COBERTURA DE ANALISTAS DE MERCADO E SOCIAL DISCLOSURE: EVIDÊNCIAS EM EMPRESAS BRASILEIRAS ABERTAS

Authors

  • Rafael Xavier de Oliveira
  • Rodrigo de Souza Goncalves
  • Otávio Ribeiro de Medeiros
  • Bruno Vinícius Ramos Fernandes

Keywords:

Social Disclosure. Determinantes do Social Disclosure. Cobertura de Analistas de Mercado.

Abstract

O presente artigo tem por objetivo testar a hipótese de que há relação entre cobertura de analistas de mercado e nível de social disclosure (SD) em empresas brasileiras abertas, e que esta relação é positiva (H1). A referida hipótese assume que o papel exercido pelos analistas de mercado faz com que as empresas melhorem seus padrões de evidenciação, aumentando seu nível de evidenciação ao longo do tempo (H2), incluindo o de natureza social. Para testar as hipóteses, foram avaliados os relatórios de 86 empresas listadas no Índice Brasil 100 (IBrX-100) da Bolsa de Valores, Mercadorias e Futuros de São Paulo (B3), no período de 2005 a 2014. Por meio de análise descritiva, identificou-se que há uma tendência de maior nível de SD à medida que há uma maior cobertura de analistas. Adicionalmente, por meio de regressões com dados em painel com efeitos fixos seccionais estimadas por SUR, foi possível verificar que as variáveis Fundos Socialmente Responsáveis e Internacionalização são significativas e positivamente relacionadas com o nível de evidenciação social. Quanto à cobertura dos analistas de mercado, esta também se apresentou significativa (2005-2014), corroborando com a H1, de que o acompanhamento por analistas de mercado interfere positivamente no nível das informações sociais apresentado pelas empresas. Por outro lado, a H2 não foi corroborada, ocorrida tanto pela tendência de diminuição no nível de social disclosure, como pela não persistência na divulgação ocorrida em 76% das empresas analisadas. Verificou-se também uma mudança no padrão de variáveis, haja vista que fatores como setor, tamanho, endividamento e auditoria não foram determinantes para o aumento no nível de evidenciação social no período analisado de 2005-2014, conforme se observa em estudos anteriores. Por fim, os resultados apontam que empresas com maior divulgação social passam a ter maior atenção da imprensa especializada, isto é, maior cobertura de analistas.

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Published

30/04/2018

How to Cite

Oliveira, R. X. de, Goncalves, R. de S., Medeiros, O. R. de, & Fernandes, B. V. R. (2018). COBERTURA DE ANALISTAS DE MERCADO E SOCIAL DISCLOSURE: EVIDÊNCIAS EM EMPRESAS BRASILEIRAS ABERTAS. Advances in Scientific and Applied Accounting, 11(1), 024–046. Retrieved from https://asaa.anpcont.org.br/index.php/asaa/article/view/352

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