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Liliana Goncalves
Submetido por lcgoncalves a 10 April 2023
Professor do ISCAL apresenta o artigo em Varsóvia
  • Data: 10 Abr 2023

Professor do ISCAL apresenta o artigo “Does the Social Pillar of ESG Affect Technical Efficiency? A Stochastic Frontier Approach” em seminário de Finanças (“Finance Research Seminar Series”) da Kozminski University, em Varsóvia, Polónia no dia 24 de abril de 2023.


Carlos Manuel Pinheiro, Professor Adjunto Convidado do ISCAL e Professor Associado da Faculdade de Ciências Sociais e Tecnologia da Universidade Europeia, apresenta artigo em coautoria com o Professor Paulo Pereira da Silva do ISCAL, economista sénior da CMVM. Este evento ocorre em Varsóvia, Polónia, no dia 24 de abril de 2023, às 5:15 p.m. CET (16:15 TMG), com possibilidade de participação on-line mediante inscrição aqui





Sustainability has become the new normal for value creation in the long haul, and is on the top of board agendas. We assess the relationship between the social pillar of ESG and a firm’s output gap justified by systematic inefficiency. To do so we apply a stochastic frontier model to a large sample of U.S. listed firms, spanning 2005 to 2019. Focusing on measures of companies’ management commitment and effectiveness towards catering closely to their workforce job conditions and well-being, we document an economically sizable and statistically significant positive association between technical efficiency and social responsibility performance. Employee-oriented CSR practices appear to be relevant aspects in explaining the association of socially responsible practices with technical efficiency. Firm inefficiency is explained by firm specific factors and is a decreasing (increasing) function of size (leverage, diversification and foreign sales). It is mitigated by CSR practices and external governance mechanisms, as well as market surveillance. The association between CSR and technical efficiency is non-linear and varies across industry sectors. Our results should interest managers and stakeholders in general.