Resumo

Global warming can cause melting of the polar ice caps, increasing the average temperature of the planet and reducing the biodiversity of fauna and flora. In this context, scientific evidence has shown that the emission of greenhouse gases by companies is one of the main causes of this global warming, being, therefore, fundamental to analyze which elements affect the disclosure of greenhouse gases by companies.

Previous studies have analyzed the disclosure of greenhouse gases at the micro level (financial performance and corporate governance) and meso level (industry sector). Furthermore, few studies have worked with large samples and investigated more than one institutional environment at the same time. Given these limitations, the present study aims to: investigate the effect of the national business system of the ten largest world economies on the disclosure of greenhouse gas information for their companies.

Due to globalization and the technological advances produced by it, organizations have been operating in very dynamic environments. Thus, managers, in addition to being concerned with internal indicators, must analyze the macroeconomic forces that affect organizational performance. Therefore, environments can influence business performance. Institutional Theory preaches that the environment affects the firm and its activities, in addition to rebuilding itself at all times. Thus, the national business system can affect greenhouse gas disclosure practices.

This study is characterized as descriptive and explanatory. This research analyzed a sample of 1,072 companies, which answered the Carbon Disclosure Project questionnaire in 2018. The dependent variable is the level of disclosure of greenhouse gases and the independent variables represent the countries' national business system. The data were analyzed using statistical techniques, such as descriptive and inferential statistics, correlation between variables and hierarchical data analysis.

The data show that companies based in developed economies tend to make a more complete disclosure about their greenhouse gas emissions than companies in emerging countries. Furthermore, the results reveal that the distance to power has a negative effect on the disclosure of greenhouse gases. Thus, companies based in more hierarchical economies, where people accept more inequalities of power, tend to disclose less information about their atmospheric emissions.

The research concluded that the national business system may affect greenhouse gas disclosure practices. The results found demonstrate that the disclosure of greenhouse gases can be a reflection of the country's national business system. In less corrupt countries, with easier access to credit and less power inequality, companies tend to disclose more information about their atmospheric emissions. In this way, multinationals must analyze the country's institutional environment before settling in, checking how formal and informal institutions work.

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