This study investigated whether impression management (IM), which is constantly used in sustainability disclosures (D-CSR in Brazil), is associated with higher levels of information asymmetry (IA) by analyzing 55 Brazilian listed companies’ D-CSRs from 2016 to 2020 (266 reports in total). The codification model and measurements were adapted to capture the IM level using four techniques: attribution, comparison, emphasis, and thematic emphasis. The IA proxy was measured by the bid-ask spread and tested using a nonlinear regression with unbalanced panel data based on the generalized linear method. The results show that IA levels increase with higher IM use in D-CSR, supporting the hypothesis that IM brings suspicion to investors because of perceived informational bias. The study fills a gap in the literature in that it provides quantitative evidence that investors are becoming more attuned to ESG (Environmental, Social, and Governance) issues and are thus able to recognize language in disclosure documents that attempts to disguise poor sustainability practices. Clearly, the International Sustainability Standards Board needs to consider IM in the methodology for enhancing international sustainability disclosure standards. This procedure is relevant, considering that IM use in sustainability disclosures prejudices external users’ evaluations and decision-making due to opacity and bias.

中文翻译：

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可持续发展披露和信息不对称中的印象管理：巴西上市公司的案例


本研究通过分析 2016 年至 2020 年期间 55 家巴西上市公司的 D-CSR（共 266 份报告），调查了可持续发展披露（巴西的 D-CSR）中经常使用的展示管理 （IM） 是否与更高水平的信息不对称 （IA） 相关。编纂模型和测量数据经过调整，以使用四种技术来捕捉 IM 水平：归因、比较、强调和主题强调。IA 代理通过买卖价差来衡量，并使用基于广义线性方法的不平衡面板数据的非线性回归进行测试。结果表明，IA 水平随着 D-CSR 中 IM 使用的增加而增加，这支持了 IM 由于感知到的信息偏差而给投资者带来怀疑的假设。该研究填补了文献中的空白，因为它提供了定量证据，表明投资者越来越关注 ESG（环境、社会和治理）问题，因此能够识别披露文件中试图掩盖不良可持续发展实践的语言。显然，国际可持续发展准则理事会需要在提高国际可持续发展披露标准的方法中考虑 IM。考虑到可持续性披露中的 IM 使用会因不透明性和偏见而损害外部用户的评估和决策，因此该程序是相关的。