Strategy disclosure in annual reports: an analysis of cultural dimensions, legal systems and corporate governance in four countries
Autor(a) principal: | |
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Data de Publicação: | 2011 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | RAM. Revista de Administração Mackenzie |
Texto Completo: | https://editorarevistas.mackenzie.br/index.php/RAM/article/view/642 |
Resumo: | In this work we searched for an explanation for the differences observed in the level of strategic disclosure observed in the annual reports of a sample of companies from the United States, the United Kingdom, France and Brazil. We brought three theoretical elements to explain disclosure variations within the sample: cultural dimensions, legal system and corporate governance issues. We based our analysis on concepts brought by three theories: cultural dimensions, legal systems and corporate governance. We built a prediction matrix based on the theoretical assumptions and we performed a thematic content analysis in each company’s annual report in order to assess its strategy disclosure. The hypothesis was tested through linear regression analysis and nonparametric tests of equality of means. The results partially supported the theoretical hypothesis presented, which states that there is a significant influence from the cultural variables, the legal system and from the corporate governance issues on the strategy disclosure observed in the annual reports. The companies in common law countries, represented by the United States and the United Kingdom, disclosed more about their strategies than companies in civil law countries, represented in the sample by France and Brazil. This work contributes with the literature on strategy disclosure emphasizing that the legal system does influence on the quantity of strategic information revealed by listed companies. However, the manual content analysis used here imposes limitations regarding sample size. |
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Strategy disclosure in annual reports: an analysis of cultural dimensions, legal systems and corporate governance in four countriesDisclosure de estrategia en informes anuales: un análisis de dimensiones culturales, de sistema legal y de gobernanza corporativa en empresas de cuatro paísesDisclosure de estratégia em relatórios anuais: uma análise de dimensões culturais, de sistema legal e de governança corporativa em empresas de quatro paísesDisclosureStrategyLegal SystemCorporative GovernanceCultural Dimensions.DisclosureEstrategiaSistema LegalGobernanza CorporativaDimensiones Culturales.DisclosureEstratégiaSistema LegalGovernança CorporativaDimensões Culturais.In this work we searched for an explanation for the differences observed in the level of strategic disclosure observed in the annual reports of a sample of companies from the United States, the United Kingdom, France and Brazil. We brought three theoretical elements to explain disclosure variations within the sample: cultural dimensions, legal system and corporate governance issues. We based our analysis on concepts brought by three theories: cultural dimensions, legal systems and corporate governance. We built a prediction matrix based on the theoretical assumptions and we performed a thematic content analysis in each company’s annual report in order to assess its strategy disclosure. The hypothesis was tested through linear regression analysis and nonparametric tests of equality of means. The results partially supported the theoretical hypothesis presented, which states that there is a significant influence from the cultural variables, the legal system and from the corporate governance issues on the strategy disclosure observed in the annual reports. The companies in common law countries, represented by the United States and the United Kingdom, disclosed more about their strategies than companies in civil law countries, represented in the sample by France and Brazil. This work contributes with the literature on strategy disclosure emphasizing that the legal system does influence on the quantity of strategic information revealed by listed companies. However, the manual content analysis used here imposes limitations regarding sample size.El presente estudio tuvo como objeto ofrecer explicaciones para las diferencias observadas en el nivel de disclosure de aspectos relativos a la estrategia verificado en los informes anuales de una muestra de firmas de Estados Unidos, Reino Unido, Francia y Brasil. Tres elementos teóricos centrales se articularon para explicar las variaciones en el nivel de disclosure de estrategia en la muestra: dimensiones culturales, sistema legal y gobernanza corporativa. Se construyó una matriz de previsión en base a la teoría y el disclosure de la estrategia fue aproximado en cada informe por medio de la técnica de análisis de contenido temático. La muestra se formó por 73 informes anuales de empresas de cuatro países en el año de 2006. Las hipótesis han sido probadas por análisis de regresión lineal y pruebas no paramétricas de igualdades de media. Los resultados soportan parcialmente la hipótesis desarrollada, de que existe influencia significativa de las variables culturales, del sistema legal y de gobernanza corporativa de cada país en los niveles de disclosure de estrategia observados en los informes anuales. Las diferencias más significativas están relacionadas con el sistema legal de cada país. Las empresas de la muestra pertenecientes a Estados Unidos y Reino Unido, caracterizados por el uso del derecho consuetudinario (common law), presentaron mayores niveles de disclosure de estrategia que las empresas pertenecientes a Francia y a Brasil, países que adoptan el derecho romano (code law/civil law). El presente estudio contribuye a la investigación en el área de disclosure de estrategia al ofrecer evidencias empíricas de que el sistema legal tiene poder de influir en la cantidad de información estratégica revelada por las empresas de capital abierto. Sin embargo, proceso de análisis de contenido manual es un limitador del tamaño de la muestra utilizada.O presente estudo teve como objetivo oferecer explicações para as diferenças observadas no nível de disclosure de aspectos relativos à estratégia verificado nos relatórios anuais de uma amostra de firmas dos Estados Unidos, Reino Unido, França e Brasil. Três elementos teóricos centrais foram articulados para explicar as variações no nível de disclosure de estratégia na amostra: dimensões culturais, sistema legal e governança corporativa. Uma matriz de previsão foi construída com base na teoria e o disclosure da estratégia foi aproximado em cada relatório por meio da técnica de análise de conteúdo temático. A amostra foi formada por 73 relatórios anuais de empresas de quatro países no ano de 2006. As hipóteses foram testadas por análise de regressão linear e testes não paramétricos de igualdades de média. Os resultados suportam parcialmente a hipótese desenvolvida, de que existe influencia significativa das variáveis culturais, do sistema legal e de governança corporativa de cada país nos níveis de disclosure de estratégia observados nos relatórios anuais. As diferenças mais significativas estão relacionadas com o sistema legal de cada país. As empresas da amostra pertencentes aos Estados Unidos e Reino Unido, caracterizados pelo uso do direito consuetudinário (common law), apresentaram maiores níveis de disclosure de estratégia que as empresas pertencentes à França e ao Brasil, países que adotam o direito romano (code law/civil law). O presente estudo contribui para a pesquisa na área de disclosure de estratégia ao oferecer evidências empíricas de que o sistema legal tem poder de influir na quantidade de informações estratégicas reveladas pelas empresas de capital aberto. No entanto, processo de análise de conteúdo manual é um limitador do tamanho da amostra utilizada.Editora Mackenzie2011-03-09info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAvaliado por ParesAnálise de conteúdo; Análise de regressão múltipla; Análise estatística não paramétrica.application/pdfhttps://editorarevistas.mackenzie.br/index.php/RAM/article/view/642Revista de Administração Mackenzie; Vol. 12 No. 4 (2011)Revista de Administração Mackenzie; Vol. 12 Núm. 4 (2011)Revista de Administração Mackenzie (Mackenzie Management Review); v. 12 n. 4 (2011)1678-69711518-6776reponame:RAM. Revista de Administração Mackenzieinstname:Universidade Presbiteriana Mackenzie (MACKENZIE)instacron:MACKENZIEporhttps://editorarevistas.mackenzie.br/index.php/RAM/article/view/642/2909Copyright (c) 2015 Revista de Administração Mackenzieinfo:eu-repo/semantics/openAccessPagliarussi, Marcelo SanchesLiberato, Giuliana Bronzoni2011-08-31T15:29:53Zoai:ojs.editorarevistas.mackenzie.br:article/642Revistahttps://editorarevistas.mackenzie.br/index.php/RAM/PUBhttps://editorarevistas.mackenzie.br/index.php/RAM/oairevista.adm@mackenzie.br1678-69711518-6776opendoar:2024-04-19T17:00:36.142833RAM. Revista de Administração Mackenzie - Universidade Presbiteriana Mackenzie (MACKENZIE)false |
dc.title.none.fl_str_mv |
Strategy disclosure in annual reports: an analysis of cultural dimensions, legal systems and corporate governance in four countries Disclosure de estrategia en informes anuales: un análisis de dimensiones culturales, de sistema legal y de gobernanza corporativa en empresas de cuatro países Disclosure de estratégia em relatórios anuais: uma análise de dimensões culturais, de sistema legal e de governança corporativa em empresas de quatro países |
title |
Strategy disclosure in annual reports: an analysis of cultural dimensions, legal systems and corporate governance in four countries |
spellingShingle |
Strategy disclosure in annual reports: an analysis of cultural dimensions, legal systems and corporate governance in four countries Pagliarussi, Marcelo Sanches Disclosure Strategy Legal System Corporative Governance Cultural Dimensions. Disclosure Estrategia Sistema Legal Gobernanza Corporativa Dimensiones Culturales. Disclosure Estratégia Sistema Legal Governança Corporativa Dimensões Culturais. |
title_short |
Strategy disclosure in annual reports: an analysis of cultural dimensions, legal systems and corporate governance in four countries |
title_full |
Strategy disclosure in annual reports: an analysis of cultural dimensions, legal systems and corporate governance in four countries |
title_fullStr |
Strategy disclosure in annual reports: an analysis of cultural dimensions, legal systems and corporate governance in four countries |
title_full_unstemmed |
Strategy disclosure in annual reports: an analysis of cultural dimensions, legal systems and corporate governance in four countries |
title_sort |
Strategy disclosure in annual reports: an analysis of cultural dimensions, legal systems and corporate governance in four countries |
author |
Pagliarussi, Marcelo Sanches |
author_facet |
Pagliarussi, Marcelo Sanches Liberato, Giuliana Bronzoni |
author_role |
author |
author2 |
Liberato, Giuliana Bronzoni |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Pagliarussi, Marcelo Sanches Liberato, Giuliana Bronzoni |
dc.subject.por.fl_str_mv |
Disclosure Strategy Legal System Corporative Governance Cultural Dimensions. Disclosure Estrategia Sistema Legal Gobernanza Corporativa Dimensiones Culturales. Disclosure Estratégia Sistema Legal Governança Corporativa Dimensões Culturais. |
topic |
Disclosure Strategy Legal System Corporative Governance Cultural Dimensions. Disclosure Estrategia Sistema Legal Gobernanza Corporativa Dimensiones Culturales. Disclosure Estratégia Sistema Legal Governança Corporativa Dimensões Culturais. |
description |
In this work we searched for an explanation for the differences observed in the level of strategic disclosure observed in the annual reports of a sample of companies from the United States, the United Kingdom, France and Brazil. We brought three theoretical elements to explain disclosure variations within the sample: cultural dimensions, legal system and corporate governance issues. We based our analysis on concepts brought by three theories: cultural dimensions, legal systems and corporate governance. We built a prediction matrix based on the theoretical assumptions and we performed a thematic content analysis in each company’s annual report in order to assess its strategy disclosure. The hypothesis was tested through linear regression analysis and nonparametric tests of equality of means. The results partially supported the theoretical hypothesis presented, which states that there is a significant influence from the cultural variables, the legal system and from the corporate governance issues on the strategy disclosure observed in the annual reports. The companies in common law countries, represented by the United States and the United Kingdom, disclosed more about their strategies than companies in civil law countries, represented in the sample by France and Brazil. This work contributes with the literature on strategy disclosure emphasizing that the legal system does influence on the quantity of strategic information revealed by listed companies. However, the manual content analysis used here imposes limitations regarding sample size. |
publishDate |
2011 |
dc.date.none.fl_str_mv |
2011-03-09 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Avaliado por Pares Análise de conteúdo; Análise de regressão múltipla; Análise estatística não paramétrica. |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://editorarevistas.mackenzie.br/index.php/RAM/article/view/642 |
url |
https://editorarevistas.mackenzie.br/index.php/RAM/article/view/642 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://editorarevistas.mackenzie.br/index.php/RAM/article/view/642/2909 |
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 |
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. 12 No. 4 (2011) Revista de Administração Mackenzie; Vol. 12 Núm. 4 (2011) Revista de Administração Mackenzie (Mackenzie Management Review); v. 12 n. 4 (2011) 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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