DISCLOSURE VOLUNTÁRIO DAS INFORMAÇÕES AMBIENTAIS: ESTUDO DA RELAÇÃO ENTRE O NÍVEL DE EVIDENCIAÇÃO E O INVESTIMENTO AMBIENTAL NOS PAÍSES DO BRICS / VOLUNTARY DISCLOSURE OF ENVIRONMENTAL INFORMATION: A STUDY OF THE RELATIONSHIP BETWEEN LEVEL OF DISCLOSURE AND ENVIRONMENTAL INVESTMENT IN THE BRICS COUNTRIES

Resumen

Este estudo objetiva determinar a relação entre o nível de evidenciação de informações voluntárias ambientais e o investimento ambiental nas empresas de capital aberto do BRICS. A pesquisa é descritiva com abordagem quantitativa, utilizando-se teste de diferença de média e regressão linear múltipla. Foram analisados os dados de 82 empresas de capital aberto que publicaram seus relatórios de sustentabilidade de 2011 no modelo GRI (3.0). Os resultados indicam que: (i) o nível de evidenciação ambiental no BRICS é de 59% para divulgação total e de 66% para essencial e que o nível de evidenciação de investimentos ambientais no BRICS foi de 51%, sendo a Índia o país com melhores resultados; (ii) nas empresas com investimento ambiental, a divulgação ambiental (total e essencial) apresentou média superior àquelas que não possuíam investimento; (iii) o investimento ambiental mostrou-se impactante, positivamente, no nível de divulgação ambiental (total e essencial) do BRICS, assim como o tamanho, contudo o país (IDH) influencia negativamente o disclosure ambiental (total e essencial), já o impacto ambiental do setor apresentou relação positiva com o disclosure ambiental essencial. Portanto, o estudo não rejeita as hipóteses levantadas, demonstrando que o investimento ambiental é um fator decisivo na evidenciação ambiental no BRICS. Palavras-chave: Disclosure ambiental. Investimento Ambiental. BRICS. Abstract This study aims to determine the relationship between the level of voluntary disclosure of environmental information and environmental investment in public companies of the BRICS countries. The research is descriptive with a quantitative approach, using the test of mean difference and multiple linear regression. Data from 82 public companies that published their sustainability reports in 2011 in the GRI (3.0) model were analyzed. The results indicate that: (i) the level of environmental disclosure in BRICS is 59% for total disclosure and 66% for core disclosure, and the level of disclosure of environmental investment in BRICS was 51%, India being the country with the best results; (ii) in companies with environmental investment, environmental disclosure (total and core) had higher means than those with no investment; (iii) environmental investment proved to be having a positive impact on the level of environmental disclosure (total and core) of BRICS as well as the size. However, country (IDH) had a negative influence on environmental disclosure (total and core). Furthermore, the environmental impact of the sector showed a positive relationship with the core environmental disclosure. Therefore, the study does not reject the hypothesis suggested, demonstrating that environmental investment is a decisive factor of environmental disclosure within the BRICS. Keywords: Environmental disclosure. Environmental investment. BRICS.