Nível de disclosure socioambiental: uma análise comparativa entre empresas brasileiras de acordo com o potencial de agressão ao meio ambiente

Abstract

The purpose of the study is evaluating the level of social and environmental disclosure of the Brazilian company. By means of lexical analysis, we count the frequency of appearance of 77 key terms related to environmental and social disclosure in firm financial reports. Six indices for disclosure are calculated, being two relative to environmental aspects, two related to social disclosure, and two associated with socio-environmental disclosure as a whole. We analyzed complete annual financial reports of 351 Brazilian companies from 16 different sectors, comprising sectors classified with relevant environmental impact, according to the National Environmental Policy (PNMA) and others, in the period 2010-2014. The findings signal that companies classified with greater environmental impact indeed present higher rates of social and environmental disclosure. Results are robust for different metrics of the disclosure indicator, as well as for parametric and non-parametric tests. The more pronounced socio-environmental disclosure by firms classified as with high environmental impact matches the proposal of the enforcement effect. The Brazilian environmental law could be an important trigger to foster social and environmental disclosure of firms with greater environmental impact.