Multi-level analysis of environmental disclosure by Brazilian and German firms

Abstract Purpose: The influence of macro-, meso-, and micro-level factors on corporate environmental disclosure was evaluated for a sample of German and Brazilian firms belonging to environmentally sensitive sectors. Theoretical framework: The macro-level analysis was based on the national business system approach (Whitley, 1999), the meso-level analysis was based on business sector (Campbell, 2007; Ederington & Minier, 2003), and the micro-level analysis was based on endogenous corporate variables (Sánchez, Domínguez, & Álvarez, 2011; Waddock & Graves, 1997). Methods: Data covering the 2014-2016 period were retrieved from sustainability and financial reports issued by firms in six sectors (aviation, energy, timber, paper, chemicals, and textiles) and subjected to panel data analysis and hierarchical linear modeling. Results: Our results confirm the hypothesized association between environmental disclosure and national culture. Business sector was also a significant factor, but the strongest determinants were firm size and profitability. Practical and social implications: The endogenous (micro-level) variables displayed the greatest explanatory power for environmental disclosure in both countries. Investigators in this field are therefore advised to direct more attention to factors at this level. Contributions: Hierarchical linear modeling increased our ability to evaluate the factors influencing corporate environmental practices.摘要 研究目的：本研究以环境敏感型行业内的德国与巴西企业为样本，评估宏观、中观、微观层面因素对企业环境信息披露的影响。 理论框架：宏观层面分析基于国家商业系统理论（Whitley，1999），中观层面分析基于行业层面分析框架（Campbell，2007；Ederington & Minier，2003），微观层面分析则基于企业内生变量视角（Sánchez, Domínguez, & Álvarez，2011；Waddock & Graves，1997）。 研究方法：本研究从航空、能源、木材、造纸、化工、纺织6个行业的企业发布的可持续发展报告与财务报告中提取2014-2016年的相关数据，采用面板数据分析与分层线性模型（hierarchical linear modeling）开展实证检验。 研究结果：本研究证实了环境信息披露与国家文化间的假设关联；行业层面同样为显著影响因素，但企业规模与盈利能力是最强的决定因素。 实践与社会启示：内生（微观层面）变量对两国企业环境信息披露的解释力均最为突出，因此建议该领域研究者应更多关注微观层面的影响因素。 研究贡献：分层线性模型提升了学界评估企业环境实践影响因素的能力。