PLANEJAMENTO ESTRATEGICO E SUSTENTABILIDADE: UMA ANALISE DA RELACAO ENTRE O CONTEUDO DAS MISSOES INSTITUCIONAIS DAS COMPANHIAS BRASILEIRAS DE CAPITAL ABERTO E A SUA PRESENCA NO INDICE DE SUSTENTABILIDADE DA BOVESPA/STRATEGIC PLANNING AND SUSTAINABILITY: AN ANALYSIS OF THE RELATIONSHIP BETWEEN THE CONTENT OF MISSION STATEMENTS OF BRAZILIAN COMPANIES AND ITS PRESENCE AT SUSTAINABILITY INDEX OF BOVESPA

The main objective of this study was to investigate whether the companies that formalize in their institutional missions elements focused on sustainability or social and environmental issues are more likely to be part of the Corporate Sustainability Index (ISE) of the Sao Paulo Stock Exchange (BOVESPA). The universe analyzed was composed of all public traded Brazilian companies that presented institutional mission on their websites in the year of 2013 (235 companies). The model used to run the data was logistic regression. The dependent variable was the presence in ISE and the independent variable of interest was the contents of the institutional mission. The results found in the logistic model denote that there is a significant association between the company's presence in the ISE and the fact that it has elements related to sustainability formalized in its institutional mission. The odds ratio found for sustainability was 5.5, which allows us to infer that companies with missions that had such an element have a chance about 5 times more likely to be part of the ISE than companies that did not. These findings corroborate the theory and empirical point out the relevance of a strategic mission focused on sustainability for a company that seeks to be part of the ISE.