Qualidade da informação ambiental versus rentabilidade de empresas do setor elétrico listadas no ISE

According to the stakeholder theory, social and environmental investments are supposed to result in better financial performance, as these investments reflect the company's concern about the environment and society. This study aimed to verify the relationship between the quality of environmental information and the profitability of electric power companies quoted on the Brazilian stock exchange (B3 S.A.) and listed in the Corporate Sustainability Index. The sample consisted of 10 Brazilian companies with shares traded on B3 S.A. from 2014 to 2017. For the data collection, it was analyzed the company's sustainability report, the Global Reporting Initiative (GRI) model, Standard Financial Statements, and the economic-financial information from the Economatica® database. The results show that the companies have medium or high level of accuracy, indicating good quality of disclosure, and the application of the quantile regression technique showed that a higher disclosure given by the accuracy index is not associated with the following variables: Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA), Earnings Before Income Tax + Net Financial Availability, Gross Margin, Earnings Before Interest And Taxes (EBIT margin), Ebitda margin, Return on assets, and Return on Investment (ROI). The results show no relation between the profitability of the companies and the social and environmental actions.