ENVIRONMENTAL SPENDING AND POTENTIALLY POLLUTING ACTIVITIES LEVELS ON COMPANIES IN THE CORPORATE SUSTAINABILITY INDEX OF BM&FBOVESPA

Abstract

This research proposed the investigation of a possible connection between the potential polluiton level and the environmental spending in companies that are considered sustainable in order to verify if these expenses are higher when the company conducts activities with higher environmental impact. We used the information provided in financial reports related to 2012 and 2013 by the eligible companies of the Corporate Sustainability Index of BM&FBOVESPA that are considered polluting by Brazilian law. The sum of environmental costs and investments divided by its net revenues were stated as indexes, one for each company. These indexes were grouped according to their level of pollution potential for comparison between groups of middle and high pollution potential. From the analysis of the results obtained through statistical significance test, it was found that there is insufficient evidence to state that environmental spending are on average higher when the activity carried out by the company has greater pollution potential. This may mean that the legal requirement and environmental responsibility depend on the pollution level of economic activity performed, which goes against the concept of "zero damage to the environment" brought by the theoretical review of the topic.