Resumo

21st century organizations are becoming more diverse as, due to factors such as globalization, advances in technology and the growing power of emerging economies, the sociodemographic profile of the organizational workforce has changed at a rapid pace (Ciocirlan & Pettersson, 2011). Inclusive companies with diverse people are demonstrating greater ability to compete and higher levels of innovation and creativity (Li, 2021).

Given the lack of research on this topic in Brazilian companies, this study has as its research question: What are the impact of Corporate Social Responsibility (CSR) disclosure, financial performance, and the board of directors on Lesbian, Gay, Bisexual, and Transgender (LGBT) information disclosed by publicly traded Brazilian companies? Thus, the study aims to investigate the impact of some determinant organizational factors for the dissemination of LGBT information in Brazilian companies in 2019.

We use the Stakeholder Theory and its relationship with CSR. Stakeholder Theory offers a new form of understanding and managerial action by suggesting that a company cannot meet the needs of shareholders without satisfying the needs of other stakeholders. Stakeholder claims can arise from various demographic, cultural, political, and social affiliations, including LGBT community. Specifically to LGBT, Hossain et al. (2020) state that LGBT policies in companies are increasingly important as part of managing diversity, which must be communicated transparently to stakeholders through CSR reports.

The study is exploratory in nature and has a quantitative approach, which used secondary data from CSR Hub database in 2019 of publicly traded Brazilian companies. For the construction of the LGBT disclosure metric, we took as a basis the study by Parizek and Evangelinos (2021). The independent variables of the study were the social responsibility, financial and governance characteristics of the companies. Analysis were conducted by combining a symmetric method (multiple linear regression analysis with econometric models) and an asymmetric approach (fuzzy-set Qualitative Comparative Analysis).

The tested hypotheses, through multiple linear regression, indicated that a higher CSR positively impacts the LGBT disclosure information. Also, the findings reveal that a higher financial performance positively impacts the LGBT disclosure information by companies. However, the hypothesis that a larger board of directors positively impacts the disclosure of LGBT information by companies was rejected. In accordance with fsQCA analysis, more detailed information on the complex relationships of organizational indicators with LGBT disclosure was offered, considering different configurations.

The research findings showed that, in fact, companies with higher performance in CSR have greater LGBT disclosure. Additional findings also show that companies with higher financial performance tend to have greater LGBT disclosure. This is because larger companies have more resources to invest in CSR practices and sexual diversity policies, as well as a greater number of stakeholders pressing them to act more responsibly. Additionally, the results showed that companies that signed the UN Global Compact and publish an environmental report annually have greater engagement in LGBT disclosure.

Ciocirlan, C., & Pettersson, C. (2011). Does workforce diversity matter in the fight against climate change? An analysis of fortune 500 companies. Corporate Social Responsibility And Environmental Management. Hossain, M. et al. (2020). Do LGBT workplace diversity policies create value for firms? Journal of Business Ethics. Li, M. (2021). Influence for social good. International Journal of Advertising. Parizek, K., & Evangelinos, K. I. (2021). Corporate social responsibility strategies and accountability in the UK and Germany. Corporate Social Responsibility and Environmental Management.