RECENT DEVELOPMENTS OF RISK DISCLOSURE FACTORS IN ACCOUNTING INFORMATION: AN ANALYSIS OF BRAZILIAN TELECOMMUNICATIONS COMPANIES
Autor(a) principal: | |
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Data de Publicação: | 2008 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | por eng spa |
Título da fonte: | RAM. Revista de Administração Mackenzie |
Texto Completo: | https://editorarevistas.mackenzie.br/index.php/RAM/article/view/55 |
Resumo: | The growing volatility of markets as of the 1970’s raised great interest in financial risks. However, global risk management has hardly been addressed at the present time. That has been a concern on the part of capital markets regulatory agencies as well, Fasb and SEC in particular, which have set forth specific regulations for the disclosure of information on financial and non-financial risks as a way to improve market disclosure. The purpose of this paper is to assess the disclosure level of financial and non-financial risks information as addressed by the 20-F accounting statements of Telecommunications companies in the year 2000 and 2001. The ongoing disclosure of such information is a contribution for market effectiveness as defined by Fama (1970). The present study is predominantly exploratory, based on documental analysis methodology, and involves the reading of accounting statements of selected companies, risk factors classification after Jorion (2000), and data analysis based on risk factors according to information level classification, which is to say risk evidence level, particularly the impacts that are likely to affect the future of business. Although partial, the assumptions found in this article may lead to some reflection on financial and non-financial disclosure quality differences, as well as to a discussion on the cultural and strategic aspects that lead business administrators to distinctive decisions when faced with disclosure of risk factors, in addition to the relevance of risk disclosure as contributor for market effectiveness. |
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RECENT DEVELOPMENTS OF RISK DISCLOSURE FACTORS IN ACCOUNTING INFORMATION: AN ANALYSIS OF BRAZILIAN TELECOMMUNICATIONS COMPANIESA evolução recente da transparência dos fatores de risco nas informações contábeis: uma análise de empresas brasileiras de telecomunicaçõesThe growing volatility of markets as of the 1970’s raised great interest in financial risks. However, global risk management has hardly been addressed at the present time. That has been a concern on the part of capital markets regulatory agencies as well, Fasb and SEC in particular, which have set forth specific regulations for the disclosure of information on financial and non-financial risks as a way to improve market disclosure. The purpose of this paper is to assess the disclosure level of financial and non-financial risks information as addressed by the 20-F accounting statements of Telecommunications companies in the year 2000 and 2001. The ongoing disclosure of such information is a contribution for market effectiveness as defined by Fama (1970). The present study is predominantly exploratory, based on documental analysis methodology, and involves the reading of accounting statements of selected companies, risk factors classification after Jorion (2000), and data analysis based on risk factors according to information level classification, which is to say risk evidence level, particularly the impacts that are likely to affect the future of business. Although partial, the assumptions found in this article may lead to some reflection on financial and non-financial disclosure quality differences, as well as to a discussion on the cultural and strategic aspects that lead business administrators to distinctive decisions when faced with disclosure of risk factors, in addition to the relevance of risk disclosure as contributor for market effectiveness.A crescente volatilidade dos mercados a partir da década de 1970 suscitou grande interesse pelos riscos financeiros, mas atualmente a visão é mais abrangente e se tem discutido muito sobre o gerenciamento global dos riscos, e não apenas quanto aos riscos financeiros. Esta também tem sido uma preocupação das agências reguladoras do mercado de capitais, principalmente o Fasb e a SEC, que instituíram normas específicas para a divulgação de informações sobre riscos financeiros e não financeiros como forma de aperfeiçoar a transparência do mercado. O objetivo deste artigo é avaliar o grau de transparência com que as informações sobre riscos financeiros e não financeiros foram abordadas nos relatórios contábeis denominados 20-F das empresas de telecomunicações nos anos 2000 e 2001. Essas informações vêm sendo divulgadas e são uma contribuição para a eficiência do mercado conforme conceituada por Fama (1970). O estudo é predominantemente exploratório e utiliza como metodologia a análise documental, com leitura dos relatórios contábeis das empresas selecionadas, classificação dos fatores de riscos segundo os conceitos de Jorion (2000) e análise dos dados baseada na classificação dos fatores de riscos conforme o seu nível de informação, isto é, o grau de evidência do risco e principalmente os possíveis impactos em relação ao futuro do negócio. As considerações deste artigo, embora parciais, podem nos levar à reflexão sobre as diferenças de qualidade na divulgação dos riscos financeiros e não financeiros, bem como à discussão sobre os aspectos culturais e estratégicos que levam os administradores a tomar decisões diferentes sobre a divulgação desses fatores de riscos, além da comprovação da contribuição para a eficiência do mercado.PALAVRAS-CHAVE: Transparência; Fatores de risco; Eficiência do mercado; Volatilidade.Editora Mackenzie2008-07-23info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfapplication/pdfhttps://editorarevistas.mackenzie.br/index.php/RAM/article/view/55Revista de Administração Mackenzie; Vol. 5 No. 2 (2004)Revista de Administração Mackenzie; Vol. 5 Núm. 2 (2004)Revista de Administração Mackenzie (Mackenzie Management Review); v. 5 n. 2 (2004)1678-69711518-6776reponame:RAM. Revista de Administração Mackenzieinstname:Universidade Presbiteriana Mackenzie (MACKENZIE)instacron:MACKENZIEporengspahttps://editorarevistas.mackenzie.br/index.php/RAM/article/view/55/55https://editorarevistas.mackenzie.br/index.php/RAM/article/view/55/2004https://editorarevistas.mackenzie.br/index.php/RAM/article/view/55/2005Copyright (c) 2015 Revista de Administração Mackenzieinfo:eu-repo/semantics/openAccessCardoso, Ricardo LopesNeto, Octavio Ribeiro de MendonçaRiccio, Edson Luiz2011-01-14T19:02:37Zoai:ojs.editorarevistas.mackenzie.br:article/55Revistahttps://editorarevistas.mackenzie.br/index.php/RAM/PUBhttps://editorarevistas.mackenzie.br/index.php/RAM/oairevista.adm@mackenzie.br1678-69711518-6776opendoar:2024-04-19T17:00:24.411346RAM. Revista de Administração Mackenzie - Universidade Presbiteriana Mackenzie (MACKENZIE)false |
dc.title.none.fl_str_mv |
RECENT DEVELOPMENTS OF RISK DISCLOSURE FACTORS IN ACCOUNTING INFORMATION: AN ANALYSIS OF BRAZILIAN TELECOMMUNICATIONS COMPANIES A evolução recente da transparência dos fatores de risco nas informações contábeis: uma análise de empresas brasileiras de telecomunicações |
title |
RECENT DEVELOPMENTS OF RISK DISCLOSURE FACTORS IN ACCOUNTING INFORMATION: AN ANALYSIS OF BRAZILIAN TELECOMMUNICATIONS COMPANIES |
spellingShingle |
RECENT DEVELOPMENTS OF RISK DISCLOSURE FACTORS IN ACCOUNTING INFORMATION: AN ANALYSIS OF BRAZILIAN TELECOMMUNICATIONS COMPANIES Cardoso, Ricardo Lopes |
title_short |
RECENT DEVELOPMENTS OF RISK DISCLOSURE FACTORS IN ACCOUNTING INFORMATION: AN ANALYSIS OF BRAZILIAN TELECOMMUNICATIONS COMPANIES |
title_full |
RECENT DEVELOPMENTS OF RISK DISCLOSURE FACTORS IN ACCOUNTING INFORMATION: AN ANALYSIS OF BRAZILIAN TELECOMMUNICATIONS COMPANIES |
title_fullStr |
RECENT DEVELOPMENTS OF RISK DISCLOSURE FACTORS IN ACCOUNTING INFORMATION: AN ANALYSIS OF BRAZILIAN TELECOMMUNICATIONS COMPANIES |
title_full_unstemmed |
RECENT DEVELOPMENTS OF RISK DISCLOSURE FACTORS IN ACCOUNTING INFORMATION: AN ANALYSIS OF BRAZILIAN TELECOMMUNICATIONS COMPANIES |
title_sort |
RECENT DEVELOPMENTS OF RISK DISCLOSURE FACTORS IN ACCOUNTING INFORMATION: AN ANALYSIS OF BRAZILIAN TELECOMMUNICATIONS COMPANIES |
author |
Cardoso, Ricardo Lopes |
author_facet |
Cardoso, Ricardo Lopes Neto, Octavio Ribeiro de Mendonça Riccio, Edson Luiz |
author_role |
author |
author2 |
Neto, Octavio Ribeiro de Mendonça Riccio, Edson Luiz |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Cardoso, Ricardo Lopes Neto, Octavio Ribeiro de Mendonça Riccio, Edson Luiz |
description |
The growing volatility of markets as of the 1970’s raised great interest in financial risks. However, global risk management has hardly been addressed at the present time. That has been a concern on the part of capital markets regulatory agencies as well, Fasb and SEC in particular, which have set forth specific regulations for the disclosure of information on financial and non-financial risks as a way to improve market disclosure. The purpose of this paper is to assess the disclosure level of financial and non-financial risks information as addressed by the 20-F accounting statements of Telecommunications companies in the year 2000 and 2001. The ongoing disclosure of such information is a contribution for market effectiveness as defined by Fama (1970). The present study is predominantly exploratory, based on documental analysis methodology, and involves the reading of accounting statements of selected companies, risk factors classification after Jorion (2000), and data analysis based on risk factors according to information level classification, which is to say risk evidence level, particularly the impacts that are likely to affect the future of business. Although partial, the assumptions found in this article may lead to some reflection on financial and non-financial disclosure quality differences, as well as to a discussion on the cultural and strategic aspects that lead business administrators to distinctive decisions when faced with disclosure of risk factors, in addition to the relevance of risk disclosure as contributor for market effectiveness. |
publishDate |
2008 |
dc.date.none.fl_str_mv |
2008-07-23 |
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://editorarevistas.mackenzie.br/index.php/RAM/article/view/55 |
url |
https://editorarevistas.mackenzie.br/index.php/RAM/article/view/55 |
dc.language.iso.fl_str_mv |
por eng spa |
language |
por eng spa |
dc.relation.none.fl_str_mv |
https://editorarevistas.mackenzie.br/index.php/RAM/article/view/55/55 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/55/2004 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/55/2005 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2015 Revista de Administração Mackenzie info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2015 Revista de Administração Mackenzie |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf application/pdf |
dc.publisher.none.fl_str_mv |
Editora Mackenzie |
publisher.none.fl_str_mv |
Editora Mackenzie |
dc.source.none.fl_str_mv |
Revista de Administração Mackenzie; Vol. 5 No. 2 (2004) Revista de Administração Mackenzie; Vol. 5 Núm. 2 (2004) Revista de Administração Mackenzie (Mackenzie Management Review); v. 5 n. 2 (2004) 1678-6971 1518-6776 reponame:RAM. Revista de Administração Mackenzie instname:Universidade Presbiteriana Mackenzie (MACKENZIE) instacron:MACKENZIE |
instname_str |
Universidade Presbiteriana Mackenzie (MACKENZIE) |
instacron_str |
MACKENZIE |
institution |
MACKENZIE |
reponame_str |
RAM. Revista de Administração Mackenzie |
collection |
RAM. Revista de Administração Mackenzie |
repository.name.fl_str_mv |
RAM. Revista de Administração Mackenzie - Universidade Presbiteriana Mackenzie (MACKENZIE) |
repository.mail.fl_str_mv |
revista.adm@mackenzie.br |
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