Abstract
This paper aims to investigate whether the level of voluntary disclosure of information is one of the determinants of the cost of debt. In this research, the level of voluntary disclosure of information was obtained through a survey of voluntary information published by the companies on the internet. Information to calculate the level of voluntary disclosure were obtained in the last quarter of 2009. The research was classified as descriptive, quantitative and qualitative and documentary about the procedures. The non-probabilistic sample consists of 100 companies intentionally chosen among those most actively traded on the BM&FBOVESPA. The results of linear regression analysis revealed that there is a negative correlation between the level of of voluntary disclosure and the cost of debt. In the analyzed sample, the higher the level of disclosure is the lower cost of debt. It should be noted that the determination coefficient R2 showed that in the model, the independent variable of disclosure, company size, debt, total revenue and the company's participation in the stock exchange in New York through ADR, explain variations in 20.03% the cost of debt.
Highlights
A most actively traded on the BM&FBOVESPA
The results of linear regression analysis revealed that there is a negative correlation between the level of of voluntary disclosure and the cost of debt
The higher the level of disclosure is the lower cost of debt
Summary
Segundo Dantas et al (2005, p. 61) há consenso entre pesquisadores “[...] de que o disclosure corporativo é fundamental para o eficiente funcionamento do sistema”. Silva (2006, p. 1), explicita que “[...] as práticas de governança corporativa, juntamente com as leis e a atuação dos tribunais e dos legisladores, visam evitar que uma parte seja expropriada por outra”. Considerando a importância das empresas mostrarem-se transparentes, e das pesquisas que mostram a existência de uma relação entre o nível de evidenciação e o custo do capital de terceiros, a presente pesquisa busca responder a seguinte questão problema: O nível de evidenciação de informações voluntárias é fator determinante do custo de capital de terceiros nas empresas selecionadas para o estudo?. Cogitando uma possível solução para o problema de pesquisa, a hipótese de pesquisa supõe que o nível de evidenciação de informações voluntárias é fator determinante do custo de capital de terceiros, pois quanto maior for o nível de evidenciação, menor será o custo do capital de terceiros. Este trabalho tem como objetivo geral averiguar se o nível de evidenciação de informações voluntárias constitui um dos determinantes do custo de capital de terceiros. São apresentadas as análises dos resultados e as considerações finais
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