Fatores institucionais macroeconômicos importam para a divulgação de carbono? Um estudo sobre os maiores emissores de carbono
| Autor | Alan Bandeira Pinheiro, Bárbara Galleli, Joyce Aparecida Ramos dos Santos, Gabriele Lopes |
| Cargo | Doutorando em Administração (UFPR), Curitiba/PR, Brasil / Doutora em Administração (USP) / Doutoranda em Administração (UFPR), Curitiba/PR, Brasil / Doutoranda em Administração (UFPR), Curitiba/PR, Brasil |
| Páginas | 36-52 |
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Artigo
Original
Original
Paper
Revista Contemporânea de Contabilidade, Florianópolis, v. 20, n. 54, p. 01-17, 2023.
Universidade Federal de Santa Catarina. ISSN 2175-8069. DO I: https://doi.org/10.5007/2175-8069.2023.e90795
Do macroeconomic institutional factors matter for carbon
disclosure? A study on the largest carbon emitters
Fatores institucionais macroeconômicos importam para a d ivulgação de carbono? Um estudo sobre
os maiores emissores de carbono
¿Importan los factores institucionales macroeconómicos pa ra la divulgación del carbono? Un
estudio sobre los mayores emisores de carbono
Alan Bandeira Pinheiro
Doutorando em Administração (UFPR), Curitiba/PR, Brasil
alanbpinheiro@hotmail.com
https://orcid.org/0000-0001-6326-575X
Joyce Aparecida Ramos dos Santos
Doutoranda em Administração (UFPR), Curitiba/PR, Brasil
joycesantos@ufpr.br
https://orcid.org/0000-0001-9462-3927
Barbara Galleli
Doutora em Administração (USP)
Professora de Administração (UFPR), Curitiba/PR, Brasil
b.gallelidias@gmail.com
https://orcid.org/0000-0001-9650-2619
Gabriele da Cunha Lopes*
Doutoranda em Administração (UFPR), Curitiba/PR, Brasil
gabriele.clopes@gmail.com
https://orcid.org/0000-0001-8352-4341
Primary contact address for correspondence*
Av. Lothario Meissner, 632 - 2º andar - Jardim Botânico, CEP: 80210-170 – Curitiba/PR, Brasil
Abstract
The present study aims to respond to the following research question: What is the influence of the
institutional context on the disclosure of carbon emission? This study is supported by the Variety of
Capitalism approach and the hypotheses were built considering the main characteristics of capitalism: the
role of the state, the role of financial markets, the role of human capital, the role of social capital and the role
of corporate governance. The sample in this research comprises the world largest carbon emitters,
composed by 1579 companies headquartered in 19 countries. Our findings show that certain characteristics
of capitalism influence carbon disclosure. The results provide contributions to the field of study, as it
broadens the understanding of carbon disclosure from a macroeconomic perspective. Additionally, this study
has managerial and governmental implications, prom oting the debate of how the behavior of firms towards
climate change is shaped by the state-society relationship.
Keywords: Carbon Disclosure; Macroeconomic Institutional Factors; Varieties of Capitalism; Climate
changes
Resumo
O presente estudo visa responder à seguinte questão de pesquisa: Qual a influência do contexto
institucional na divulgação da emissão de carbono? Este estudo está apoiado na abordagem Variedade do
Capitalismo e as hipóteses foram construídas considerando as principais características do capitalismo: o
papel do Estado, o papel dos mercados financeiros, o papel do capital humano, o papel do capital social e o
papel da governança corporativa. A amostra desta pesquisa compreende os maiores emissores de carbono
do mundo, composto por 1.579 empresas sediadas em 19 países. Nossas descobertas mostram que certas
características do capitalismo influenciam a divulgação de carbono. Os resultados trazem contribuições para
o cam po de estudo, pois ampliam a compreensão da divulgação de carbono a partir de uma perspectiva
macroeconômica. Além disso, este estudo tem implicações gerenciais e governamentais, promovendo o
debate de como o comportamento das empresas frente às mudanças climáticas é moldado pela relação
Estado-sociedade.
Palavras-chave: Divulgação de Carbono; Fatores Institucionais Macroeconômicos; Variedades do
Capitalismo; Mudanças Climáticas
Do macroeconomic institutional factors matter for carbon disclosu re? A study on the largest carbon emitters
2
Revista Contemporânea de Contabilidade, Florianópolis, v. 20, n. 54, p. 01-17, 2023.
Universidade Federal de Santa Catarina. ISSN 2175-8069. DO I: https://doi.org/10.5007/2175-8069.2023.e90795
Resumen
El presente estudio tiene como objetivo responder a la siguiente pregunta de investigación: ¿Cuál es la
influencia del contexto institucional en la divulgación de las emisiones de carbono? Este estudio se sustenta
en el enfoque Variedad del Capitalismo y las hipótesis fueron construidas considerando las principales
características del capitalismo: el rol del estado, el rol de los mercados financieros, el rol del capital humano,
el rol del capital social y el rol del gobierno corporativo. La muestra de esta investigación comprende los
mayores emisores de carbono del m undo, compuesta por 1579 empresas con sede en 19 países. Nuestros
hallazgos muestran que ciertas características del capitalismo influyen en la divulgación de carbono. Los
resultados proporcionan contribuciones al campo de estudio, ya que am plía la comprensión de la
divulgación de carbono desde una perspectiva macroeconómica. Además, este estudio tiene implicaciones
gerenciales y gubernamentales, promoviendo el debate de cómo el comportamiento de las empresas frente
al cambio climático está moldeado por la relación estado-sociedad.
Palabras c lave: Divulgación de Carbono; Factores Institucionales Macroeconómicos; Variedades de
Capitalismo; Cambios Climáticos
1 Introduction
Previous studies have investigated which factors can influence the level of disclosure of corporate
social responsibility (García-Sánchez, Rodríguez-Ariza, & Frías-Aceituno, 2013; Miniaoui, Chibani, &
Hussainey, 2019; Pucheta-Martínez & Gallego-Álvarez, 2019). The findings of Ioannou and Serafeim (2012)
show that aspects of the national business system, such as the level of education and corruption in the
country, have an effect on the disclosure of corporate social responsibility. Cultural differences can affect the
disclosure of social responsibility, for example, in Germany, companies disclose more environmental
information, while in the United States, firms have greater social disclosure (Einwiller et al., 2016).
More recently, some research has been dedicated to understanding the dissemination of carbon,
since the emission of greenhouse gases has been associated with damage to animals, humans, and diverse
ecosystems (Buse et al., 2021). As all countries in the world have responsibility for the problem of carbon
emissions, several have adopted measures to contain the increase in these atmospheric emissions (Yu,
Kuo, & Ma, 2020). The disclosure of carbon emissions is a multidimensional concept, which includes issues
such as low-carbon initiatives, emission reduction targets, energy consumption and determination of climate
change risks and opportunities (Luo & Tang, 2014).
Studying the disclosure of climate change in the light of the Varieties of Capitalism approach can
bring new implications for the academic and managerial fields. Varieties of Capitalism capture the
institutional context provided by the State, financial markets, human capital and governance institutions in
different regions (Fainshmidt et al., 2016). According to Hall and Soskice (2001), countries are divided into
two groups: liberal economies and coordinated economies. In liberal economies there is a greater interest in
the interests of shareholders, while in coordinated economies there is an interest in stakeholders. Although
this dichotomic approach is widespread in the institutional literature, it does not consider economies outside
the Organization for Economic Cooperation and Development (Schneider, 2009).
Expanding the dichotomy of capitalism, Schneider (2009) analyzed the institutional foundations of
capitalism in Latin America, considering aspects such as union density, labor market regulation and job
tenure. Witt and Redding (2013) analyzed the dimensions of capitalism in thirteen Asian business systems in
relation to educational characteristics, labor relations, the financial system, and relations between firms.
Fainshmidt et al. (2016) developed a model with the main institutional dimensions that characterize the
varieties of capitalism. These institutional dimensions served as support for the selection of the explanatory
variables in our article.
Although some studies have already examined determining factors for the disclosure of atmospheric
emissions, some gaps still exist, especially regarding the chosen theoretical lenses. Most studies have
analyzed social responsibility under the theoretical focus of Stakeholder Theory and Institutional Theory
(Frynas & Yamahaki, 2016). In addition, many studies only analyze companies from one or two countries
(Diaz-Becerra, Leon-Chavarri, & Ampuero-Alfaro, 2021; García-Sánchez, Rodríguez-Ariza, & Frías-Aceituno,
2013), as well as investigating internal factors of the organization itself, for example financial and corporate
governance indicators (Tran & Beddewela, 2020). Additionally, carbon disclosure literature seems to focus
on the more traditional notion of Institutional Theory (Hahn, Reimsbach, & Schiemann, 2015). There is a
need to understand how capitalism characteristics affect the behavior of companies (de Bakker et al., 2020).
Given these limitations, the present study aims to respond the following research question: What is
the influence of the institutional context on the disclosure of carbon emission? To achieve this objective, we
analyzed the influence of five variables (Fainshmidt et al., 2016) on the disclosure of climate change by 1579
companies based in the 19 largest carbon emitting countries, according to the Global Carbon Atlas (2020).
These companies operate in different industries and are headquartered in 19 different countries, which have
different institutional configurations.
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