Relação da divulgação ambiental, social e governança e do conselho de administração e a assimetria de informação de empresas da américa latina
DOI:
https://doi.org/10.4025/enfoque.v45i2.73004Palavras-chave:
Divulgação ASG; Conselho de Administração; Governança Corporativa; Assimetria de Informação; América Latina.Resumo
Objetivo: analisar a relação da divulgação ambiental, social e de governança (ASG) e do conselho de administração na assimetria de informação de empresas da América Latina.
Método: foram analisadas empresas de cinco países latino-americanos (Argentina, Brasil, Chile, México e Peru), no período de 2016 a 2022. A análise dos dados foi realizada, para um total de 222 empresas, com base na regressão OLS (Ordinary Least Squares) com erros padrão robustos (com correção de White).
Originalidade/Relevância: constatou-se que de forma conjunta os constructos: divulgação ASG, governança corporativa e assimetria de informação até o momento não foram explorados nos países da América Latina analisados, configurando-se uma lacuna teórica identificada na literatura.
Resultados: os resultados evidenciaram que a divulgação ASG e os seus componentes, bem como as características do conselho de administração (CA) (tamanho e independência do CA) contribuem para minimizar a assimetria de informação das empresas dos países da América Latina analisados. Esses resultados indicam que maiores divulgações ASG, assim como um CA menor e independente reduzem a opacidade da informação e os conflitos de agência. Além disso, estes resultados demonstram que a divulgação ASG e o alinhamento do CA cumprem o papel de reduzir a assimetria da informação.
Contribuições: Os achados desta pesquisa auxiliam as empresas, gestores e CA’s a perceberem as peculiaridades de se ter um CA mais enxuto e com membros independentes, que monitora e se comunica de forma eficaz, além da importância das divulgações ASG, demostrando uma maior transparência empresarial, atendendo com isso os interesses dos investidores e demais partes interessadas. Espera-se que os resultados contribuam para a gestão empresarial, na redução da assimetria informacional, incentivando investimentos sustentáveis e promovendo a continuidade das empresas Latino-Americanas por meio da composição de um CA eficiente.
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