Reflexos da divulgação de provisões e passivos contingentes ambientais no valor de mercado das empresas de alto potencial poluidor listadas na B3

Abstract

The purpose of this study is to verify the impact of the disclosure of environmental contingent provisions and liabilities on the market value of the companies with high potential for pollution listed in B3. The research sample consists of 38 companies with shares traded on B3, which make up the group with high pollution impact, according to Law No. 10,165 / 2000, which deals with the National Environmental Policy. This research is characterized as descriptive, bibliographical and documentary, with a quantitative approach. To reach the objective of this research, we used the content analysis to verify the disclosure of environmental contingent provisions and liabilities in the period from 2011 to 2017, as well as the application of multiple linear regression with panel data. The result did not present statistical significance between the independent variable (DIVULG) and the Market Value, thus rejecting the hypothesis of research that the disclosure of environmental contingent provisions and liabilities reflects positively in the market value of the companies with high potential for pollution listed in B3 , ie the disclosure of environmental contingent provisions and liabilities does not necessarily reflect an increase in the market value of the companies with high polluting impact listed in B3. The company size variable (TAM) presented statistical significance, signaling that the larger the company size, the larger its market value and the variable return on assets (ROA) presented significance, however, indirectly related to the market value. Indebtedness (ENDIV) did not present statistical significance and, therefore, is not an important aspect to explain the market value of the companies analyzed.