Analysis of the relationship between market value and disclosure of the sustainability report: a study of high-potential pollution companies listed on the B3

This research had as objectiveanalyzing the relation between market value of the high polluting potential companies listed onB3 and the voluntary disclosure of the sustainability report. The research sample consists of 37 publicly traded companies with shares traded on the B3 and belonging to sectors with high potential for pollution, according to law n degrees. 10.165/2000. In order to achieve the objective of this research, the content analysis was used to examine the voluntary disclosure of the sustainability report (DIVRS), between 2012 and 2016, as well as the application of multiple regression. The result did not present statistical significance between the independent variable (DIVRS) and the market value of the companies, as well as a negative sign of the coefficient, that is, presented an indirect relation between these variables. Thus, there was a rejection of the research hypothesis (H1: The market value of the high potential polluter companies listed in B3 is positively related to the voluntary disclosure of the sustainability report.). Such a result runs counter to the premise that the company's disclosure of the sustainability report would have a positive influence on the market value of the companies. Regarding the other variables (ENDIV, RENT, CRES), they were significant, with Indebtedness (ENDIV) being positively reflected, while Profitability and Company Growth (CRES), reflected negatively on the value of the market; the variable size (TAM) did not present statistical significance; and the ISE variable were omitted from the econometric model because they were fixed dummies along the panel.