O que explica a divulgação ESG?

what explains ESG disclosure? a study of brazilian companies listed on the B3

Abstract

The objective of this study is to investigate whether financial factors (profitability and indebtedness), structural factors (size and age), and market factors (market value and shares outstanding) can discriminate the ESG disclosure level of Brazilian companies listed on the B3. To this end, a quantitative study was conducted by applying the statistical technique of discriminant analysis to data from a sample of 103 non-financial companies, extracted from the Refinitiv Eikon database for the year 2023. The results indicate that market value, company size, and shares outstanding are variables that significantly discriminate ESG transparency levels, while profitability, financial leverage, and company age did not show a statistically significant influence. The analysis of the individual ESG pillars confirmed the predominance of structural and market factors, especially for environmental and social disclosure. The study concludes that ESG transparency is more associated with market visibility and regulatory pressures than with financial performance, which reinforces the importance of external factors in the consolidation of sustainable practices among Brazilian publicly listed companies