Determinantes do disclosure do modelo de negócios nos relatos integrados de companhias listadas na b3

Abstract

The objective of this study is to analyze the determinants of business model disclosure in the Integrated Reporting (IR) of companies listed on B3. To this end, the IR published in 2022 by 63 companies listed on B3 that declared, in the Reference Form (FRE), to use the International Integrated Reporting Council (IIRC) framework or the OCPC Technical Guideline 9 in their preparation were analyzed. The methodological procedures involved content analysis to obtain the disclosure index (DI), descriptive statistics and regression analysis. This study contributes to the literature on disclosure by adding a new focus of analysis, which is the business model in the IR, as well as a variable that reflects ESG performance (environmental, social and governance), aggregating financial and non-financial characteristics to the determinants of disclosure. At the same time, it contributes to practical terms, notably for investors and creditors, as it addresses the role of IR in reducing information asymmetry and the possible factors that influence greater disclosure of information. Based on the results obtained, it is not possible to state, for the sample analyzed, that: company size, profitability, leverage, sector, governance level and ESG performance are determinants of business model disclosure in IR, leading to the rejection of the research hypotheses and contradicting related literature. Possible explanations for these results may be linked to different contexts and periods analyzed, low quality or compliance of business model disclosure with the IR framework (average ID below 50%), among others.