ABSTRACT
This study evaluated the association of social, environmental and socio-environmental disclosure with the market value of Brazilian companies with high environmental impact based on the Game Theory. To perform the analysis, rankings were developed by using scalar and vector gaming techniques. After the construction of the rankings, the association between them was verified through Kendall’s correlation analysis. The findings indicate a positive association of social, environmental and socio-environmental disclosure with the market value of Brazilian companies with high environmental impact. In addition, there was an increase in the degree of association during the investigated periods. This result suggests that the market is increasingly demanding regarding the disclosure of this information, which indicates that the disclosure of these information can bring competitive advantages in relation to the market value.
Keywords:
socio-environmental disclosure; market value; game theory