Raissa De Azevedo Barbosa
Doctorate – Alignment of materiality to the value distribution to stakeholders and its relation to performance
Advisor: Prof. Dr. João Maurício Gama Boaventura
Comission: Profs. Drs. Flávio Horneaux Junior, Annelise Vendramini Felsberg and Mônica Cavalcanti Sá de Abreu
Class: 217, FEA-5
The main goal of this research is to empirically assess the relation of the alignment between the stakeholders’ materiality and the value distributed by the company in the organizational performance. The study was carried out with 56 companies that published the GRI materiality matrix in their sustainability reports and answered the ISE questionnaire in the 2015/2016, 2016/2017 and 2017/2018 cycles, resulting in 105 observations. Materiality was identified for each primary stakeholder group by the analysis of materiality matrices, leading to the proposition of a material themes framework ISE questions were selected to obtain the score of the value distributed by the companies. Then, the value alignment was calculated as the percentage of materiality over the distributed value. ROA and ROAt+1 were used as a proxies for performance. Multiple linear regression models were used and the research results showed, empirically, a positive relation between value alignment and performance, supporting the hypothesis That leads to the conclusion that the alignment between materiality and value distribution is positively related to performance. The research presents theoretical contributions by showing how the value distribution aligned to materiality is related to the performance and the importance of the management of all the primary stakeholder groups to obtain this result; methodological contributions by bringing the materiality matrix as a tool capable of clearly identifying the needs and demands of stakeholders; and managerial contributions because the use of the proposed framework has the potential to assist the manager in decision making regarding the value distribution.
*Abstract provided by the author