OWNERSHIP STRUCTURE, BOARD OF DIRECTORS AND VOLUNTARY DISCLOSURE: EVIDENCE FROM LISTED COMPANIES IN BRAZIL
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Outros Autores: | , , |
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 |
Resumo: | 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. |
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OWNERSHIP STRUCTURE, BOARD OF DIRECTORS AND VOLUNTARY DISCLOSURE: EVIDENCE FROM LISTED COMPANIES IN BRAZILESTRUCTURA DE LA PROPIEDAD, CONSEJO DE ADMINISTRATIÓN Y LA REVELACIÓN VOLUNTARIA: EVIDENCIA DE LAS EMPRESAS QUE COTIZAN EM LA BOLSA DE VALORES DE BRASILESTRUTURA DE PROPRIEDADE, CONSELHO DE ADMINISTRAÇÃO E DISCLOSURE VOLUNTÁRIO: EVIDÊNCIAS DE EMPRESAS BRASILEIRAS DE CAPITAL ABERTOVoluntary DisclosureBoard of DirectorsOwnership Structure.Revelación VoluntariaConsejo de AdministraciónEstructura de propiedad.Contabilidade para Usuários ExternosMercados Financeiro e AcionárioThis 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.Esta investigación examina los elementos de la estructura de la propiedad y la junta directiva que se asocian con el nivel de divulgación voluntaria de 54 empresas brasileñas no financieras que cotizan en la BM&FBOVESPA. La revelación voluntaria de cada empresa de la muestra se calculó de acuerdo a la métrica propuesta por Murcia (2009), a través de los estados financieros estandarizados para los años terminados el 2009, 2010, 2011, 2012. Con un modelo de datos sin el panel de efectos dos hipótesis fueron probadas: concentración de la propiedad y el tamaño del consejo. Con el fin de mejorar los resultados empíricos, se utilizaron dos variables de control: el tamaño y la internacionalización. Los resultados muestran que las empresas con mayor consejo y la emisión de American Depositary Receipts en los niveles II y III tienen en promedio un mayor nivel de revelación voluntaria. Por otra parte, para nuestra muestra, existe una relación inversa entre la concentración de la propiedad, tamaño de la empresa y el alcance de la divulgación voluntaria.Esta pesquisa examina os elementos da estrutura de propriedade e do conselho de administração que estão associados ao nível de divulgação voluntária de 54 empresas brasileiras não financeiras com ações negociadas na Bolsa de Mercadorias & Futuros e Bolsa de Valores de São Paulo (BM&FBOVESPA). O disclosure voluntário de cada firma da amostra foi calculado segundo a métrica proposta por Murcia (2009), por meio das Demonstrações Financeiras Padronizadas dos exercícios findos em 2009, 2010, 2011, 2012. Com um modelo de dados em painel sem efeitos, foram testadas duas hipóteses: concentração acionária e tamanho do conselho de administração. Com intuito de aprimorar os resultados empíricos, duas variáveis de controle foram utilizadas: tamanho e internacionalização da firma. Os resultados evidenciam que empresas com conselho de administração maior e que emitem American Depositary Receipts nos níveis II e III possuem, em média, maior nível de evidenciação voluntária. Por outro lado, para a amostra deste estudo, há uma relação inversa entre concentração acionária, tamanho da empresa e extensão do disclosure voluntário.Universidade Regional de Blumenau2015-08-22info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/4093Revista Universo Contábil; v. 11 n. 2 (2015); 25-461809-33371809-3337reponame:Revista Universo Contábilinstname:Universidade Regional de Blumenau (FURB)instacron:FURBporhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/4093/3026Bezerra, Pedro Correia SantosLustosa, Paulo Roberto BarbosaSales, Isabel Cristina HenriquesFernandes, Bruno Vinícius Ramosinfo:eu-repo/semantics/openAccess2022-07-21T03:24:42Zoai:ojs.bu.furb.br:article/4093Revistahttps://proxy.furb.br/ojs/index.php/universocontabil/PUBhttps://proxy.furb.br/ojs/index.php/universocontabil/oai||universocontabil@furb.br1809-33371809-3337opendoar:2022-07-21T03:24:42Revista Universo Contábil - Universidade Regional de Blumenau (FURB)false |
dc.title.none.fl_str_mv |
OWNERSHIP STRUCTURE, BOARD OF DIRECTORS AND VOLUNTARY DISCLOSURE: EVIDENCE FROM LISTED COMPANIES IN BRAZIL ESTRUCTURA DE LA PROPIEDAD, CONSEJO DE ADMINISTRATIÓN Y LA REVELACIÓN VOLUNTARIA: EVIDENCIA DE LAS EMPRESAS QUE COTIZAN EM LA BOLSA DE VALORES DE BRASIL ESTRUTURA DE PROPRIEDADE, CONSELHO DE ADMINISTRAÇÃO E DISCLOSURE VOLUNTÁRIO: EVIDÊNCIAS DE EMPRESAS BRASILEIRAS DE CAPITAL ABERTO |
title |
OWNERSHIP STRUCTURE, BOARD OF DIRECTORS AND VOLUNTARY DISCLOSURE: EVIDENCE FROM LISTED COMPANIES IN BRAZIL |
spellingShingle |
OWNERSHIP STRUCTURE, BOARD OF DIRECTORS AND VOLUNTARY DISCLOSURE: EVIDENCE FROM LISTED COMPANIES IN BRAZIL Bezerra, Pedro Correia Santos Voluntary Disclosure Board of Directors Ownership Structure. Revelación Voluntaria Consejo de Administración Estructura de propiedad. Contabilidade para Usuários Externos Mercados Financeiro e Acionário |
title_short |
OWNERSHIP STRUCTURE, BOARD OF DIRECTORS AND VOLUNTARY DISCLOSURE: EVIDENCE FROM LISTED COMPANIES IN BRAZIL |
title_full |
OWNERSHIP STRUCTURE, BOARD OF DIRECTORS AND VOLUNTARY DISCLOSURE: EVIDENCE FROM LISTED COMPANIES IN BRAZIL |
title_fullStr |
OWNERSHIP STRUCTURE, BOARD OF DIRECTORS AND VOLUNTARY DISCLOSURE: EVIDENCE FROM LISTED COMPANIES IN BRAZIL |
title_full_unstemmed |
OWNERSHIP STRUCTURE, BOARD OF DIRECTORS AND VOLUNTARY DISCLOSURE: EVIDENCE FROM LISTED COMPANIES IN BRAZIL |
title_sort |
OWNERSHIP STRUCTURE, BOARD OF DIRECTORS AND VOLUNTARY DISCLOSURE: EVIDENCE FROM LISTED COMPANIES IN BRAZIL |
author |
Bezerra, Pedro Correia Santos |
author_facet |
Bezerra, Pedro Correia Santos Lustosa, Paulo Roberto Barbosa Sales, Isabel Cristina Henriques Fernandes, Bruno Vinícius Ramos |
author_role |
author |
author2 |
Lustosa, Paulo Roberto Barbosa Sales, Isabel Cristina Henriques Fernandes, Bruno Vinícius Ramos |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Bezerra, Pedro Correia Santos Lustosa, Paulo Roberto Barbosa Sales, Isabel Cristina Henriques Fernandes, Bruno Vinícius Ramos |
dc.subject.por.fl_str_mv |
Voluntary Disclosure Board of Directors Ownership Structure. Revelación Voluntaria Consejo de Administración Estructura de propiedad. Contabilidade para Usuários Externos Mercados Financeiro e Acionário |
topic |
Voluntary Disclosure Board of Directors Ownership Structure. Revelación Voluntaria Consejo de Administración Estructura de propiedad. Contabilidade para Usuários Externos Mercados Financeiro e Acionário |
description |
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. |
publishDate |
2015 |
dc.date.none.fl_str_mv |
2015-08-22 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/4093 |
url |
https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/4093 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/4093/3026 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Regional de Blumenau |
publisher.none.fl_str_mv |
Universidade Regional de Blumenau |
dc.source.none.fl_str_mv |
Revista Universo Contábil; v. 11 n. 2 (2015); 25-46 1809-3337 1809-3337 reponame:Revista Universo Contábil instname:Universidade Regional de Blumenau (FURB) instacron:FURB |
instname_str |
Universidade Regional de Blumenau (FURB) |
instacron_str |
FURB |
institution |
FURB |
reponame_str |
Revista Universo Contábil |
collection |
Revista Universo Contábil |
repository.name.fl_str_mv |
Revista Universo Contábil - Universidade Regional de Blumenau (FURB) |
repository.mail.fl_str_mv |
||universocontabil@furb.br |
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1798945116761620480 |