Disclosure via website corporativo: um exame de informações financeiras e de governança no mercado brasileiro

Abstract

Este artigo objetiva analisar a relação entre a disseminação voluntária de informações relevantes nos websites de empresas abertas com suas características, tendo como amostra 282 empresas não financeiras listadas na Bovespa. Com base na relevância de informações corporativas (financeira e de governança) avaliadas pelos intermediários de informações, que embasaram a constituição de índices ponderados de disclosure, os resultados sugerem que há maior disclosure: i) quanto maior a firma e quanto maior o retorno das ações da empresa; ii) em empresas de governança corporativa diferenciada; iii) em categorias de informações corporativas mais requeridas pelas agências de rating e pelas corretoras; iv) em empresas mais endividadas. palavras-chave Disclosure, empresas brasileiras, governança corporativa, Internet, relações com investidores. Wesley Mendes-da-Silva

The Influence of E-disclosure on the Ex-Ante Cost of Capital of Listed Companies in Brazil

“…Nonetheless, in opposition to the argument of some works in the recent literature, for example, Mendes-Da-Silva et al (2009) and Mendes-Da-Silva and Onusic (2014), or even guidelines issued by regulatory agencies around the world, for example, FASB (2000) and the CMVM (Securities Commission) (2000), on the existence of a negative relationship between disclosure via the corporate website and the firm’s cost of capital, none of the disclosure variables obtained a significant and negative signal when regressed against any of the four cost of capital metrics. One interpretation of this finding is that investors do not attach sufficient importance to use of the website by the company for investor relations activities and use other sources of corporate information or even advice on the allocation of assets from professional investment guidance services.…”

“…Examination of the financial literature shows significant growth in the interest of the international academic community in the matter of corporate disclosure via the Internet, as shown by Petravick and Guillet (1998) in the United States, Craven and Marston (1999) in the United Kingdom, Hedlin (1999) in Switzerland, Sánchez et al (2011) in Spain, Lattemann (2005) in Germany and Malarvizhi et al (2009) in Canada. However, in Brazil, few studies can be found, especially when compared to the international scene (Mendes-Da-Silva et al 2009; Mendes-Da-Silva and Onusic 2014).…”

“…Consequently, proposals can be found based on the voluntary and mandatory aspects of disclosure (Giner 1997). Furthermore, it is unusual to find studies that effectively consider the relevance of the information for the users, for example, investors, analysts and managers (Mendes-Da-Silva et al 2009; Mendes-Da-Silva and Onusic 2014). Therefore, in our research, efforts were focused in three areas: (a) the use of a disclosure index that includes financial and corporate management data and considers the relevance of this information for the market; (b) an estimate of the ex-ante cost of capital; and (c) the consideration of differences in accounting policies between the companies listed on the BM&FBovespa, and the classification of these policies as aggressive or conservative.…”

Investor relations and information asymmetry

“…Mendes-DaSilva and Magalhães (2005) found a positive relation between the size of Brazilian companies and the amount of fi nancial information disclosed in corporate websites and a negative relation between the return on stocks and the amount of information. In addition, Mendes-daSilva, Ferraz-Andrade, Famá and Maluf (2009) found that greater disclosure is associated with large companies, higher return on stocks, those that adhere to one level of diff erential corporate governance (New Market, Level 1 and 2), the most leveraged companies, and the categories of corporate information more required by brokerage fi rms and rating agencies. On the other hand, Hoff mann, Tutic and Wies (2011) found that companies with greater educational diversity of IR professionals showed more information on their IR websites and less intense activism on the part of shareholders.…”

Recursos intangibles revelados a través del mercado de valores de Panamá

“…Con el advenimiento del Internet, las organizaciones lograron tener a su disposición un innovador y poderoso canal de comunicación con los inversionistas (Wesley, Ferraz-Andrade, Famá & Filho, 2009). En este sentido, Miles y Van Clieaf (2017) concluyen que la innovación apoyada en las tecnologías de la comunicación es un factor determinante en crecimiento del capital organizacional que a su vez influye en los capitales humano y físico.…”