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Characteristics of companies that influence their voluntary disclosure of performance indicators

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  • Roberto Carlos Klann

    (Regional University of Blumenau / FURB)

  • Ilse Maria Beuren

    (Regional University of Blumenau / FURB)

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    Abstract

    The purpose of the study is to analyze whether characteristics such as size, activity sector and economic-financial performance influence companies to disclose accounting performance indicators in the form of voluntary disclosure in their annual reports. A descriptive research with quantitative approach was conducted through Standardized Financial Statements (DFPs) of 2008 of 90 companies listed in the New Corporate Governance Market of BM&FBovespa. Having as a reference the research of Watson, Shrives and Marston (2002), based on these statements, performance indicators related to Agency and Signaling Theory and voluntary disclosure were calculated. Considering the dichotomous nature (yes/no) of the dependent variable (disclosure of accounting indicators), and the fact that independent variables (profitability and return on investment, leverage, liquidity, efficiency and activity sector) contain so many categorical data such as value, Watson, Shrives and Marston (2002) used Stepwise Logistic Regression to test research hypotheses, which was also used in this study, to determine which independent variables explain disclosure better. It is concluded that some variables can, in a way, influence voluntary disclosure, even though no sufficiently strong statistical relations have been found. The most significant variables presented by the logistic regression model were the activity sector and operating margin when only some industry groups are analyzed.

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    Bibliographic Info

    Article provided by Fucape Business School in its journal Brazilian Business Review.

    Volume (Year): 8 (2011)
    Issue (Month): 2 (April)
    Pages: 92-113

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    Handle: RePEc:bbz:fcpbbr:v:8:y:2011:i:2:p:92-113

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    Postal: Fucape Business School Brazilian Business Review Av. Fernando Ferrari, 1358, Boa Vista CEP 29075-505 Vitória-ES
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    Related research

    Keywords: Voluntary disclosure; performance indicators; agency theory; signaling theory.;

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    1. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    2. Verrecchia, Robert E., 1983. "Discretionary disclosure," Journal of Accounting and Economics, Elsevier, vol. 5(1), pages 179-194, April.
    3. Verrecchia, Robert E., 1990. "Information quality and discretionary disclosure," Journal of Accounting and Economics, Elsevier, vol. 12(4), pages 365-380, March.
    4. Marianne P. Bitler & Tobias J. Moskowitz & Annette Vissing-Jørgensen, 2005. "Testing Agency Theory with Entrepreneur Effort and Wealth," Journal of Finance, American Finance Association, vol. 60(2), pages 539-576, 04.
    5. Spence, A Michael, 1973. "Job Market Signaling," The Quarterly Journal of Economics, MIT Press, vol. 87(3), pages 355-74, August.
    6. Aiyesha Dey, 2008. "Corporate Governance and Agency Conflicts," Journal of Accounting Research, Wiley Blackwell, vol. 46(5), pages 1143-1181, December.
    7. Bernard Raffournier, 1995. "The determinants of voluntary financial disclosure by Swiss listed companies," European Accounting Review, Taylor & Francis Journals, vol. 4(2), pages 261-280.
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