Ownership structure, social, environmental and governance disclosure and information asymmetry: the Brazilian case
DOI:
https://doi.org/10.18046/j.estger.2024.171.6493Keywords:
ownership structure, ESG, information asymmetry, institutionalownershipAbstract
This research aimed to analyze the moderating effects of ownership structure on the relationship between environmental, social, and governance (ESG) disclosure and information asymmetry in Brazilian companies. A quantitative, descriptive, and documentary study was conducted with data from 68 companies listed on the Bolsa Brasil Balcão (B3) between 2015 and 2022, tested using the one-step GMM dynamic panel system. The main findings indicate that ESG disclosure can reduce information asymmetry, while ownership concentration and institutional ownership have a positive moderating effect on this relationship. The study emphasizes the need for regulatory actions to address potential issues faced by less informed investors and improve the disclosure of ESG practices.
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