Determinants of disclosure level of derivative financial instruments by brazilian public companies
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Data de Publicação: | 2011 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista Contabilidade & Finanças (Online) |
Texto Completo: | https://www.revistas.usp.br/rcf/article/view/34339 |
Resumo: | The purpose of this study was to verify the existence of an association between disclosure of information on derivative financial instruments and the economic attributes of Brazilian public companies. Data were collected from standard financial reports issued by 75 firms listed in the "Differentiated Levels of Corporate Governance" segment of the BM&FBovespa stock market. Initially, using documental research, information was identified regarding derivative financial instruments the companies disclosed. The metrics adopted were based on the parameters established in the CPC 14 accounting standard (Financial instruments: recognition, measurement and disclosure). The preliminary analysis showed that none of the firms in the sample disclosed all the required items, and that only 11 of the 30 items were disclosed by over 50% of the firms. Subsequently, the association between company attributes and the level of disclosure was tested with Correspondence Analysis. 'Size' and 'Earnings'- but not "Debt" and "Profitability" - were significantly and positively associated with disclosure of information on derivative financial instruments. |
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Determinants of disclosure level of derivative financial instruments by brazilian public companies Determinantes do nível de disclosure de instrumentos financeiros derivativos em firmas brasileiras EvidenciaçãoInstrumentos financeiros derivativosAnálise de correspondênciaDisclosureDerivative financial instrumentsCorrespondence analysis The purpose of this study was to verify the existence of an association between disclosure of information on derivative financial instruments and the economic attributes of Brazilian public companies. Data were collected from standard financial reports issued by 75 firms listed in the "Differentiated Levels of Corporate Governance" segment of the BM&FBovespa stock market. Initially, using documental research, information was identified regarding derivative financial instruments the companies disclosed. The metrics adopted were based on the parameters established in the CPC 14 accounting standard (Financial instruments: recognition, measurement and disclosure). The preliminary analysis showed that none of the firms in the sample disclosed all the required items, and that only 11 of the 30 items were disclosed by over 50% of the firms. Subsequently, the association between company attributes and the level of disclosure was tested with Correspondence Analysis. 'Size' and 'Earnings'- but not "Debt" and "Profitability" - were significantly and positively associated with disclosure of information on derivative financial instruments. A pesquisa teve por objetivo verificar a existência de associação entre a divulgação de informações acerca de instrumentos financeiros derivativos e características econômicas de sociedades brasileiras de Capital Aberto. Para tanto, realizou-se levantamento em demonstrações financeiras padronizadas de 75 companhias listadas nos Níveis Diferenciados de Governança Corporativa da BM&FBovespa. Na primeira etapa, pesquisa documental identificou as informações acerca dos instrumentos financeiros derivativos divulgados pelas empresas, adotando-se métrica desenvolvida a partir dos dispositivos constantes do Pronunciamento Técnico CPC 14 - Instrumentos Financeiros: Reconhecimento, Mensuração e Evidenciação. Em análise preliminar, verificou-se que nenhuma das empresas da amostra apresentou todos os itens de evidenciação requeridos, bem como que apenas 11, dos 30 itens de evidenciação, foram divulgados por mais de 50% das companhias constantes da amostra. Em seguida, procedeu-se à Análise de Correspondência (ANACOR) para verificar a associação entre os atributos das firmas e seu nível de evidenciação. No que tange aos resultados obtidos, verificou-se que os atributos 'Tamanho' e 'Lucro' estão, positivamente, associados à divulgação de informações sobre instrumentos financeiros derivativos, não se verificando associação significante entre os atributos 'Endividamento' e 'Rentabilidade', com a divulgação de informações sobre instrumentos financeiros derivativos. Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária2011-12-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/rcf/article/view/3433910.1590/S1519-70772011000300003Revista Contabilidade & Finanças; v. 22 n. 57 (2011); 263-278 Revista Contabilidade & Finanças; Vol. 22 No. 57 (2011); 263-278 Revista Contabilidade & Finanças; Vol. 22 Núm. 57 (2011); 263-278 1808-057X1519-7077reponame:Revista Contabilidade & Finanças (Online)instname:Universidade de São Paulo (USP)instacron:USPporhttps://www.revistas.usp.br/rcf/article/view/34339/37071Copyright (c) 2018 Revista Contabilidade & Finançasinfo:eu-repo/semantics/openAccessMapurunga, Patrícia Vasconcelos RochaPonte, Vera Maria RodriguesCoelho, Antônio Carlos DiasMeneses, Anelise Florencio de2012-07-21T18:33:03Zoai:revistas.usp.br:article/34339Revistahttp://www.revistas.usp.br/rcf/indexPUBhttps://old.scielo.br/oai/scielo-oai.phprecont@usp.br||recont@usp.br1808-057X1519-7077opendoar:2012-07-21T18:33:03Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
Determinants of disclosure level of derivative financial instruments by brazilian public companies Determinantes do nível de disclosure de instrumentos financeiros derivativos em firmas brasileiras |
title |
Determinants of disclosure level of derivative financial instruments by brazilian public companies |
spellingShingle |
Determinants of disclosure level of derivative financial instruments by brazilian public companies Mapurunga, Patrícia Vasconcelos Rocha Evidenciação Instrumentos financeiros derivativos Análise de correspondência Disclosure Derivative financial instruments Correspondence analysis |
title_short |
Determinants of disclosure level of derivative financial instruments by brazilian public companies |
title_full |
Determinants of disclosure level of derivative financial instruments by brazilian public companies |
title_fullStr |
Determinants of disclosure level of derivative financial instruments by brazilian public companies |
title_full_unstemmed |
Determinants of disclosure level of derivative financial instruments by brazilian public companies |
title_sort |
Determinants of disclosure level of derivative financial instruments by brazilian public companies |
author |
Mapurunga, Patrícia Vasconcelos Rocha |
author_facet |
Mapurunga, Patrícia Vasconcelos Rocha Ponte, Vera Maria Rodrigues Coelho, Antônio Carlos Dias Meneses, Anelise Florencio de |
author_role |
author |
author2 |
Ponte, Vera Maria Rodrigues Coelho, Antônio Carlos Dias Meneses, Anelise Florencio de |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Mapurunga, Patrícia Vasconcelos Rocha Ponte, Vera Maria Rodrigues Coelho, Antônio Carlos Dias Meneses, Anelise Florencio de |
dc.subject.por.fl_str_mv |
Evidenciação Instrumentos financeiros derivativos Análise de correspondência Disclosure Derivative financial instruments Correspondence analysis |
topic |
Evidenciação Instrumentos financeiros derivativos Análise de correspondência Disclosure Derivative financial instruments Correspondence analysis |
description |
The purpose of this study was to verify the existence of an association between disclosure of information on derivative financial instruments and the economic attributes of Brazilian public companies. Data were collected from standard financial reports issued by 75 firms listed in the "Differentiated Levels of Corporate Governance" segment of the BM&FBovespa stock market. Initially, using documental research, information was identified regarding derivative financial instruments the companies disclosed. The metrics adopted were based on the parameters established in the CPC 14 accounting standard (Financial instruments: recognition, measurement and disclosure). The preliminary analysis showed that none of the firms in the sample disclosed all the required items, and that only 11 of the 30 items were disclosed by over 50% of the firms. Subsequently, the association between company attributes and the level of disclosure was tested with Correspondence Analysis. 'Size' and 'Earnings'- but not "Debt" and "Profitability" - were significantly and positively associated with disclosure of information on derivative financial instruments. |
publishDate |
2011 |
dc.date.none.fl_str_mv |
2011-12-01 |
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://www.revistas.usp.br/rcf/article/view/34339 10.1590/S1519-70772011000300003 |
url |
https://www.revistas.usp.br/rcf/article/view/34339 |
identifier_str_mv |
10.1590/S1519-70772011000300003 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://www.revistas.usp.br/rcf/article/view/34339/37071 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2018 Revista Contabilidade & Finanças info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2018 Revista Contabilidade & Finanças |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
dc.source.none.fl_str_mv |
Revista Contabilidade & Finanças; v. 22 n. 57 (2011); 263-278 Revista Contabilidade & Finanças; Vol. 22 No. 57 (2011); 263-278 Revista Contabilidade & Finanças; Vol. 22 Núm. 57 (2011); 263-278 1808-057X 1519-7077 reponame:Revista Contabilidade & Finanças (Online) instname:Universidade de São Paulo (USP) instacron:USP |
instname_str |
Universidade de São Paulo (USP) |
instacron_str |
USP |
institution |
USP |
reponame_str |
Revista Contabilidade & Finanças (Online) |
collection |
Revista Contabilidade & Finanças (Online) |
repository.name.fl_str_mv |
Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP) |
repository.mail.fl_str_mv |
recont@usp.br||recont@usp.br |
_version_ |
1787713776407019520 |