Keywords
Integrated Reporting
Corporate Governance
Banks
Neo-institutional Theory
Institutional Isomorphism
How to Cite
Abstract
Purpose: This study aims to conduct a comparative and theoretically informed examination of environmental, social and governance (ESG) practices within Brazilian banking institutions, based on the Integrated Reports (IR) of Itaú Unibanco, Caixa Econômica Federal, Santander Brasil and Banco do Brasil, all participants in the IIRC Pilot Project. The objective is to critically assess the extent to which these organizations internalize ESG principles in their reporting structures and how such practices reflect broader institutional dynamics in the financial sector.
Methodology: A qualitative, documentary research design was employed, drawing upon Integrated Reports and supplementary information issued by ESG rating agencies. The analytical framework was grounded in Neo-Institutional Theory, focusing specifically on the mechanisms of coercive, normative and mimetic isomorphism that shape organizational behavior. Systematic content analysis was conducted using Atlas.ti, enabling codification of ESG subdimensions and cross-case analytical triangulation.
Findings: The empirical evidence indicates that the banks disclose a variety of ESG-related initiatives, including natural resource management, greenhouse gas emission reduction, diversity and inclusion programs, financial education and robust governance structures. However, despite these disclosures, the findings demonstrate that the adoption of Integrated Reporting is predominantly driven by legitimacy-seeking behavior and reputational considerations. The limited presentation of measurable ESG indicators and methodological transparency suggests that IR functions more as a symbolic artifact than as a mechanism for internal efficiency enhancement or deep organizational transformation.
Conclusions: The study concludes that ESG practices in Brazilian banks are significantly shaped by institutional pressures and can be interpreted, through the lens of Neo-Institutional Theory, as organizational responses to isomorphic forces. The institutionalization of Integrated Reporting in the sector reflects a process of symbolic compliance aimed at reinforcing legitimacy before stakeholders rather than substantive alignment between sustainability discourse and operational practice. These findings contribute to the literature by elucidating the nature of IR adoption in emerging markets and demonstrating its predominantly ceremonial function within the Brazilian banking field.
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