O efeito do tamanho na relação entre estrutura de controle e disclosure voluntário de companhias brasileiras

Autores

DOI:

https://doi.org/10.5007/2175-8077.2019v21n55p21

Palavras-chave:

Estrutura de controle, Assimetria informacional, Disclosure voluntário

Resumo

O estudo objetiva analisar a influência do tamanho na relação entre estrutura de controle e disclosure voluntário das companhias listas na B3. Para atingir este fim, foi criada uma variável dependente, “nível de disclosure voluntário”, que corresponde a 38 indicadores de informações coletados manualmente dos demonstrativos e sites das empresas. Após, estimou-se um modelo de regressão com dados em painel balanceados através do efeito threshold para tamanho, a fim de identificar a relação entre as variáveis. Os resultados indicaram que as empresas menores, com estrutura de controle mais concentrada, tendem a apresentar maior nível de disclosure voluntário. Contudo, para as maiores empresas, quanto maior a concentração da estrutura de controle, menor a evidenciação dessas informações. Essas inferências levam a crer que as maiores corporações brasileiras com controle mais concentrado podem não estar interessadas em divulgar informações voluntárias, porque a maioria de seus acionistas goza de benefícios privados de controle.

Biografia do Autor

Vagner Naysinger Machado, Universidade Federal de Santa Maria

Professor do Departamento de Administração da Universidade Federal de Santa Maria - Campus Palmeira das Missões.

Doutorando no Programa de Pós-Graduação em Administração da UFSM.

Igor Bernardi Sonza, Universidade Federal de Santa Maria (UFSM)

Professor do Departmento de Administração da Universidade Federal de Santa Maria (UFSM)

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2020-11-05

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