Evaluating the disclosure of impacts, risks, and opportunities in sustainability reports published by Brazilian companies: a multicriteria decision analysis

Silva, Paulo Henrique da, Sigahi, Tiago F. A. C. ORCID: https://orcid.org/0000-0002-2595-5220, Rampasso, Izabela Simon ORCID: https://orcid.org/0000-0003-1633-6628, Zanon, Lucas Gabriel ORCID: https://orcid.org/0000-0003-4004-0405, Moraes, Gustavo Hermínio Salati Marcondes de ORCID: https://orcid.org/0000-0001-5238-0314, Leal Filho, Walter ORCID: https://orcid.org/0000-0002-1241-5225 and Anholon, Rosley ORCID: https://orcid.org/0000-0003-3163-6119 (2025) Evaluating the disclosure of impacts, risks, and opportunities in sustainability reports published by Brazilian companies: a multicriteria decision analysis. Cogent Business & Management, 12 (1). 2482850. ISSN 2331-1975

Preview

Published Version Available under License Creative Commons Attribution. Download (3MB) | Preview

Abstract

This study evaluates the sustainability reporting practices of Brazilian companies, focusing on the disclosure of impacts, risks, and opportunities in alignment with 12 Global Reporting Initiative (GRI) recommendations. Data were collected from 27 experts with extensive academic and professional experience in corporate sustainability and analyzed using the Fuzzy TOPSIS Class method. The findings reveal gaps in transparency and stakeholder engagement, with 83% of recommendations being followed in an unstructured manner and 17% being not followed at all, particularly considering the disclosure of economic, environmental, and social impacts, as well as stakeholder expectations and interests. These deficiencies pose risks such as reputational damage, reduced investor confidence, and non-compliance with regulatory standards. By addressing these gaps, companies can enhance stakeholder trust, improve regulatory alignment, and position themselves as leaders in sustainability. The study provides actionable insights for companies to enhance reporting quality and for policymakers to establish more robust guidelines to improve accountability and transparency in sustainability disclosures.