INFORMATIONAL CONTENT OF THE MANAGEMENT REPORT AND PERFORMANCE ON THE BRAZILIAN COMPANIES IN IBOVESPA

• Autor(a) principal: Raifur Kos, Sonia
• Data de Publicação: 2014
• Outros Autores: dos Santos Bortolocci Espejo, Márcia Maria, Raifur, Leo
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Revista Universo Contábil
• Texto Completo: https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/3737
• topic: Relatório da Administração. Enfoque Informacional. Desempenho.

The disclosure of accounting information plays a fundamental role in the stock  market. The scandals involving companies such as Enron, Tyco, Worldcom, Parmalat and others, weakened one of the indispensable foundations in the relationship between the company and the investor: credibility. The aim of this study is to check if there exists change in the focus of the information presented in the Management Report (MR) due to the variation in the firm performance. The informational emphasis, a  dependent variable in the study, was constructed qualitatively by means of content analysis, which identified ten emphases: Operational, Cash Flow, Net Income, Billing, Economic Conjuncture, Market, Social and Environmental Responsibility, Corporate Governance, Technology and Sources, and Use of Resources. The performance, an independent variable, was estimated by means of seven indicators suggested by Lyra and Corrar (2009): Yield on Equity, Yield on Assets, Liquidity, Debt, Sales Growth, Net Margin and Asset Turnover. The test hypothesis was: (i) whether the informational focus of the MR changes according to Best and Worst Performance. The hypothesis was tested through regression with panel data, and according to the data analysis it was observed that the informational content of MR is influenced by performance.