Publicado

2025-10-01

¿Son las prácticas de divulgación de sostenibilidad sustantivas o simbólicas? Evidencia de Brasil

Are sustainability disclosure practices substantive or symbolic? Evidence from Brazil

As práticas de divulgação de sustentabilidade são substantivas ou simbólicas? Evidências do Brasil

DOI:

https://doi.org/10.15446/innovar.v35n98.123103

Palabras clave:

desempeño sostenibilidad, divulgación, GRI, Pacto Mundial, simbólica, sustantiva, verificación (es)
sustainability performance, disclosure, GRI, Global Compact, symbolic, substantive, verification (en)
desempenho de sustentabilidade, divulgação, GRI, Pacto Global, simbólica, substantiva, verificação (pt)

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El propósito de este estudio es analizar si las prácticas de divulgación sobre sostenibilidad son sustantivas o simbólicas respecto al desempeño de sostenibilidad. Para ello, hemos analizado 69 empresas brasileñas cotizadas en la Bolsa de São Paulo en el periodo 2010-2023, para determinar si en efecto el aumento en las prácticas de divulgación de información sobre sostenibilidad experimentado en los últimos años está provocando que las empresas sean cada vez más sostenibles. Tras realizar el análisis estadístico con datos panel, nuestros resultados indican que la propia publicación de un informe de sostenibilidad, la adopción de GRI y someter el informe a verificación son prácticas sustantivas, mientras que la adhesión al Pacto Mundial de las Naciones Unidas no afecta el desempeño. Asimismo, se aprecian comportamientos diferentes cuando se analizan las distintas dimensiones del desempeño: ambiental, social y de gobernanza. Así, se contribuye a la literatura al analizar esta cuestión en un país emergente, considerando las dimensiones ambiental, social y de gobernanza; asimismo, se aborda cómo influye la adopción del Pacto Mundial de Naciones Unidas al desempeño de sostenibilidad. Por último, la evidencia proporcionada resulta de utilidad para los reguladores brasileños que deberían considerarla de cara a la decisión de adoptar de forma obligatoria el marco IFRS para 2026.
The purpose of this study is to analyze whether sustainability disclosure practices are substantive or symbolic with respect to sustainability performance. To this end, we analyzed 69 Brazilian companies listed on the São Paulo Stock Exchange in the period 2010-2023 to determine whether the increase in sustainability disclosure practices in recent years is indeed making companies more sustainable. After performing statistical analysis with panel data, our results indicate that the publication of a sustainability report, the adoption of GRI, and the submission of the report for verification are substantive practices, while adherence to the United Nations Global Compact does not affect performance. Likewise, different behaviors are observed when analyzing the different dimensions of performance: environmental, social, and governance. Thus, we contribute to the literature by analyzing this issue in an emerging country, considering the environmental, social, and governance dimensions; we also address how the adoption of the United Nations Global Compact influences sustainability performance. Finally, the evidence provided is useful for Brazilian regulators, who should consider it when deciding whether to adopt the IFRS framework on a mandatory basis by 2026.
O objetivo deste estudo é analisar se as práticas de divulgação sobre sustentabilidade são substantivas ou simbólicas em relação ao desempenho de sustentabilidade. Para isso, analisámos 69 empresas brasileiras cotadas na Bolsa de Valores de São Paulo no período de 2010 a 2023, a fim de determinar se, de fato, o aumento nas práticas de divulgação de informações sobre sustentabilidade observado nos últimos anos está a tornar as empresas cada vez mais sustentáveis. Após realizar a análise estatística com dados de painel, os nossos resultados indicam que a própria publicação de um relatório de sustentabilidade, a adoção do GRI e a submissão do relatório à verificação são práticas substantivas, enquanto a adesão ao Pacto Mundial das Nações Unidas não afeta o desempenho. Da mesma forma, observam-se comportamentos diferentes quando se analisam as diferentes dimensões do desempenho: ambiental, social e de governança. Assim, contribuímos para a literatura ao analisar esta questão num país emergente, considerando as dimensões ambiental, social e de governança; além disso, abordamos como a adoção do Pacto Mundial das Nações Unidas influencia o desempenho de sustentabilidade. Por fim, as evidências fornecidas são úteis para os reguladores brasileiros, que devem considerá-las ao decidir pela adoção obrigatória do marco IFRS para 2026.

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Cómo citar

APA

Fresneda-Fuentes, M. S., Miras-Rodríguez, M. del M. & Escobar-Pérez, B. (2025). ¿Son las prácticas de divulgación de sostenibilidad sustantivas o simbólicas? Evidencia de Brasil. Innovar, 35(98), e123103. https://doi.org/10.15446/innovar.v35n98.123103

ACM

[1]
Fresneda-Fuentes, M.S., Miras-Rodríguez, M. del M. y Escobar-Pérez, B. 2025. ¿Son las prácticas de divulgación de sostenibilidad sustantivas o simbólicas? Evidencia de Brasil. Innovar. 35, 98 (oct. 2025), e123103. DOI:https://doi.org/10.15446/innovar.v35n98.123103.

ACS

(1)
Fresneda-Fuentes, M. S.; Miras-Rodríguez, M. del M.; Escobar-Pérez, B. ¿Son las prácticas de divulgación de sostenibilidad sustantivas o simbólicas? Evidencia de Brasil. Innovar 2025, 35, e123103.

ABNT

FRESNEDA-FUENTES, M. S.; MIRAS-RODRÍGUEZ, M. del M.; ESCOBAR-PÉREZ, B. ¿Son las prácticas de divulgación de sostenibilidad sustantivas o simbólicas? Evidencia de Brasil. Innovar, [S. l.], v. 35, n. 98, p. e123103, 2025. DOI: 10.15446/innovar.v35n98.123103. Disponível em: https://revistas.unal.edu.co/index.php/innovar/article/view/123103. Acesso em: 24 dic. 2025.

Chicago

Fresneda-Fuentes, Mª Silvia, María del Mar Miras-Rodríguez, y Bernabé Escobar-Pérez. 2025. «¿Son las prácticas de divulgación de sostenibilidad sustantivas o simbólicas? Evidencia de Brasil». Innovar 35 (98):e123103. https://doi.org/10.15446/innovar.v35n98.123103.

Harvard

Fresneda-Fuentes, M. S., Miras-Rodríguez, M. del M. y Escobar-Pérez, B. (2025) «¿Son las prácticas de divulgación de sostenibilidad sustantivas o simbólicas? Evidencia de Brasil», Innovar, 35(98), p. e123103. doi: 10.15446/innovar.v35n98.123103.

IEEE

[1]
M. S. Fresneda-Fuentes, M. del M. Miras-Rodríguez, y B. Escobar-Pérez, «¿Son las prácticas de divulgación de sostenibilidad sustantivas o simbólicas? Evidencia de Brasil», Innovar, vol. 35, n.º 98, p. e123103, oct. 2025.

MLA

Fresneda-Fuentes, M. S., M. del M. Miras-Rodríguez, y B. Escobar-Pérez. «¿Son las prácticas de divulgación de sostenibilidad sustantivas o simbólicas? Evidencia de Brasil». Innovar, vol. 35, n.º 98, octubre de 2025, p. e123103, doi:10.15446/innovar.v35n98.123103.

Turabian

Fresneda-Fuentes, Mª Silvia, María del Mar Miras-Rodríguez, y Bernabé Escobar-Pérez. «¿Son las prácticas de divulgación de sostenibilidad sustantivas o simbólicas? Evidencia de Brasil». Innovar 35, no. 98 (octubre 29, 2025): e123103. Accedido diciembre 24, 2025. https://revistas.unal.edu.co/index.php/innovar/article/view/123103.

Vancouver

1.
Fresneda-Fuentes MS, Miras-Rodríguez M del M, Escobar-Pérez B. ¿Son las prácticas de divulgación de sostenibilidad sustantivas o simbólicas? Evidencia de Brasil. Innovar [Internet]. 29 de octubre de 2025 [citado 24 de diciembre de 2025];35(98):e123103. Disponible en: https://revistas.unal.edu.co/index.php/innovar/article/view/123103

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