Figure 1.
The flow table has four columns, First-order codes, Second-order codes, Aggregate dimensions, and Illustrative quotes slash evidence. Row 1 lists sustainability reports, Vale’s C E O statements, compensation programmes, community support, trust rebuilding initiatives, and Vale 2030 Vision. These connect to E S G disclosure narratives, corporate accountability claims, reparation and legitimacy restoration. They lead to the aggregate dimension Formal E S G Commitments. The evidence states, People, safety, and repair. We are determined to fully repair and compensate for the damage caused by the tragedy. Row 2 lists dam collapse, operational shutdowns, safety deficiencies, production interruptions, fraudulent stability certificates, and S E C allegations of misleading E S G disclosures. These connect to governance and monitoring failures, risk management deficiencies, and E S G performance decoupling. They lead to Operational Governance Failure. The evidence states that S E C accused Vale of making false and misleading claims regarding dam safety. It also states that many investors rely on E S G disclosures like those contained in Vale’s annual Sustainability Reports. Row 3 lists iron ore production decline, supply shortages, buyer sourcing adjustments, shipping disruptions, Capesize vessel impacts, and price volatility. These connect to G V C disruption and spillover effects. Row 4 lists A P 1 divestment, investor lawsuits, Investor Mining and Tailings Safety Initiative, G I S T M development, new Brazilian regulations, and S E C enforcement actions. These connect to investor-led governance responses, transnational accountability mechanisms, and institutional responses to sustainability failures. The row 3 and row 4 second-order codes both lead to Institutional Fragility and Global Value Disruption. The evidence states that A P 1 sold its holdings in Vale because it had lost confidence in the firm.Data coding structure
Source: Author’s own work