Abstract
The purpose of the study is to analyze whether characteristics such as size, activity sector and economic-financial performance influence companies to disclose accounting performance indicators in the form of voluntary disclosurein their annual reports. A descriptive research with quantitative approach was conducted through Standardized Financial Statements (DFPs) of 2008 of 90 companies listed in the New Corporate Governance Market of BM&FBovespa. Having as a reference the research of Watson, Shrives and Marston (2002), based on these statements, performance indicators related to Agency and Signaling Theory and voluntary disclosure were calculated. Considering the dichotomous nature (yes/no) of the dependent variable (disclosureof accounting indicators), and the fact that independent variables (profitability and return on investment, leverage, liquidity, efficiency and activity sector) contain so many categorical data such as value, Watson, Shrives and Marston (2002) used Stepwise Logistic Regression to test research hypotheses, which was also used in this study, to determine which independent variables explain disclosure better. It is concluded that some variables can, in a way, influence voluntary disclosure, even though no sufficiently strong statistical relations have been found. The most significant variables presented by the logistic regression model were the activity sector and operating margin when only some industry groups are analyzed.
Highlights
The presentation of voluntary information on the part of companies has been the subject of studies to explain disclosure growth in the last years
The study aimed at analyzing whether characteristics such as size, activity sector and economic and financial performance influence companies to disclose accounting performance www.bbronline.com.br indicators in the form of voluntary disclosure in their annual reports
Descriptive research with quantitative approach was performed by means of Standardized Financial Statements (DFPs) of 2008 of 90 companies listed on BM&FBovespa New Corporate Governance Market segment
Summary
The presentation of voluntary information on the part of companies has been the subject of studies to explain disclosure growth in the last years. On the other hand, when seeking this source of resources companies are forced to adopt a greater transparence posture in relation to its corporate governance manner Another possible explanation may result from the fact of the international financial crisis, which impacted the world stock market, having presented less significant impacts on the Brazilian stock market, when compared to other markets, such as the United States of America, for example. This fact has contributed to an increase of foreign investments in national companies. In order to dispute these resources, Brazilian companies were certainly forced to make supplementary disclosures, in addition to those legally required in the country
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