| Summary: | The disclosure of companies can take two perspectives, mandatory and voluntary disclosure. Normally, mandatory disclosure prints a standard disclosure, but when it comes to voluntary disclosure, this involves the endogenous nature of the company and, therefore, depends on the judgment of managers by disclosure or not determined item. Thus, this study examined the determinants of the level of voluntary disclosure of corporate information, and the basis for calculating the adaptation of the metric Murcia and Santos (2009). The information was obtained through the Standardized Financial Statements published on website the BM&FBOVESPA relating to period ended in 2012. Building upon the Theory of Voluntary Disclosure were constructed seven hypotheses were tested using the multiple linear regression model, with the variable to be explained the Voluntary Disclosure Index (IDV) and the explanatory variables as Profitability (ROE), Sustainability (ISE ), Size (TAM), Debt (END), Ownership Concentration (CON), Internationalization (INT) and Regulated Firms (REG). The results show that profitability, firm size and sustainability are determinants of voluntary disclosure and are therefore positively significant in the estimated models. Consequently, it was concluded that four of the tested hypotheses have no empirical support, they are: debt, ownership concentration, internationalization and regulated firms.
|
|---|