Legitimidade corporativa em empresas pertencentes a indústrias ambientalmente sensíveis: um estudo empírico com empresas que negociam ações na Bovespa

Abstract

To the Theory of Legitimacy of disclosure practices are related to the search for organizations to be perceived as legitimate according to the beliefs and values of the environment to which they belong or where they extract the resources necessary for their continuity. So, before society's preoccupation with environmental issues, it is expected that companies belonging to the environmentally sensitive industries support a more significant pressure with regard to management, not only environmentally but also at other levels. This study sought to determine whether environmentally sensitive companies in industries seeking greater legitimacy than companies in industries not environmentally sensitive, considering its annual financial statements. For this, we made a survey of 102 companies traded on the Bovespa, with 45 belonging to environmentally sensitive industries and 57 belonging to nonenvironmentally sensitive industries. By applying the student t tests found that nine of the eighteen items suggested for disclosure by Resolution 488/05, Opinion of the Guideline 24/92 and by primer corporate governance, issued by CMV, showed statistically significant differences in terms of a more illustration for the group of companies within environmentally sensitive industries as compared to the group of companies belonging to non-environmentally sensitive industries.