O impacto das políticas de controle ao tabagismo nos resultados financeiros das empresas: um estudo de caso da empresa Souza Cruz S/A.

Abstract

Brazil is one of the most active countries when it comes to public policies to combat tobacco, and stands out, by its legislative apparatus, as one of the main interlocutors of the Framework Convention on Tobacco Control (FCTC). On the other hand, it is the largest producer and second largest exporter of this product in the world. This fight takes place through policies that affect the demand and supply of the product to reduce the damages caused to public health, thus balancing the social ills caused by such substances. The main objective of this study is to analyze the financial results of the tobacco market as a result of the insertion of public policies between 2000 and 2015, analyzing changes in net income, stocks, sales production and market representativeness. From this perspective, a documentary case study with a quantitative approach of the company Souza Cruz S/A, listed on BM & F Bovespa up to 2015 was used. Based on an event study, it was listing two hypotheses from multiple linear regression with independent variables Dummy, a First in which the variation of the shares of the company studied would have direct correlation with the entry of the policies and the second that the variation not have this correlation. In view of the above, public policies were not directly related to the variation in stocks, especially the significant increase in net income over the years, even with the reverse behavior of the production sold, in addition to the increase in market representativity, such a singularity Indicates that public policies were effective in combating smoking, without negatively influencing the market.