Um estudo do disclosure de informações ambientais e sua relação com o custo de capital próprio em empresas brasileiras

Abstract

The objective of this study is to evaluate the relationship between the disclosure of environmental information by companies and the cost of capital, using information submitted by the entities and making use of techniques of statistical classification. For this purpose, a sample of 20 companies participating in the Brazil Index (IBrX) was built, formed by the companies with shares traded on the São Paulo Stock Exchange in the years 2013 and 2014. To evaluate the relationship between disclosure and cost of capital, we used three techniques: multiple regression, descriptive statistics and hypothesis testing. They calculated the cost of equity using the CAPM considering the period of one year and analysed amount of environmental performance indicators disclosed in order to establish an environmental disclosure index for these companies. Based on this information, an analysis by the t hypothesis testing for mean differences, Wilcoxon and chi-square was made, as well as multivariate analysis. The results show, through multiple regression, considering the analyzed period, the report was published influences negatively on the cost of capital. Besides, other techniques employed corroborate the results obtained using linear regression.