ENVIRONMENTAL DISCLOSURE OF PETROLEUM INDUSTRY COMPANIES, GAS AND BIOFUELS LISTED IN BM & FBOVESPA: AN ANALYSIS IN THE LIGHT OF THE THEORY OF LEGITIMACY

This study aims to identify, in the light of Legitimacy Theory, what environmental information is being disclosed by companies in their Standard Financial Statements (SFS). The environmental disclosure relates to the disclosure of information relating to the environment as a response to pressures exerted by society, which requires from businesses a more environmentally responsible standing in order to reduce the environmental effects caused by such activities. In many countries, including Brazil, the environmental disclosure is voluntary and some theories try to explain the reasons that lead companies to disclosure. This is a descriptive study with a qualitative and content analysis of SFSs for the years 2011, 2012 and 2013. The sample consisted of publicly trading companies listed on the BM&FBovespa in the Oil and Gas sector. The results show that companies disclose more information related to 'Environmental Policy' and 'Environmental Financial Information'. Note the dissemination of positive information and the omission of the downsides with superficial and little detailed features. It appears that the most legitimate form of a company must be based on transparency in their actions and in the balance between environmental and economic development, so it will have better conditions to ensure the perpetuity of its business.