Medeiros, O. R., & Fernandes, B. V. R. (2018). Cobertura de analistas de mercado e social disclosure: evidências em empresas brasileiras abertas. Advances in Scientific and Applied Accounting, 11(1), 024-046.

Ozili, P. K. (2020). Advances and issues in fraud research: a commentary. Journal of Financial Crime, 27(1), 92-103.

Rezaee, Z. (2005). Causes, consequences, and deterrence of financial statement fraud. Critical Perspectives on Accounting, 16(3), 277-298.

Rodgers, W., Soderbom, A., & Guiral, A. (2015). Corporate social responsibility enhanced control system reducing the likelihood of fraud. Journal of Business Ethics, 131, 871-882.

Schuster, H. A., & Klann, R. C. (2019). Responsabilidade social corporativa e gerenciamento de resultados por accruals. Contabilidade Vista & Revista, 30(1), 01-26. https://doi.org/10.22561/cvr.v30i1.4490.

Silva, J. O., Wienhage, O., Souza, R. P. S., Lyra, R. L. W. C., & Bezerra, F. A. (2012). Capacidade preditiva de modelos de insolvência com base em números contábeis e dados descritivos. Revista de Educação e Pesquisa em Contabilidade, 6(3), 246-261.

Skousen, C. J., Smith, K. R., & Wright, C. J. (2009). Detecting and predicting financial statement fraud: The effectiveness of the fraud triangle and SAS No. 99. In Corporate governance and firm performance. Emerald Group Publishing Limited.

Song, H., & Rimmel, G. (2021). Heterogeneity in CSR activities: is CSR investment monotonically associated with earnings quality?. Accounting Forum, 45(1), 1-29. Routledge.

Sprinkle, G. B., & Maines, L. A. (2010). The benefits and costs of corporate social responsibility. Business Horizons, 53(5), 445-453.

Tran, N., & O'Sullivan, D. (2020). The relationship between corporate social responsibility, financial misstatements and SEC enforcement actions. Accounting & Finance, 60, 1111-1147.

Thomson Reuters (2020). Environmental, Social and Governance (ESG) Scores From Refinitiv. Recuperado de https://financial.thomsonreuters.com/content/dam/openweb/documents/pdf/financial/esg-scores-methodology.pdf

Wang, T. Y., Winton, A., & Yu, X. (2010). Corporate fraud and business conditions: Evidence from IPOs. The Journal of Finance, 65(6), 2255-2292.

Wells, Joseph T. (2014). Principles of Fraud Examination. (4rd ed.) John Wiley & Sons.

Wirecard (2020). We are committed to sustainability and corporate social responsibility. Recuperado de https://www.wirecard.com/sustainability,