Relação entre gerenciamento de resultado e evidenciação dos gastos ambientais

Abstract

The article aims at investigating the relationship between the practice of outcome management and disclosure of environmental expenses. Therefore, we selected the companies in the steel and metal sector listed in the Stock Exchange of São Paulo that configure, among other factors, according to Law 10165/2000, activities of high environmental impact. The outcome management specifically regarding result smoothing was evaluated according to the model of Eckel (1981), and the necessary information was collected with the help of software Economática ®. Through the technique of content analysis, financial information of environmental costs and investments disclosed by companies in management reports and notes for the period 2005-2011 were collected. Among the twenty-one companies that make up the segment, only nine disclosure their environmental expenditures, among which the National Steel, Gerdau and Usiminas are highlighted as the largest investors respectively. After establishing the variables of analysis, it aimed at verifying the relationship between them by means of logistic regression. The results show that there is no statistical relationship between the study variables. The research may serve as a warning to regulators regarding the issue of information disclosure of environmental costs and investments disclosed by companies to the capital market.

Keywords

• gerenciamento de resultado
• custos ambientais
• investimentos ambientais