STUDY ON THE VARIABLE DETERMINANTS OF LEVEL OF ENVIRONMENTAL DISCLOSURE OF VOLUNTARY INFORMATION

This research had the objective of verifying the variables that determine the voluntary disclosure of environmental information from a sample of forty - seven publicly traded companies listed in B3 - Brasil Bolsa Balcao, and classified as having a high environmental impact, evidenced in the Sustainability and Management Reports, corresponding to the year 2013. The research is applied as to its nature; quantitative approach to the problem; descriptive and explanatory, regarding the objective and documentary, regarding the technical procedure used. The first part of the analysis presents a descriptive analysis of the data evidenced by the companies, and in the second part, considering the results of previous studies and expert contributions, eleven variables considered as possible determinants of this disclosure were tested using multiple linear regression analysis. The level of voluntary environmental disclosure was measured by means of a metric containing eight categories and thirty-eight subcategories, suggested in a study by Rover, Borba and Murcia (2009). The main results obtained in the study indicate that the categories most evidenced by the companies refer to the impacts of products and processes and environmental policies. Company size, environmental certification and share control were confirmed as determining variables of the voluntary environmental disclosure level of the sample companies.