The influence of the board of directors’ characteristics on environmental voluntary disclosure

• Autor(a) principal: Maia Costa, Gerliane
• Data de Publicação: 2021
• Outros Autores: Alves dos Santos , Beatriz, Silva Gomes, Maria Layane, Barboza Guimarães, Daniel
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Gestão e sociedade
• Texto Completo: https://ges.face.ufmg.br/index.php/gestaoesociedade/article/view/3541
• topic: Environmental Disclosure.; Corporate Governance.; Characteristics of the Board of Directors.; Legitimacy Theory.; Agency Theory.; Divulgação Ambiental.; Governança Corporativa.; Características do Conselho de Administração.; Teoria da Legitimidade.; Teoria da Agência.

This article seeks to analyze the board of directors’ characteristics that influence the voluntary environmental disclosure of public traded Brazilian companies. Therefore, a multi-theoretical perspective was used: Legitimacy Theory and Agency Theory. The analysis was performed on a sample of 61 companies belonging to the Novo Mercado, traded on the Bolsa de Valores do Brasil (B3), between 2016-2018. To test the hypotheses, a multivariate regression with panel data was performed. It was observed that, of the companies belonging to the Novo Mercado, excluding the financial and insurance sectors, only 52,1% showed environmental information in the analyzed period. The results indicate that, on average, the companies in the sample disclose 42% of the information referring to the environmental disclosure index. The board’s characteristics are in accordance with the Instituto Brasileiro de Governança Corporativa (IBGC) guidelines. The research found a positive and statistically significant relationship between board’s size and environmental disclosure.