The Determinants of Social and Environmental Disclosure Practices: The Brazilian Case

摘要

Both society in general and virtually all segments of the financial market have expressed interest in the environmental and social performance of public sector companies. Brazil has no accounting standard or norm that requires companies to disclose such information, however, and little research has been done on why some Brazilian companies choose to make voluntary disclosures and others do not. To fill this void, the authors examined various theoretical explanations regarding voluntary disclosure and reviewed the financial statements and sustainability reports of companies listed on the Brazilian stock market as having the top, most liquid stocks from 2008 to 2010. Analysis of these reports resulted in the identification of determinants of discretionary social and environmental disclosure for the sample set.