Enterprise Risk Disclosed in Initial Public Offering in Brazil

Cunha, Paulo Roberto da; Silva, Júlio Orestes da; Fernandes, Francisco Carlos

doi:10.7819/rbgn.v13i41.811

Cited by 2 publications

(1 citation statement)

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“…Based on the literature surveyed at international and national levels (Abraham & Shrives, 2014;Elshandidy et al, 2018;Hassan, 2009;Linsley & Shrives, 2006), it is observed that, despite not being a contemporary theme in Brazil, research on risk disclosure is still incipient and occasional (Cunha, Silva, & Fernandes, 2011;Almendra, Vasconcelos, Silva, & De Luca, 2018;Silva, Granemann, & Fischer, 2018), and no previous national study relating risk disclosure to corporate reputation was found.…”

Section: Introductionmentioning

confidence: 99%

Association between risk disclosure and (in) existence of corporate reputation of publicly traded companies in Brazil

2022

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Purpose - To analyze the possible association between non-financial risk disclosure and the (in) existence of reputation in the most prominent Brazilian publicly traded companies considering the legitimacy theory. Design/methodology/approach - The sample assembles 118 corporations listed on B3 and 345 reference forms from 2006 to 2018. In the analysis of corporate reputation, the presence or absence on ISE and, or ICO2 from B3 was considered. For non-financial risk disclosure, a factor checklist containing 31 risks was taken, categorized under operational, damage, integrity, and strategic risks, from the analysis of Reference Forms. A tree regression, a multiple correspondence analysis, and a T-test of the difference between means were used for data analysis. Findings - There is scientific evidence that the companies with reputations demonstrate non-financial risk disclosure superior to the others. This behavior is confirmed in the subcategories of integrity and strategic risks. Moreover, risk factors in the subcategory of integrity risks were crucial to non-financial risk disclosure. Originality/value - This research paves the way to deepen the early debate surrounding risk disclosure and corporate reputation, especially regarding the quality of non-financial risk disclosure.

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Section: Introductionmentioning

confidence: 99%

Association between risk disclosure and (in) existence of corporate reputation of publicly traded companies in Brazil

2022

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Fatores de Risco Evidenciados pelas Maiores Empresas Listadas na BM&FBOVESPA

Klann¹,

Kreuzberg²,

Beck³

2014

GeAS

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RESUMOO risco está presente em qualquer empresa, em qualquer setor. Nesse sentido, o objetivo da pesquisa é identificar os tipos de risco evidenciados nos Formulários de Referência das maiores empresas de cada setor listadas na BM&FBovespa. Os riscos podem ser classificados em: risco de crédito, risco legal, risco de mercado, risco operacional, risco estratégico, risco de liquidez e risco ambiental. Conforme os resultados encontrados, os mais divulgados pelas empresas são: risco legal (87,5%), risco estratégico (85%) e risco de mercado (82,5%). O risco de crédito apresenta o menor nível de divulgação (50%), bem como o risco de liquidez relativo aos investimentos (55%). Conclui-se que a gestão de risco está relacionada às particularidades de cada organização, sendo que os tipos de riscos podem se modificar de acordo com a classificação setorial das empresas.Palavras-chave: gestão de risco, tipos de risco, formulários de referência. ABSTRACTRisk is present in any company, in any industry. In this sense, the objective of this research is to identify the types of risks evidenced in the reference forms of the largest companies of each sector listed on the BM&FBovespa. According to previous research, risks can be classified as credit risk, legal risk, market risk, operational risk, strategic risk, liquidity risk and environmental risk. This study showed that the types of risks more disclosed by companies are legal risks (87.5%), strategic risk (85%) and market risk (82.5%). Credit risk has the lowest level of disclosure (50%) as well as liquidity risk on investment (55%). It is concluded that risk management is related to the particularities of each organization and that the types of risks can be modified according to the sector classification of companies.

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Enterprise Risk Disclosed in Initial Public Offering in Brazil

Cited by 2 publications

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Association between risk disclosure and (in) existence of corporate reputation of publicly traded companies in Brazil

Association between risk disclosure and (in) existence of corporate reputation of publicly traded companies in Brazil

Fatores de Risco Evidenciados pelas Maiores Empresas Listadas na BM&FBOVESPA

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