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OWNERSHIP STRUCTURE, BOARD OF DIRECTORS AND VOLUNTARY DISCLOSURE: EVIDENCE FROM LISTED COMPANIES IN BRAZIL

2015; Linguagem: Inglês

10.4270/ruc.2015210

1809-3337

Pedro Correia Santos Bezerra, Paulo Roberto Barbosa Lustosa, Isabel Cristina Henriques Sales, Bruno Henrique Rocha Fernandes,

Financial Reporting and Valuation Research

This research examines the elements of ownership structure and board of directors that are associated with the level of voluntary disclosure of 54 non-financial Brazilian companies traded on the BM&FBOVESPA.The voluntary disclosure of each firm in the sample was calculated according to the metric proposed by Murcia (2009), through the Standardized Financial Statements for the years 2009, 2010, 2011, 2012.With a panel data without effects two hypotheses were tested: Ownership concentration and the size of the board.In order to enhance the empirical results, two control variables were used: size and internationalization of the firm.The results show that firms with larger boards size and issuing American Depositary Receipts in levels II and III have on average a higher level of voluntary disclosure.Moreover, for our sample, there is an inverse relationship between ownership concentration, firm size and extent of voluntary disclosure.