Reputação e disclosure de ods: análise de empresas que atuam no Brasil

Abstract

Global institutions, such as the United Nations (UN), and stakeholders are increasingly pressuring companies to implement sustainability practices and contribute to achieving Sustainable Development Goals (SDGs). In this sense, in addition to incorporating the SDGs into their long-term goals and strategies, so that business models are aligned with the 2030 Agenda, companies need to disclose relevant and high-quality information that signals to stakeholders a concrete commitment to the SDGs. In addition, environmentally responsible initiatives and communication that provide information about the organization's actions can benefit corporate reputation and generate positive stakeholder behavior. In this context, the research aims to investigate the relationship between the level of disclosure of the Sustainable Development Goals (SDGs) and the corporate reputation of companies listed in the Merco Brazil ranking. The sample includes 81 publicly held companies participating in the ranking in the period from 2019 to 2023. To measure corporate reputation, the score assigned by Merco Brazil to the respective company was considered and its natural logarithm was calculated. To assess SDG disclosure, a content analysis was performed on the companies' annual reports. To achieve the proposed objectives, statistical techniques such as descriptive statistics, mean difference tests, and panel data regression were applied. The results indicate that the disclosure of SDGs and their aspects does not represent a positive signal for the company's stakeholders, since it does not influence corporate reputation. However, the disclosure of SDGs influences corporate reputation through moderating variables. When the company operates in countries with low institutional quality, the disclosure of SDGs negatively impacts reputation, indicating that in countries with a low degree of institutionalization, this disclosure can be interpreted as greenwashing by stakeholders. Corporations operating in countries with high institutional quality show reputational gains from the disclosure of SDGs. Finally, it is concluded that companies operating in sectors with a low degree of institutionalization experience reputational losses when disclosing SDG information; this disclosure can represent a risky expense for the stakeholders of these companies.