OWNERSHIP STRUCTURE, BOARD OF DIRECTORS AND VOLUNTARY DISCLOSURE: EVIDENCE FROM LISTED COMPANIES IN BRAZIL

• Autor(a) principal: Bezerra, Pedro Correia Santos
• Data de Publicação: 2015
• Outros Autores: Lustosa, Paulo Roberto Barbosa, Sales, Isabel Cristina Henriques, Fernandes, Bruno Vinícius Ramos
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Revista Universo Contábil
• Texto Completo: https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/4093
• topic: Voluntary Disclosure; Board of Directors; Ownership Structure.; Revelación Voluntaria; Consejo de Administración; Estructura de propiedad.; Contabilidade para Usuários Externos; Mercados Financeiro e Acionário

This research examines the elements of ownership structure and board of directors that are associated with the level of voluntary disclosure of 54 non-financial Brazilian companies traded on the BM&FBOVESPA. The voluntary disclosure of each firm in the sample was calculated according to the metric proposed by Murcia (2009), through the Standardized Financial Statements for the years 2009, 2010, 2011, 2012. With a panel data without effects two hypotheses were tested: Ownership concentration and the size  of the board. In order to enhance the empirical results, two control variables were used: size and internationalization of the firm. The results show that firms with larger boards size and issuing American Depositary Receipts in levels II and III have on average a higher level of voluntary disclosure. Moreover, for our sample, there is an inverse relationship between ownership concentration, firm size and extent of voluntary disclosure.