FACTORS AFFECTING THE ENVIRONMENTAL DISCLOSURE: A STUDY IN THE BRAZILIAN COMPANIES IN THE PERIOD 2006 TO 2010

Abstract

This study aimed to identify factors that influenced the environmental disclosure of Brazilian companies listed on the BM & FBovespa in the period 2006-2010. We performed a content analysis in notes, environmental reports and management reports of 154 Brazilian companies. The results showed that only the size of the company positively influences the level of environmental disclosure. However, it also showed that the variable New Market and Debt boosted negatively environmental disclosure, no corroborating studies that found a positive relationship between these variables and voluntary disclosure. It was also found that the apex of environmental disclosure occurred in 2008, it is known that companies in this period were affected by the financial crisis and also the creation of Law 11,638. Because of the fall of environmental information in 2009, it can be inferred from the results obtained that the financial crisis may have been the determining factor in raising the level of environmental disclosure in financial reports in 2008, because the higher the level of information voluntarily evidenced stakeholders for greater protection of companies that can maintain and leverage its market value.

Keywords: Environmental disclosure. Brazilian companies. Content analysis.