A STUDY ON THE CONTENTS OF THE DISCLOSURE OF OPEN COMPANIES IN THE THEORETICAL PORTFOLIO COMPOSING THE IBOVESPA: EMPIRICAL EVIDENCE IN THE BRAZILIAN CAPITAL MARKET

Abstract

The objective of this study is to verify the level of disclosure contained in the Management Reports (RAs) of the public companies included in the theoretical portfolio that make up the Ibovespa. For this, the metrics developed by Malacrida and Yamamoto (2006) and Pereira (2008) were used to identify the level of compulsory and voluntary disclosure of organizations. The analyzes were performed from the ARs of the 2014 fiscal year. For the tabulation of the results, the software Statistical Package for Social Sciences (SPSS) version 20 was used. The sample totaled the 41 organizations that composed the Ibovespa in the first four months of 2015 .The most evidenced items regarding the level of compulsory disclosure were: investment; protection of the environment; description of business, products and services; and economic conjuncture. Being the least evidenced: reinvestment of profits; Research and Development; and, acquisition of debentures of its own issuance. With regard to voluntary disclosure practices, the most publicized were: company strategy (goals and objectives); EBITDA; and, business environment and critical success factors; and the less publicized were: quantitative measures of value creation for the shareholder; projections of profits; and, discussion of changes in operating profit. Embraer and Petrobrás were the companies with the highest level of disclosure, while those with the lowest level of disclosure were OGX Petróleo, V-Agro and LLX Log. In addition, the results of this research suggest that the least treated items are those that deal with strategic issues of the companies, while the most evident are those that are usually presented by other companies in the market. Finally, the research reveals the need for a greater level of transparency in the financial statements disclosed by the organizations.