Determinantes de disclosure dos riscos climáticos nos relatórios anuais das empresas brasileiras

Abstract

This study addresses the disclosure of information on climate change, aiming to investigate the relationship between the factors influencing the disclosure of information on climate risks by companies listed on the BM&FBovespa. To this end, the content analysis technique was used to measure the level of disclosure. The sample was extracted from the population of companies listed on the BM&FBovespa that disclose sustainability reports, in accordance with the Global Reporting Initiative (GRI) guidelines. Preliminary results indicate that words related to global warming, carbon emissions into the atmosphere, and greenhouse gases are predominant (47%). Climate risk disclosure represents the dependent variable, and size, level of corporate governance, country of origin, sector of activity, and profitability represent the independent variables. Through multiple linear regression, the results demonstrated a positive relationship between climate risk disclosure and company size, here parameterized by Total Assets. It is concluded that the fact that a company is larger explains a more significant level of disclosure and, therefore, a statistically significant positive association was found between these variables. As future research, it is suggested to expand the sample, considering all companies listed on the Bovespa, not only those that publish sustainability reports based on GRI guidelines, but also to increase the observation period of the phenomenon.