Relação entre disclosure de informações e governança corporativa: evidências de empresas listadas no IBRX-100

Abstract

Disclosure of information by organizations is an issue with an essential role for the interests of shareholders and other stakeholders, and therefore, their good policies and practices need to be well managed. Among the factors that can influence the disclosure of information, the literature points to the structure of corporate governance, which is essential for companies to operate responsibly. However, this theme of the relationship between disclosure of information and corporate governance still lacks empirical evidence in the Brazilian scenario. Therefore, this study aimed to analyze the relationship between the level of information disclosure and corporate governance of companies listed on the IBrX-100. Concerning the methodological aspects, the research is classified as descriptive and exploratory regarding the objectives, the data collection procedure is characterized as documental and in terms of approach, quantitative. To collect data from 2016 to 2020, which is the period studied, it was necessary to use the content analysis technique and the Economática® software, websites of [B]³ and the Comissão de Valores Mobiliários. Data analysis was carried out in two stages, the first being done using descriptive statistics, and the second stage of the analysis resorting to inferential statistics, making use of Spearman rank correlation coefficient and regression with data in panel, both performed using the RStudio software. The results show that the Information Disclosure Index (IDI) suffered few fluctuations over the analyzed period, reaching a total average value of 0.7754, with the highest and lowest averages of 0.7787 and 0.7691, respectively. As for the relationship of the IDI with the corporate governance variables, the findings indicated that there is no significant positive relationship between the size of the board, board independence, dual roles of the CEO and institutional investors with the IDI, but there is a significant positive relationship between the board's gender diversity with the Information Disclosure Index. These results are consistent with studies already carried out internationally. The present research contributes to the current literature by providing empirical findings on the relationship of corporate governance mechanisms in the practice of disclosure of information by publicly traded companies in Brazil, being useful in the decision-making of stakeholders and in the definition of members to compose the company's board of directors. In addition, this study adds the empirical finding about the positive relationship found between female directors and information disclosure.