Companies have a particularly important role to play in achieving sustainable development, yet to do this they must transparently communicating their performance. The purpose of this study is to analyze the Sustainability Disclosure Practices of companies listed on the Colombian Stock Exchange by applying Signaling Theory dimensions - intent, necessity and camouflage - to the different economic sectors. A qualitative study was performed that involved examining the sustainability reports of 43 companies in 2018 by applying different content analysis techniques. The results show that industrial companies frequently 1) report their environmental practices, especially emissions management; 2) report economic practices exclusively in relation to their economic performance; and 3) report social practices that are focused on the development of their internal stakeholders. In this study, the most recurrently observed signal is intent, rather than necessity or camouflage. This research further contributes to extant literature by showing that camouflage signals can be categorized into two types: 1) those whereby organizations hide information and 2) those whereby organizations seek to highlight their attributes and achievements. The latter are not contemplated in Connelly's original proposal but were clearly found in this research.

公司在实现可持续发展方面可以发挥特别重要的作用，但要做到这一点，他们必须透明地传达其绩效。本研究的目的是通过将信号理论维度——意图、必要性和伪装——应用于不同的经济部门，分析在哥伦比亚证券交易所上市的公司的可持续性披露实践。进行了一项定性研究，该研究涉及通过应用不同的内容分析技术检查 2018 年 43 家公司的可持续发展报告。结果表明，工业公司经常 1) 报告他们的环境实践，尤其是排放管理；2) 仅报告与其经济表现相关的经济实践；3) 报告关注内部利益相关者发展的社会实践。在这项研究中，最经常观察到的信号是意图，而不是必要性或伪装。这项研究通过表明伪装信号可以分为两种类型，进一步为现有文献做出贡献：1）组织隐藏信息的信号和 2）组织试图突出其属性和成就的信号。后者在康纳利的原始提案中没有考虑，但在本研究中清楚地发现。1) 组织隐藏信息的那些，2) 组织试图突出其属性和成就的那些。后者在康纳利的原始提案中没有考虑，但在本研究中清楚地发现。1) 组织隐藏信息的那些，2) 组织试图突出其属性和成就的那些。后者在康纳利的原始提案中没有考虑，但在本研究中清楚地发现。