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Divulgação de Informações por meio da Internet: Serão as Redes Sociais Capa-zes de Reduzir a Assimetria Informacional entre Empresas e Investidores?

2015; UNIVERSIDADE FEDERAL DA PARAÍBA; Volume: 3; Issue: 2 Linguagem: Inglês

10.18405/recfin20150202

2318-1001

Marcelo Paulo de Arruda, Raíssa Aglé Moura de Sousa, Luiz Felipe de Araújo Pontes Girão, Edílson Paulo,

Business and Management Studies

The aim of this work was to verify whether the use of social networks (Wikipedia, Youtube and Facebook) reduced the existing information asymmetry between firms and investors.To achieve the proposed objective, we used the nonparametric Mann-Whitney test, ANOVA and Spearman correlation, through an exploratory and descriptive research.Our sample consists in 126 publicly traded companies listed on the BM&FBovespa between 2006 and 2011, which provided information in Economatica ® , Thomson ONE Analytics ® database and the social networks mentioned.Our results indicate that the use of social networks has no strong influence on analysts' forecast errors (proxy for information asymmetry), different from the results found by Rubin and Rubin (2010), analyzing this relationship in the US capital market.It is noteworthy that these results may have been influenced by the low use of social networks in Brazil, compared with companies in the United States, the periods of crises and changes in accounting standards, that have affected Brazil recently.It can be inferred that Brazilian companies could use better the convenience and scope of social networks, and other characteristics of these, on its financial information disclosure, and it may make such networks, therefore, as a tool for the reduction of asymmetric information.