Informações Sociais E Ambientais No Agronegócio: Entendendo O Disclosure, A Legibilidade, Os Efeitos Das Características Do Gestor E Implicações Regionais

Abstract

Agribusiness operates as an integrated system, and this dynamic requires alignment with sustainability principles. Being sustainable demands a continuous balance between financial viability, environmental preservation, and social responsibility. In this context, the clarity of disclosed information plays a central role, and organizations through their managers are responsible for disseminating corporate information that is relevant to investors and society as a whole. Objective: To analyze the effects of managerial characteristics on the disclosure and readability of social and environmental information published by companies in the agribusiness secto Method: This is a quantitative study based on content analysis. The sample consists of 23 publicly traded Brazilian agribusiness companies listed on B3, covering the period from 2015 to 2024. Financial and non-financial reports were examined, with emphasis on Management Reports (MRs), Notes to the Financial Statements (NFS), and Sustainability Reports. Data collection was carried out in two main stages. In the first stage, a dictionary based on Huang et al. (2025) was applied, focusing on environmental and social aspects. With the support of Artificial Intelligence and a Python script, this step enabled the identification of disclosure through word count within the ESG context. In the second stage, excerpts related to social and environmental aspects were extracted from the reports, also using Artificial Intelligence and a Python script, and subsequently evaluated using a readability metric. Different methodological tools were employed in the analysis stages. Textual Readability Analysis (TRA) was used to assess the level of clarity and accessibility of the texts, while Acrobat software enabled the measurement of managers’ visual characteristics presented in the reports. The collected data were organized and systematized in an Excel spreadsheet, forming the database for the final stage, in which panel data regression analysis was applied to identify statistically significant relationships among the investigated variables. Results: The qualitative results indicate that companies demonstrate strong commitment through environmental practices, such as satellite monitoring, and social initiatives, including training of small producers and provision of potable water, thereby strengthening credibility with investors. Regarding the quantitative analysis, it was observed that visual characteristics (CEO photograph), firm size, and leverage positively affect the level of disclosure, while signature and management education were not statistically significant. On the other hand, firm size and Big Four auditing are positively associated with readability. However, older firms tend to present less readable reports, suggesting that accumulated organizational complexity over time may impair clarity. Alignment with the Area of Concentration and Research Line: The study aligns with business management, with an emphasis on transparency and the disclosure of environmental information in financial and non-financial reports of agribusiness companies. Impact and Innovative Contribution to Intellectual Production This research contributes by analyzing the readability of both financial and non-financial reports, focusing specifically on environmental and social parameters. It challenges the practice of limiting socio-environmental analysis to sustainability reports within the agribusiness sector and examines the influence of managerial characteristics on these reports. The study is also innovative in its methodological approach, which incorporates Artificial Intelligence to analyze disclosure. Economic, Social, and Regional Impact: The economic impact of this research is directly related to the information disclosed by organizations, which can significantly influence firm value, as such information affects investors’ perceptions and decision-making processes in the market. Social Impact: The social contribution of this research lies in raising awareness among agribusiness companies regarding the quality and clarity of disclosures related to sustainable practices in annual reports, as such information enables investors to make more informed decisions. Regional Implications: From a regional perspective, the contribution of this research is particularly relevant for agribusiness companies located in the Triângulo Mineiro and Alto Paranaíba regions, given their importance to the local economy. The information disclosed by companies should be clear and accessible in order to strengthen relationships with stakeholders. Transparency regarding sustainable practices and environmental impacts enhances socio-environmental responsibility and amplifies positive effects for the regional community. Sustainable Development Goals Addressed: With regard to the Sustainable Development Goals (SDGs), this research is aligned with SDG 12 (Responsible Consumption and Production), o it promotes transparency and responsibility in production and consumption. Thus, the findings of this study may encourage sustainable practices.