Características multinível e divulgação de targets ambientais de ods em empresas de países da américa latina e caribe

Abstract

The objective of this study is to analyze the relationship between multilevel characteristics and the disclosure of environmental targets of the Sustainable Development Goals (SDGs) by companies from Latin American and Caribbean countries. In this study, the multilevel characteristics analyzed are: at the country level, six indicators that serve as proxies for institutional quality, namely Voice and Accountability, Political Stability and Absence of Violence, Government Effectiveness, Regulatory Quality, Rule of Law, and Control of Corruption; at the sector level, the company’s economic sector and whether it operates in an environmentally sensitive sector; and at the firm level, female presence on the board of directors, board size, and the existence of a sustainability committee. The environmental SDG targets are related to SDG 6 – Clean Water and Sanitation, and SDG 7 – Affordable and Clean Energy, SDG 12 - Responsible Consumption and Production, SDG 13 - Climate Action, and SDG 15 - Life on Land. The research is documentary in nature, with a quantitative approach and a hypothetical-deductive method. The sample consists of 571 publicly traded companies from 13 Latin American and Caribbean countries, distributed across 11 sectors, totaling 2,939 observations from 2016 to 2023, using data from LSEG Data & Analytics. Descriptive statistics, correlation analyses, regression analysis, mean comparison tests, and multilevel hierarchical analysis were employed. The results indicate significant differences among companies in the disclosure of environmental SDG targets, with high variability over the years. Overall, the level of disclosure of environmental SDG targets is low, with an average of nearly seven indicators out of the sixteen adopted in this study. Country-level institutional factors associated with institutional quality are related to the disclosure of environmental SDG targets, with emphasis on the indicators of Voice and Accountability, Regulatory Quality, and Control of Corruption. At the sectoral level, the sector of activity proved to be determinant, especially environmentally sensitive sectors, which show higher levels of disclosure of these targets. The firm level proved to be the most predominant, presenting greater explanatory power compared to the others. Characteristics such as board size and the existence of sustainability committees explain significant variations in the disclosure of environmental targets by companies in Latin America and the Caribbean. Although female participation on boards shows a positive relationship, its effect was not decisive due to the low female representation on these bodies in the region. Supported by Institutional Theory, the study demonstrates that the disclosure of environmental targets results from pressures arising from both internal and external factors to the firm, contributing to the literature by analyzing the phenomenon in a multilevel and hierarchical manner. As practical implications, the relevance of strengthening internal governance mechanisms—especially the creation and maintenance of sustainability committees—as well as the role of governments and regulators in encouraging these practices, are highlighted. The study also provides insights for investors, particularly those oriented toward green investments. As limitations, restrictions in data availability and the limited scope of the targets analyzed, which are not uniform across the SDGs, are noted, indicating opportunities for future research using other databases, extending the period analyzed, and conducting comparisons across regions and levels of economic development.