Associação entre o disclosure de riscos e a (in) existência de reputação corporativa em companhias abertas do Brasil
DOI:
https://doi.org/10.5902/1983465969083Palavras-chave:
Discloure de riscos, Reputação corporativa, Teoria da legitimidadeResumo
Objetivo - Analisar a possível associação entre o disclosure de riscos não financeiros e a (in) existência de reputação nas maiores companhias abertas brasileiras, sob a ótica da teoria da legitimidade.
Desenho/metodologia/abordagem - A amostra reúne 118 empresas listadas na B3 e 345 Formulários de Referência de 2016 a 2018. Na análise da reputação corporativa, considerou-se a presença ou não das empresas no ISE e/ou no ICO2 da B3. Para o nível de disclosure de riscos não financeiros, considerou-se um checklist com 31 fatores de riscos, classificados nas subcategorias de riscos operacionais, de dano, de integridade e estratégicos, a partir da análise dos Formulários de Referência. Na análise dos dados, utilizou-se Árvore de Regressão, Análise de Correspondência Múltipla e Teste T de diferença entre médias.
Resultados - Há evidências científicas de que empresas com reputação apresentam disclosure de riscos não financeiros geral superior às demais, comportamento confirmado nas subcategorias de riscos de integridade e de riscos estratégicos. Ademais, os fatores de riscos da subcategoria de riscos de integridade foram determinantes do disclosure de riscos não financeiros.
Originalidade/valor - A pesquisa abre caminho para aprofundar o debate ainda incipiente sobre disclosure de riscos e reputação corporativa, especialmente considerando a qualidade do disclosure de riscos não financeiros.
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