68120

Barbara Siqueira da Silva
Jose Roberto de Souza Francisco
Laise Ferraz Correia
Ewerton Alex Avelar
Hudson Fernandes Amaral

Revista Evidenciação Contábil & Finanças

Objective: To verify which corporate governance characteristics of the companies in Brasil, Bolsa, Balcão (B3), affect the decision to prepare the Sustainability Report (RS) and its respective level of disclosure. Background: The study is based on the theory of legitimacy, as the administrators of the organizations seek to carry out Corporate Social Responsibility (CSR) practices and disseminate them in the RSs so that the company is perceived by the stakeholders as being legitimate. Method: The period analyzed was from 2013 to 2018, and the sample consists of 247 companies, of which 120 have RS. To achieve the objective, the models of logistic regression and linear regression were used. Results: The probability of companies adhering to the RS is positively related to the size of the board of directors and its independence, the potential for pollution and the use of natural resources (PURN), as well as the size of the company (TAM). The levels of disclosure of CSR are positively related to the level of governance, capital concentration, PURN and TAM. Contributions: The study contributes to the literature, as it indicates that the dissemination of CSR information can be seen from two perspectives: the first is related to the dichotomous decision to elaborate or not the RS, and the results indicate that this definition is linked to the composition the board of directors; and the second refers to the extension of the disclosure, which is related to the listing segment. In addition, the research points out that PURN is another determining point in socio-environmental disclosure.

Corporate governance, Disclosure, Sustainability report

SILVA, B. S.; FRANCISCO, J. R. S.; CORREIA, L. F.; AVELAR, E. A.; AMARAL, H. F. A influência da governança corporativa no disclosure da Responsabilidade Social Corporativa (RSC) das companhias de capital aberto brasileiras. Revista Evidenciação Contábil & Finanças, v. 10, n. 1, p. 71-88, 2022.

Silva, B. S., Francisco, J. R. S., Correia, L. F., Avelar, E. A., & Amaral, H. F. (2022). A influência da governança corporativa no disclosure da Responsabilidade Social Corporativa (RSC) das companhias de capital aberto brasileiras. Revista Evidenciação Contábil & Finanças, 10(1), 71-88.

https://doi.org/10.22478/ufpb.2318-1001.2022v10n1.53589

https://www.spell.org.br/documentos/ver/68120/the-influence-of-corporate-governance-on-the-disclosure-of-corporate-social-responsibility--csr--of-brazilian-open-capital-companies/i/en

Artigo

Português

Ahmad, S., & Omar, R. (2016). Basic corporate governance models: a systematic review. International Journal of Law and Management. DOI:https://doi.org/10.1108/IJLMA-10-2014-0057

___Ahmed, K., Hossain, M., & Adams, M. (2006). The effect of board composition and board size on the informativeness of annual accounting earning. Corporate Governance: An International Review, 14(5), 418–431. DOI:https://doi.org/10.1111/j.1467-8683.2006.00515.x

Ameer, R., & Othman, R. (2012). Sustainability practices and corporate financial performance: A study based on the top global corporations. Journal of business ethics, 108(1), 61-79. DOI:https://doi.org/10.1007/s10551-011-1063-y

Andrade, A., & Rossetti, J. P. (2012). Governança corporativa: fundamentos, desenvolvimento e tendências. In Governança corporativa: fundamentos, desenvolvimento e tendências. Atlas.

atrides, J. O. (2013). Substitute for Power: Wartime British Propaganda to the Balkans, 1939-4. Routledge.

Barnett, V.& Lewis, T. (1994). Outliers in statistical data. Wiley New York

Bomfim, E. T. D., Teixeira, W. D. S., & Monte, P. A. D. (2015). Relação entre o disclosure da sustentabilidade com a governança corporativa: um estudo nas empresas listadas no Ibrx-100. Sociedade, Contabilidade e Gestão, 10(1). DOI:https://doi.org/10.21446/scg_ufrj.v10i1.13341

Bowen, H. R. (2013). Social responsibilities of the businessman. University of Iowa Press.

Brasil, Bolsa, Balcão [B3]. (2019a, junho 23). Sustentabilidade B3. Recuperado de http://www.b3.com.br/pt_br/b3/sustentabilidade/nas-empresas/relate-ou-explique/.

Brown, N., & Deegan, C. (1998). The public disclosure of environmental performance information: a dual test of media agenda setting theory and legitimacy theory. Accounting and Business Research, 29(1), 21–41. DOI:https://doi.org/10.1080/00014788.1998.9729564

Cappelli, P., Singh, H., Singh, J., & Useem, M. (2010). The India way: Lessons for the US. Academy of Management Perspectives, 24: 6–24.

Carroll, A. B. (2000). Conceptual and consulting aspects of stakeholder theory, thinking, and management. Handbook of Organizational Consultation, Second Editon, 169.

Chen, J. C., Patten, D. M., & Roberts, R. W. (2008). Corporate charitable contributions: A corporate social performance or legitimacy strategy? Journal of Business Ethics, 82(1), 131–144. DOI:https://doi.org/10.1007/s10551-007-9567-1

Cowen, S. S., Ferreri, L. B., & Parker, L. D. (1987). The impact of corporate characteristics on social responsibility disclosure: A typology and frequency-based analysis. Accounting, Organizations and society, 12(2), 111-122. DOI:https://doi.org/10.1016/0361-3682(87)90001-8

Davis, J. H., Schoorman, F. D., & Donaldson, L. (1997). Toward a stewardship theory of management. Academy of Management review, 22(1), 20-47.

Davis, K. (1960). Can business afford to ignore social responsibilities? California management review, 2(3), 70-76. DOI:https://doi.org/10.2307/41166246

Davis, K. (1973). The case for and against business assumption of social responsibilities. Academy of Management journal, 16(2), 312-322. DOI:10.2307/255331

Deegan, C. (2002). Introduction: The legitimising effect of social and environmental disclosures: a theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3), 282–311. DOI:https://doi.org/10.1108/09513570210435852

Deegan, C., & Unerman, J. (2011). Unregulated corporate reporting decisions: considerations of systems-oriented theories. Financial accounting theory. London: McGraw-Hill.

DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American sociological review, 147-160. DOI:10.2307/2095101

Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge university press.

Frias, A. J. V., Rodríguez, A. L., & Garcia, S. I. M. (2014). Explanatory factors of integrated sustainability and financial reporting. Business strategy and the environment, 23(1), 56-72. DOI:https://doi.org/10.1002/bse.1765

Ghazali, N. A. M. (2007). Ownership structure and corporate social responsibility disclosure: Some Malaysian evidence. Corporate Governance, 7(3), 251–266. DOI:https://doi.org/10.1108/14720700710756535

Giannarakis, G. (2014). Corporate governance and financial characteristic effects on the extent of corporate social responsibility disclosure. Social Responsibility Journal, 10(4), 569–590.

Giner, B. (1995). La Divulgación de Información Financiera: Una Investigación Empírica. Instituto de Contabilidad y Auditoría de Cuentas, Madrid.

Global Reporting Initiative [GRI]. (2013). G4: Diretrizes Para Relato De Sustentabilidade.

Graaf, F. J., & Stoelhorst, J. W. (2013). The role of governance in corporate social responsibility: Lessons from Dutch finance. Business & Society, 52(2), 282-317. DOI:https://doi.org/10.1177/0007650309336451

Gray, R., Owen, D., & Adams, C. (1996). Accounting and accountability: Social and environmental accounting in a changing world. Accounting, Auditing & Accountability Journal, 10, 325-364.

Gray, R., Owen, D., & Maunders, K. (1987). Corporate social reporting: Accounting and accountability. Prentice-Hall International.

Grosser, K., & Moon, J. (2005). Gender mainstreaming and corporate social responsibility: Reporting workplace issues. Journal of business ethics, 62(4), 327-340. DOI:https://doi.org/10.1007/s10551-005-5334-3

Guest, P. M. (2009). The impact of board size on firm performance: Evidence from the UK. European Journal of Finance, 15(4), 385–404. DOI:https://doi.org/10.1080/13518470802466121

Gujarati, D. N., & Porter, D. C. (2011). Econometria Básica-5. Amgh Editora.

Ho, J. L. C., & Taylor, M. E. (2007). An empirical analysis of triple bottom‐line reporting and its determinants: evidence from the United States and Japan. Journal of International Financial Management & Accounting, 18(2), 123-150. DOI:https://doi.org/10.1111/j.1467646X.2007.01010.x

Ho, S. S., & Wong, K. S. (2001). A study of the relationship between corporate governance structures and the extent of voluntary disclosure. Journal of International Accounting, Auditing and Taxation, 10(2), 139-156. DOI:https://doi.org/10.1016/S1061-9518(01)00041-6

Instituto Brasileiro de Governança Corporativa [IBGC]. (2015). Código das melhores práticas de governança corporativa. 5.ed. São Paulo, SP: IBGC.

Jamali, D., & Neville, B. (2011). Convergence versus divergence of CSR in developing countries: An embedded multi-layered institutional lens. Journal of Business Ethics, 102(4), 599-621. DOI:https://doi.org/10.1007/s10551-011-0830-0

Jamali, D., Safieddine, A. M., & Rabbath, M. (2008). Corporate governance and corporate social responsibility synergies and interrelationships. Corporate Governance: An International Review, 16(5), 443-459. DOI:https://doi.org/10.1111/j.1467-8683.2008.00702.x

Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. the Journal of Finance, 48(3), 831-880. DOI:https://doi.org/10.1111/j.1540-6261.1993.tb04022.x

Jizi, M. I., Salama, A., Dixon, R., & Stratling, R. (2014). Corporate governance and corporate social responsibility disclosure: Evidence from the US banking sector. Journal of Business Ethics, 125(4), 601-615. DOI:https://doi.org/10.1007/s10551-013-1929-2

Khan, A., Muttakin, M. B., & Siddiqui, J. (2013). Corporate governance and corporate social responsibility disclosures: Evidence from an emerging economy. Journal of business ethics, 114(2), 207-223. DOI:https://doi.org/10.1007/s10551-012-1336-0

Landis, J. R., & Koch, G. G. (1977). The measurement of observer agreement for categorical data. biometrics, 159-174.

Lei n. 10.165, de 27 de dezembro de 2000. Dispõe sobre a Política Nacional do Meio Ambiente. Recuperado de http://www.planalto.gov.br/ccivil_03/leis/L10165.htm

Lei n. 6.404, de 15 de dezembro de 1976. Dispõe sobre as sociedades por ações. Recuperado de http://www.planalto.gov.br/ccivil_03/leis/L6404compilada.htm

Liu, X., & Zhang, C. (2017). Corporate governance, social responsibility information disclosure, and enterprise value in China. Journal of Cleaner Production, 142, 1075-1084. DOI:https://doi.org/10.1016/j.jclepro.2016.09.102

Maassen, G.F. (1999). An International Comarison of Carporate Governance Models. 3ª ed., Gregory Francesco. Maassen, Amsterdam.

MacMillan, K., Money, K., Downing, S., & Hillenbrand, C. (2004). Giving your organisation SPIRIT: an overview and call to action for directors on issues of corporate governance, corporate reputation and corporate responsibility. Journal of General Management, 30(2), 15-42. DOI:https://doi.org/10.1177/030630700403000203

Martins, G. D. A., & Theóphilo, C. R. (2009). Metodologia da investigação cientifica. São Paulo: Atlas, 143-164.

Mathews, M.R. (1993). Socially Responsible Accounting. Chapman & Hall, London.

Mitchell, R. K., Agle, B. R., & Wood, D. J. (1997). Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. Academy of management review, 22(4), 853-886.

O’Donovan, G. (2002). Environmental disclosures in the annual report: Extending the applicability and predictive power of legitimacy theory. Accounting, Auditing & Accountability Journal, 15(3), 344-371. DOI: https://doi.org/10.1108/09513570210435870

Parker, C. (2002). The open corporation: Effective self-regulation and democracy. Cambridge University Press.

Pathan, S. (2009). Strong boards, CEO power and bank risk-taking. Journal of Banking & Finance, 33(7), 1340-1350. DOI: https://doi.org/10.1016/j.jbankfin.2009.02.001

Pittroff, E. (2014). Whistle-Blowing Systems and Legitimacy Theory: A Study of the Motivation to Implement Whistle-Blowing Systems in German Organizations. Journal of Business Ethics, 124(3), 399–412. DOI: https://doi.org/10.1007/s10551-013-1880-2

Rahim, M. M., & Alam, S. (2014). Convergence of corporate social responsibility and corporate governance in weak economies: The case of Bangladesh. Journal of Business Ethics, 121(4), 607-620. DOI: https://doi.org/10.1007/s10551-013-1699-x

Ricardo, V. S., Barcellos, S. S., & Bortolon, P. M. (2017). Relatório de sustentabilidade ou relato integrado das empresas listadas na BM&FBovespa: fatores determinantes de divulgação. Revista de Gestão Social e Ambiental, 11(1), 90. DOI:https://doi.org/10.24857/rgsa.v11i1.1233

Roe, M. (2000). Political preconditions to separating ownership from corporate control. Stanford Law Review, 5: 539–606. DOI:10.2307/1229469

Rover, S., Murcia, F. D. R., & Souza M. F. C. (2015). The determinants of social and environmental disclosure practices: The Brazilian case. Environmental Quality Management, 25(1), 5-24. DOI:https://doi.org/10.1002/tqem.21406

Said, R., Hj Zainuddin, Y., & Haron, H. (2009). The relationship between corporate social responsibility disclosure and corporate governance characteristics in Malaysian public listed companies. Social Responsibility Journal, 5(2), 212–226. DOI: https://doi.org/10.1108/17471110910964496

Salotti, B. M., & Yamamoto, M. M. (2008). Divulgação voluntária da demonstração dos fluxos de caixa no mercado de capitais brasileiro. Revista Contabilidade & Finanças, 19(48), 37-49. DOI: https://doi.org/10.1590/S1519-70772008000300004

Sawyer, K. R., Johnson, J., & Holub, M. (2010). The necessary illegitimacy of the whistleblower. Business & Professional Ethics Journal, 29(1–4), 85–107.

Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of management review, 20(3), 571-610.

Tudway, R. (2008, October 10). OECD must now Tackle Corporate Governance Issues. Financial Times. Recuperado de http://www.ft.com/cms/s/68d35624-9665-11dd-9dce000077b07658,dwp_uuid=dafed, date accessed 30/10/2008

Webb, E. (2004). An examination of socially responsible firms' board structure. Journal of Management and Governance, 8(3), 255-277. DOI: https://doi.org/10.1007/s10997-004-1107-0

Williams, C. A., & Conley, J. M. (2005). An emerging third way? The erosion of the Anglo‐American value construct. Cornell International Law Journal, 38: 493–553.

Wooldridge, J. M. (2010). Introdução à econometria: uma abordagem moderna. São Paulo SP. Cengage Learning.