Implicações da concentração de controle acionário sobre o disclosure socioambiental: evidências empíricas no Brasil

• Autores: Dante Baiardo Cavalcante Viana Junior, Vicente Lima Crisóstomo
• Localización: RBGN: Revista Brasileira de Gestão de Negócios, ISSN 1806-4892, Vol. 21, Nº. 4, 2019, págs. 906-927
• Idioma: portugués
• DOI: 10.7819/rbgn.v21i5.4026
• Títulos paralelos:
  • The Effects of Voting Ownership Concentration on Social and Environmental Disclosure: Empirical Evidence from Brazil
• Enlaces
  • Texto completo (pdf)
  • Texto completo
• Dialnet Métricas: 2 Citas
• Resumen
  • English

    Purpose – This study aims to analyze the effects of voting ownership concentration on the social and environmental disclosure of Brazilian companies in their Annual Financial Statements.

    Design/methodology/approach – Econometric models were estimated considering a sample of 1,252 annual observations of 252 companies in the period 2010-2014, and the social and environmental disclosure was measured through a lexical analysis performed by counting 75 words and key expressions related to social and environmental practices.

    Findings – Our findings suggest that the social and environmental disclosure of Brazilian companies is positively correlated with their voting ownership concentration. In addition, if the company is listed in the Corporate Sustainability Index or if it is in a potentially aggressive industry with respect to the environment, this also positively contributes to a higher degree of social and environmental disclosure.

    Originality/value – Our study contributes to the literature on social and environmental disclosure and its association with ownership structure by providing evidence in an emerging market characterized by a high concentration of control.

  • português

    Objetivo – Este estudo tem como objetivo analisar a influência da concentração de controle acionário na divulgação social e ambiental de empresas brasileiras em suas Demonstrações Financeiras Anuais.

    Metodologia – Modelos econométricos foram estimados para uma amostra de 1.252 observações anuais de 252 empresas no período 2010-2014, sendo o disclosure socioambiental mensurado por meio de análise léxica realizada pela busca de 75 palavras e expressões-chave relacionadas à divulgação socioambiental.

    Resultados – Os achados mostram que o disclosure socioambiental das empresas brasileiras está positivamente correlacionado com sua concentração acionária. Adicionalmente, o fato de a empresa estar listada no ISE e de ser de um setor potencialmente agressivo ao meio ambiente também contribuem positivamente para um mais elevado grau de disclosure socioambiental.

    Contribuições – O estudo contribui para a pesquisa sobre divulgação socioambiental e sua associação com a estrutura de propriedade ao prover evidência em um mercado emergente caracterizado por alta concentração de propriedade.

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