Estudo sobre os níveis de disclosure adotados pelas empresas brasileiras e custo de capital

• Autor(a) principal: Gomes, Elizabeth Alves
• Data de Publicação: 2006
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações do Mackenzie
• Texto Completo: http://dspace.mackenzie.br/handle/10899/23484
• topic: disclosure; custo de capital; índice-de-disclosure; disclosure; cost of capital; disclosure index; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS

The main aim of this study was to examine the association between disclosure and cost of capital for Brazilian companies. In order to attain the general aim three specific objectives were posed: evaluating methodology for testing the association between disclosure and capital cost; analyzing capital cost models that might be adopted for use in the Brazilian market; and examining the effects of the amount and quality of information disclosed by Brazilian companies in their annual shareholder reports. The Ordinary Least Squares Method was used to test the correlation between disclosure and cost of capital. Cost of capital was used as dependent variable; explanatory variables analyzed were 3 disclosure indexes and 9 indicating size, risk, and variance in earnings. Three models were used to calculate capital cost: Capital Asset Pricing, Discounted Dividends, and Ohlson-Juettner. Testing was based on two non-probabilistic samples of company stock traded on the São Paulo Stock Exchange. The first sample comprised 131 companies from different segments; the second consisted of companies submitting reports and competing for the 6th Brazilian Publicly Traded Companies Association (local acronym ABRASCA) awards in 2003. The results of this study showed that the model chosen for calculating capital cost affects the results obtained in empirical tests, and that variable disclosure may be significant in one model and not in another. These results match data obtained by Botosan (1997). Two of the disclosure indexes, IDISCABR (used for the ABRASCA award) and INNM (index representing companies adhering to the New Market s differentiated Corporate Governance requirements) differed at 5% significance level, showing that companies in the ABRASCA sample benefited from lower costs by using more stringent disclosure levels. Testing based on the overall sample of 131 companies provided evidence showing that correlations between disclosure and cost-of-capital are sensitive to sample heterogeneity, as Botosan (1997) explained in his groundbreaking study. The main contributions of this study relate to precautions researchers must take when selecting methods of calculating cost of capital; the possibility of using different disclosure indexes to test cost-of-capital and disclosure empirically in the Brazilian market; and evidence that the sample of 37 companies participating in the ABRASCA awards reduced their cost-of-capital through more transparent policies. Although obtained from a small sample, this result may encourage other Brazilian companies in their decision making and instigate further research on the theme.