Resumo

Several studies of the environmental stakeholder prioritization are in line with the stakeholder importance perception approach under the Mitchell, Agle and Wood (1997) salience model, however, it has not considered the environmental stakeholder interests prioritization specifically and either the influence of non-managerial variables in environmental prioritization. The understanding of what might interfere in the met of environmental stakeholder interests prioritization concerning non-managerial variables is relevant to advance in stakeholder prioritization literature.

The paper addresses the research problem of the relationship between environmental regulations and environmental prioritization by firms in the Brazilian context. Thereby, the papers’ objective is to analyze the relationship between the environmental stakeholder interests prioritization in relation to public and private regulation approaches in firms operating in Brazil. Environmental regulation is considered as a non-managerial variable that might influence the stakeholder environmental interest prioritization.

The stakeholder theory determines how managers could prioritize stakeholders interests (PHILLIPS; FREEMAN; WICKS, 2003). Mascena et al. (2015) have found different variables associated with stakeholder prioritization. To the stakeholder importance perception approach, variables such as stakeholders salience, importance, pressures and influence were found in previous studies. Variables such as stakeholder strategic contribution to value creation, justice and fairness, and firms 'objective function were associated in earlier studies applying the stakeholder interest level met approach.

The data analysis has been done in Stata Statistical Software® version 15. It was applied an ordinary least squares (OLS) regression to test the hypotheses. Multicollinearity and homoscedasticity were verified. The hypotheses were tested through three equations. The first two equations aim to test the independent variables separately - Equation 1 conders the governmental regulation as the only independent variable. Equation 2 considers the private regulation as the only independent variable. Equation 3 uses both independent variables.

H1a has support. Models 2, 4 and 5 demontrate the governmental regulation approach importance to environmental interests prioritization. The H1b also finds support in results. Models 3 to 5 present a positive and significant influence of private regulation over environmental interest prioritization. The results provide support for H2. Models 3 to 5 have evidenced that private regulation has a higher influence compared to the governmental approach.

Environment interest prioritization is not just about compliance with governmental regulation, more than it, this phenomenon is a strategic issue, at least for firms operation in Brazil. When comparing the approaches, the paper offers another insight that is indicative of governmental and private regulation importance for specifics types of environmental interests. It demonstrates that the firms' responses to this stakeholder are more based on a strategic issue, in other words, the strategic importance to respond to the stakeholder interests is higher influential than the coercive power.

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