Relationship between the Disclosure of Sustainability with the Corporate Governance: A Study in Companies Listed in Ibrx-100

• Main Authors: Emanoel Truta do Bomfim, Wellington dos Santos Teixeira, Paulo Aguiar do Monte
• Format: Article
• Language: Portuguese
• Published: Universidade Federal do Rio de Janeiro 2015-04-01
• Series: Revista Sociedade, Contabilidade e Gestão
• Subjects: Sustainability disclosure; Corporate gorvernance. IBRX-100. Brazilian firms. Panel Data; Corporate gorvernance; IBRX-100; Brazilian firms; Panel Data
• Online Access: http://atena.org.br/revista/ojs-2.2.3-08/index.php/ufrj/article/viewFile/2455/2114

The aim of this study was to investigate the relationship between the disclosure of sustainability with some features of corporate governance in publicly traded Brazilian firms. The characteristics of corporate governance studied were duality of CEO, level corporate governance, sustainability committee, independent directors, influences of the community, board interlocking and family management. The analysis was based in a sample of the 76 companies listed in IBRX-100 BM&FBovespa that were followed during the period 2009-2011. The technique of content analysis was used in corporate reports, financial statements and reports and social sustainability of the firms investigated in order to measure the level of disclosure of sustainability. The panel data model with fixed and random effects was used to assess the relationship between the disclosure of sustainability with the characteristics of the corporate governance of the companies investigated. The results show that the family administration, the age of the company, the influence of community, sustainability committee, the size and performance have positive effect on the disclosure of sustainability. However, participation in New Market (NM) corporate governance of BM&FBovespa was negatively related to the level of sustainability disclosure, demonstrating that the insertion at this level differentiated corporate governance does not seem to influence the disclosure by enterprises investigated.