A multilevel analysis of greenhouse gas emissions and corporate disclosure in the healthcare sector

Análise multinível das emissões de gases de efeito estufa e divulgação corporativa no setor de saúde

Abstract

Purpose:  This paper aims to investigate what factors can influence the volume of Greenhouse gases (GHG) emissions and firm disclosure of this information from firms in the healthcare sector.

Originality/value:  The paper proposes a novel approach to distinguish the total emission of GHG from the disclosure of GHG information while addressing both the internal and external environment of the firm and the link between them in a multilevel analysis comprised of distinct theories (signaling theory, resource-based view and Varieties of capitalism approach).

Design/methodology/approach:  We run an unbalanced panel with 13,680 observations from a sample of 2,736 firms in the healthcare sector using Feasible generalized least squares (FGLS) and Binary Logit, both in multilevel analysis.

Findings:  The paper shows that firms with more financial resources, larger boards and with an increased number of independent board members tend to disclose more information on GHG emissions. In addition, companies headquartered in coordinated capitalism countries are less engaged in the disclosure of GHG information and emit more GHG. We bring attention to how the composition of the board of directors serves as a medium between the internal and external environment of the firm that can influence the disclosure on GHG information to shareholders and stakeholders.

Keywords:
healthcare; multilevel analysis; firm disclosure; GHG emissions; GHG disclosure

Palavras-chave:
saúde; análise multinível; divulgação firme; emissões de GEE; divulgação de GEE