<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0123-5923</journal-id>
<journal-title><![CDATA[Estudios Gerenciales]]></journal-title>
<abbrev-journal-title><![CDATA[estud.gerenc.]]></abbrev-journal-title>
<issn>0123-5923</issn>
<publisher>
<publisher-name><![CDATA[Universidad Icesi]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0123-59232024000200216</article-id>
<article-id pub-id-type="doi">10.18046/j.estger.2024.171.6493</article-id>
<title-group>
<article-title xml:lang="pt"><![CDATA[Estrutura de propriedade, divulgação social, ambiental e de governança, e assimetria de informação: o caso brasileiro]]></article-title>
<article-title xml:lang="en"><![CDATA[Ownership structure, social, environmental and governance disclosure and information asymmetry: the Brazilian case]]></article-title>
<article-title xml:lang="es"><![CDATA[Estructura de propiedad, divulgación social, ambiental y de gobernanza y asimetría de la información: el caso de Brasil]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pereira Velho]]></surname>
<given-names><![CDATA[Maria Laura]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ávila]]></surname>
<given-names><![CDATA[Lucas Veiga]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Degenhart]]></surname>
<given-names><![CDATA[Larissa]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Kunde]]></surname>
<given-names><![CDATA[Lidiane Pasche]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidade Federal de Santa Maria  ]]></institution>
<addr-line><![CDATA[Santa Maria ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidade Federal de Santa Maria  ]]></institution>
<addr-line><![CDATA[Santa Maria ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidade Federal de Santa Maria  ]]></institution>
<addr-line><![CDATA[Santa Maria ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Universidade Federal de Santa Maria  ]]></institution>
<addr-line><![CDATA[Santa Maria ]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2024</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2024</year>
</pub-date>
<volume>40</volume>
<numero>171</numero>
<fpage>216</fpage>
<lpage>229</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0123-59232024000200216&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0123-59232024000200216&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0123-59232024000200216&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Esta pesquisa teve por objetivo analisar os efeitos moderadores da estrutura de propriedade na relação entre divulgação ambiental, social e de governança (ESG) e a assimetria de informação de empresas brasileiras. Realizou-se um estudo quantitativo, descritivo e documental, com dados de 68 empresas listadas na Bolsa Brasil Balcão (B3) entre 2015 e 2022, testados através do sistema de painel dinâmico one-step GMM. Os principais resultados mostram que a divulgação ESG é capaz de atenuar a assimetria de informação, enquanto a concentração de propriedade e a propriedade institucional têm um efeito moderador positivo nessa relação. O estudo ressalta a necessidade de ações regulatórias para mitigar potenciais problemas enfrentados por investidores menos informados e, relativas à divulgação das práticas ESG.  Classificações JEL:  M41; M14; Q56.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This research aimed to analyze the moderating effects of ownership structure on the relationship between environmental, social, and governance (ESG) disclosure and information asymmetry in Brazilian companies. A quantitative, descriptive, and documentary study was conducted with data from 68 companies listed on the Bolsa Brasil Balcão (B3) between 2015 and 2022, tested using the one-step GMM dynamic panel system. The main findings indicate that ESG disclosure can reduce information asymmetry, while ownership concentration and institutional ownership have a positive moderating effect on this relationship. The study emphasizes the need for regulatory actions to address potential issues faced by less informed investors and improve the disclosure of ESG practices.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Esta investigación tuvo como objetivo analizar los efectos moderadores de la estructura de propiedad en la relación entre la divulgación ambiental, social y de gobernanza (ESG) y la asimetría de información en las empresas brasileñas. Se realizó un estudio cuantitativo, descriptivo y documental, con datos de 68 empresas listadas en la Bolsa Brasil Balcão (B3) entre 2015 y 2022, probados a través del sistema de panel dinámico one-step GMM. Los principales resultados muestran que la divulgación ESG es capaz de mitigar la asimetría de información, mientras que la concentración de propiedad y la propiedad institucional tienen un efecto moderador positivo en esta relación. El estudio destaca la necesidad de acciones regulatorias para mitigar los problemas potenciales enfrentados por los inversionistas menos informados y mejorar la divulgación de las prácticas ESG.]]></p></abstract>
<kwd-group>
<kwd lng="pt"><![CDATA[Estrutura de propriedade]]></kwd>
<kwd lng="pt"><![CDATA[ESG]]></kwd>
<kwd lng="pt"><![CDATA[assimetria de informação]]></kwd>
<kwd lng="pt"><![CDATA[propriedade institucional]]></kwd>
<kwd lng="en"><![CDATA[Ownership structure]]></kwd>
<kwd lng="en"><![CDATA[ESG]]></kwd>
<kwd lng="en"><![CDATA[information asymmetry]]></kwd>
<kwd lng="en"><![CDATA[institutionalownership]]></kwd>
<kwd lng="es"><![CDATA[Estructura de propiedad]]></kwd>
<kwd lng="es"><![CDATA[ESG]]></kwd>
<kwd lng="es"><![CDATA[asimetría de la información]]></kwd>
<kwd lng="es"><![CDATA[propiedad institucional]]></kwd>
</kwd-group>
</article-meta>
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