QUALIDADE DAS INFORMAÇÕES DAS COMPANHIAS DE CAPITAL ABERTO: APERFEIÇOANDO O RELACIONAMENTO COM OS INVESTIDORES

• Autor(a) principal: Silva, Edson Cordeiro da
• Data de Publicação: 2007
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Institucional da Universidade Federal Fluminense (RIUFF)
• Texto Completo: https://app.uff.br/riuff/handle/1/21229
• topic: Gestão da qualidade total; Eficiência na elaboração do relatório da administração; CNPQ::ENGENHARIAS::ENGENHARIA DE PRODUCAO

The annual management discussion and analysis is considered the best communication tool between the company and the public. It is used for decision taken by stakeholders, investors, market analysts and society. The CVM s (regulating organism) recommendation level is growing continuously, with the objective to improve the information quality requiring from the companies full disclosure and accountability. CVM should require, instead of recommending. Two searches were done, with the proposal to analyze the content of the reports. One of them it was a questionnaire distributed for 30 executives, answered for 18 and the other one were chosen and analyzed 150 management discussion and analysis reports divulgated by the open capital Brazilian companies, regarding the period of 2002, corresponds 16% from the 923 total recorded at CVM s data base in August 2003. The objectives were reached, the level, therefore, it is worth emphasize two of them: the CVM 15/87 recommendations are not followed by the majority, only 6% attends 100%, 27% attends from the 50% to 90%, and 67% attends below 50%; about the recommended additional items by CVM, only 4% attends 100%, 1% attends from 50% to 90%, 95% attends below 50%. It realizes that the management discussion and analysis should be base to consult to take decision and resources distribution, but it sees the opposite, the majority of these reports it does not have utility, with few exceptions. The other objective reached is the suggestion of a management discussion and analysis model based the analysis done under the criterias from the other national and international institutions, besides CVM. It is recommended an up-date of this study, basically in two years, because the subject is important. The methodology used is historiography and contemporaneous and descriptive search and the means are the Internet s download, bibliographic, field and ex post facto