Estudo sobre o impacto da evidenciação de informações ambientais na rentabilidade e valor das empresas listadas na BM&FBOVESPA

Abstract

The objective of this study was to analyze if a relationship exists between the level of environmental information disclosure and the profitability and value of listed companies on the BM&FBovespa - Securities, Commodities and Futures Exchange (BM&FBovespa). The theoretical basis centers on the Theory of Legitimacy, which postulates that companies disclose information with the objective of legitimizing their operations before society, and on the Proprietary Costs Theory, which postulates that disclosing information about the company incurs costs for the owners. The study draws on a sample of listed companies on the BM&FBovespa in the period from 2006 to 2012. The disclosure of environmental information was verified through disclosure indicators developed based on a review of the literature. Profitability was observed using the indicators return on equity (ROE) and return on assets (ROA) and value was observed using Tobin's Q indicator. Based on a review of the literature, 46 environmental disclosure indicators were compiled and organized into five categories based on the similarity of characteristics. Once the indicators and their categories were defined, the levels of environmental disclosure were calculated. Then regression analyses were performed using panel data in order to answer the problem proposed in the study. The econometric results did not identify a significant relationship between environmental information disclosure and the profitability and value of companies, with the exception of a relationship between the level of environmental disclosure and ROA. A noteworthy contribution made by this study was the use of environmental disclosure indicators and the use of Tobin's Q as an indicator of value.