Evidenciação dos riscos de mercado pelas empresas do novo mercado da BM&FBovespa
Autor(a) principal: | |
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Data de Publicação: | 2012 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional da Universidade Federal do Ceará (UFC) |
Texto Completo: | http://www.repositorio.ufc.br/handle/riufc/16390 |
Resumo: | The overall objective of this study is to investigate the degree of compliance with disclosure requirements relating to market risks defined in CVM Instruction 480/2009 by publicly traded companies listed on the BM&FBovespa. Considering the informational efficiency of the U.S. market as well as the legal model of that country (TORRES; BONOMO; FERNANDES, 2002; BONE; RIBEIRO, 2002) and the result of research conducted by Goulart (2003) (identifying the disclosure that the bank in the domestic market, despite showing indicators developments in the area of market risks, shows an incipient level of transparency compared with the practices of dissemination of the international financial institutions), is assumed as the research hypotheses: (i) the level of disclosure of market risks companies issuing ADR is statistically different from the companies non issuing ADRs, and (ii) the level of disclosure of market risks of financial firms is statistically different from non-financial corporations. The study sample consists of 125 publicly traded companies traded on BM&FBovespa, listed on the "New Market" segment of the date of 12.31.2011. The selected companies were classified into issuing and non issuing ADR. In addition, companies were also separated into financial and non financial sector classification as the BM&FBovespa. Data analysis was performed by combining the two methods in the following order: (1) content analysis to identify items of market risks as evidenced by the firms in the reference forms disclosed by companies in 2011, and (2) Test Medium, for comparative analysis of disclosure of market risks between the groups mentioned. The analysis was performed in a segmented way, as evidenced items contained in the form of reference: 5.1-item description of market risk that the issuer is exposed (mandatory information); 5.2-political management of market risks taken by issuer, its objectives, strategies and instruments; item 5.3-significant changes in key market risks to which the issuer is exposed, and item 5.4, relevant information (mandatory). The results indicate that the average level of disclosure of market risks of the companies surveyed was 86.60%. The descriptive analysis also showed that firms in the sample had a homogeneous level of disclosure. Through the statistical test of mean difference, it was found that no significant difference between the means of dissemination of companies as the issue of ADR and depending on the participation in the financial sector. |
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Evidenciação dos riscos de mercado pelas empresas do novo mercado da BM&FBovespaDivulgação de informações contábeisRiscoThe overall objective of this study is to investigate the degree of compliance with disclosure requirements relating to market risks defined in CVM Instruction 480/2009 by publicly traded companies listed on the BM&FBovespa. Considering the informational efficiency of the U.S. market as well as the legal model of that country (TORRES; BONOMO; FERNANDES, 2002; BONE; RIBEIRO, 2002) and the result of research conducted by Goulart (2003) (identifying the disclosure that the bank in the domestic market, despite showing indicators developments in the area of market risks, shows an incipient level of transparency compared with the practices of dissemination of the international financial institutions), is assumed as the research hypotheses: (i) the level of disclosure of market risks companies issuing ADR is statistically different from the companies non issuing ADRs, and (ii) the level of disclosure of market risks of financial firms is statistically different from non-financial corporations. The study sample consists of 125 publicly traded companies traded on BM&FBovespa, listed on the "New Market" segment of the date of 12.31.2011. The selected companies were classified into issuing and non issuing ADR. In addition, companies were also separated into financial and non financial sector classification as the BM&FBovespa. Data analysis was performed by combining the two methods in the following order: (1) content analysis to identify items of market risks as evidenced by the firms in the reference forms disclosed by companies in 2011, and (2) Test Medium, for comparative analysis of disclosure of market risks between the groups mentioned. The analysis was performed in a segmented way, as evidenced items contained in the form of reference: 5.1-item description of market risk that the issuer is exposed (mandatory information); 5.2-political management of market risks taken by issuer, its objectives, strategies and instruments; item 5.3-significant changes in key market risks to which the issuer is exposed, and item 5.4, relevant information (mandatory). The results indicate that the average level of disclosure of market risks of the companies surveyed was 86.60%. The descriptive analysis also showed that firms in the sample had a homogeneous level of disclosure. Through the statistical test of mean difference, it was found that no significant difference between the means of dissemination of companies as the issue of ADR and depending on the participation in the financial sector.O presente estudo tem como objetivo principal investigar o grau de cumprimento das exigências de evidenciação referentes aos riscos de mercado definidas na Instrução CVM 480/2009 pelas empresas de capital aberto listadas no Novo Mercado da BM&FBovespa. Considerando a eficiência informacional do mercado dos EUA bem como do modelo legal desse país (TORRES; BONOMO; FERNANDES, 2002; BONE; RIBEIRO, 2002) e o resultado da pesquisa realizada por Goulart (2003) - ao identificar que a evidenciação bancária no mercado doméstico, apesar de mostrar indicadores de evolução na área de riscos de mercado, demonstra um nível incipiente de transparência, quando comparado com as práticas da divulgação de instituições do sistema financeiro internacional -assume-se como hipóteses da pesquisa: (i) o nível da evidenciação dos riscos de mercado das empresas emissoras de ADR é estatisticamente diferente ao das empresas não emissoras de ADR; e (ii) o nível da divulgação dos riscos de mercado das empresas financeiras é estatisticamente diferente daquele das empresas não financeiras. A amostra do estudo é composta de 125 empresas de capital aberto com ações negociadas na BM&FBOVESPA, listadas no segmento Novo Mercado, na data de 31/12/2011. As empresas selecionadas foram classificadas em emissoras e não emissoras de ADR. Além disso, foram também separadas as empresas em financeiras e não financeiras, conforme classificação setorial da BM&FBovespa. A análise dos dados foi realizada por meio da combinação de dois métodos, na seguinte ordem: (1) análise de conteúdo para identificação dos itens de riscos de mercado evidenciados pelas empresas nos formulários de referência divulgados pelas empresas em 2010, ano base 2009; e (2) Teste de Média, para análise comparativa da divulgação dos riscos de mercado entre os grupos mencionados. A análise foi realizada de forma segmentada, conforme os itens evidenciados, constantes no formulário de referência: item 5.1- descrição dos riscos de mercado a que o emissor está exposto (informação obrigatória); item 5.2- política de gerenciamento de riscos de mercado adotada pelo emissor, seus objetivos, estratégias e instrumentos; item 5.3- alterações significativas nos principais riscos de mercado a que o emissor está exposto; e item 5.4, informações relevantes (obrigatórias). Os resultados da pesquisa indicaram que a média do nível de divulgação dos riscos de mercado das empresas analisadas foi de 86,60%. A análise descritiva dos dados apontou ainda que as empresas da amostra obtiveram um nível da divulgação homogêneo. Por meio do teste estatístico de diferença de médias, constatou-se que não há diferença significativa entre as médias de divulgação das empresas conforme a emissão de ADR e consoante a participação no setor financeiro. Além disso, percebeu-se que os riscos de mercado apontados com maior frequência pelas empresas foram o de taxa de câmbio e o de taxa de juros. Quanto à política de gerenciamento de riscos de mercado, seus objetivos, estratégias e instrumentos, a maioria das empresas divulgou de forma completa as informações, sendo pouco representativa a quantidade de empresas que divulgou parcialmente esses itens. Quatro empresas mostraram as alterações significativas nos principais riscos de mercado e nas políticas de gerenciamento de riscos. Apenas 21 empresas evidenciaram informações julgadas relevantes sobre riscos de mercado.De Luca, Márcia Martins MendesTomé, Francisco Werbson Campos2016-04-25T13:54:54Z2016-04-25T13:54:54Z2012info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfTOMÉ, Francisco Werbson Campos. Evidenciação dos riscos de mercado pelas empresas do novo mercado da BM&FBovespa. 2012. 76 f. Dissertação (mestrado) – Universidade Federal do Ceará, Faculdade de Economia, Administração, Atuária e Contabilidade, Mestrado Profissional em Administração e Controladoria, Fortaleza-CE, 2012.http://www.repositorio.ufc.br/handle/riufc/16390porreponame:Repositório Institucional da Universidade Federal do Ceará (UFC)instname:Universidade Federal do Ceará (UFC)instacron:UFCinfo:eu-repo/semantics/openAccess2019-01-18T18:49:16Zoai:repositorio.ufc.br:riufc/16390Repositório InstitucionalPUBhttp://www.repositorio.ufc.br/ri-oai/requestbu@ufc.br || repositorio@ufc.bropendoar:2024-09-11T18:40:00.498989Repositório Institucional da Universidade Federal do Ceará (UFC) - Universidade Federal do Ceará (UFC)false |
dc.title.none.fl_str_mv |
Evidenciação dos riscos de mercado pelas empresas do novo mercado da BM&FBovespa |
title |
Evidenciação dos riscos de mercado pelas empresas do novo mercado da BM&FBovespa |
spellingShingle |
Evidenciação dos riscos de mercado pelas empresas do novo mercado da BM&FBovespa Tomé, Francisco Werbson Campos Divulgação de informações contábeis Risco |
title_short |
Evidenciação dos riscos de mercado pelas empresas do novo mercado da BM&FBovespa |
title_full |
Evidenciação dos riscos de mercado pelas empresas do novo mercado da BM&FBovespa |
title_fullStr |
Evidenciação dos riscos de mercado pelas empresas do novo mercado da BM&FBovespa |
title_full_unstemmed |
Evidenciação dos riscos de mercado pelas empresas do novo mercado da BM&FBovespa |
title_sort |
Evidenciação dos riscos de mercado pelas empresas do novo mercado da BM&FBovespa |
author |
Tomé, Francisco Werbson Campos |
author_facet |
Tomé, Francisco Werbson Campos |
author_role |
author |
dc.contributor.none.fl_str_mv |
De Luca, Márcia Martins Mendes |
dc.contributor.author.fl_str_mv |
Tomé, Francisco Werbson Campos |
dc.subject.por.fl_str_mv |
Divulgação de informações contábeis Risco |
topic |
Divulgação de informações contábeis Risco |
description |
The overall objective of this study is to investigate the degree of compliance with disclosure requirements relating to market risks defined in CVM Instruction 480/2009 by publicly traded companies listed on the BM&FBovespa. Considering the informational efficiency of the U.S. market as well as the legal model of that country (TORRES; BONOMO; FERNANDES, 2002; BONE; RIBEIRO, 2002) and the result of research conducted by Goulart (2003) (identifying the disclosure that the bank in the domestic market, despite showing indicators developments in the area of market risks, shows an incipient level of transparency compared with the practices of dissemination of the international financial institutions), is assumed as the research hypotheses: (i) the level of disclosure of market risks companies issuing ADR is statistically different from the companies non issuing ADRs, and (ii) the level of disclosure of market risks of financial firms is statistically different from non-financial corporations. The study sample consists of 125 publicly traded companies traded on BM&FBovespa, listed on the "New Market" segment of the date of 12.31.2011. The selected companies were classified into issuing and non issuing ADR. In addition, companies were also separated into financial and non financial sector classification as the BM&FBovespa. Data analysis was performed by combining the two methods in the following order: (1) content analysis to identify items of market risks as evidenced by the firms in the reference forms disclosed by companies in 2011, and (2) Test Medium, for comparative analysis of disclosure of market risks between the groups mentioned. The analysis was performed in a segmented way, as evidenced items contained in the form of reference: 5.1-item description of market risk that the issuer is exposed (mandatory information); 5.2-political management of market risks taken by issuer, its objectives, strategies and instruments; item 5.3-significant changes in key market risks to which the issuer is exposed, and item 5.4, relevant information (mandatory). The results indicate that the average level of disclosure of market risks of the companies surveyed was 86.60%. The descriptive analysis also showed that firms in the sample had a homogeneous level of disclosure. Through the statistical test of mean difference, it was found that no significant difference between the means of dissemination of companies as the issue of ADR and depending on the participation in the financial sector. |
publishDate |
2012 |
dc.date.none.fl_str_mv |
2012 2016-04-25T13:54:54Z 2016-04-25T13:54:54Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
TOMÉ, Francisco Werbson Campos. Evidenciação dos riscos de mercado pelas empresas do novo mercado da BM&FBovespa. 2012. 76 f. Dissertação (mestrado) – Universidade Federal do Ceará, Faculdade de Economia, Administração, Atuária e Contabilidade, Mestrado Profissional em Administração e Controladoria, Fortaleza-CE, 2012. http://www.repositorio.ufc.br/handle/riufc/16390 |
identifier_str_mv |
TOMÉ, Francisco Werbson Campos. Evidenciação dos riscos de mercado pelas empresas do novo mercado da BM&FBovespa. 2012. 76 f. Dissertação (mestrado) – Universidade Federal do Ceará, Faculdade de Economia, Administração, Atuária e Contabilidade, Mestrado Profissional em Administração e Controladoria, Fortaleza-CE, 2012. |
url |
http://www.repositorio.ufc.br/handle/riufc/16390 |
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Universidade Federal do Ceará (UFC) |
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Repositório Institucional da Universidade Federal do Ceará (UFC) |
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Repositório Institucional da Universidade Federal do Ceará (UFC) - Universidade Federal do Ceará (UFC) |
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