This paper analyzes whether the environmental information disclosure level practiced by firms listed on the Brazilian Stock Market affects their profitability and value. The results show some disclosure by most of the sample firms, and significant differences in characteristics between firms that disclose and those that do not disclose environmental information. The paper contributes to the extant social responsibility and environmental disclosure literature by analyzing annual reports and standardized financial statements as a source of evidence, but especially for analyzing the relationship between the level of disclosure of environmental information and its lack of reflection on the profitability and value of firms. Results suggest the importance of both legitimacy theory and proprietary costs theory, each explaining part of the decision process regarding the disclosure of environmental information. Our results also demonstrate that environmental disclosure positively affects the value of publicly traded Brazilian companies.

中文翻译：

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环境披露对回报和市场价值的影响

本文分析了巴西股市上市公司的环境信息披露水平是否对其盈利能力和价值产生影响。结果表明，大多数样本公司都有一定程度的披露，披露和不披露环境信息的公司在特征上存在显着差异。本文通过分析年报和标准化财务报表作为证据来源，为现存的社会责任和环境披露文献做出了贡献，尤其是分析了环境信息披露水平与其对盈利能力和价值缺乏反映之间的关系。的公司。结果表明合法性理论和专有成本理论的重要性，每个解释有关披露环境信息的决策过程的一部分。我们的结果还表明，环境信息披露对巴西上市公司的价值产生积极影响。