An Analysis of Explanations Submitted by Listed Companies BM&FBOVESPA for not Publicize the Sustainability Report or Similar

The disclosure of social and environmental actions adopted by firms is stimulated and driven by some specific entities, in order to raise the transparency in relations between companies and the environment. In Brazil, the BM&FBovespa proposes a initiative nominated "Report or Explain", which states that companies should disclose information related to social, environmental and corporate governance. In turn, this research aims to analyze the reasons presented by companies that did not released their sustainability reports (or similar) between 2012-2015, even they were participating of that initiative from the BM&FBovespa. The methodology used was desk research, associated with the content analysis technique. The results show that the main factors that lead companies to not publish their sustainability documents are the costs to report, the lack of an operational structure and the volume of activities.