Efeito da importância do cliente na contratação das firmas de auditoria independente no mercado de asseguração externa das divulgações de sustentabilidade

Abstract

This study aims to analyze the impact of client importance on the use of independent audit firms as providers of external assurance of sustainability information. A quantitative approach was employed, based on data from 68 companies listed on B3 between 2012 and 2024. Panel logistic regression was used to test the hypothesis that economically more relevant clients are more likely to use the same audit firm to assure Environmental, Social and Governance (ESG) information. The results showed that client importance, profitability, and leverage had a positive and significant effect on the likelihood of jointly hiring an audit firm, while firm size had a negative effect. Consequently, smaller, more profitable, and more highly leveraged companies were more likely to contract joint external assurance services. These findings corroborate the existing literature and demonstrate that clients with greater financial influence and visibility typically seek reputable and reliable auditors as a strategy to strengthen institutional legitimacy and mitigate reputational risks. Therefore, this study contributes to the understanding of the dynamics that influence the hiring of external assurance providers and provides insights for future research on the relationship between economic dependence, managerial capture, and the external sustainability assurance market.