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The efect of size on the relationship between control structure and voluntary disclosure in Brazilian companies
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The efect of size on the relationship between control structure and voluntary disclosure in Brazilian companies
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Journal Article
The efect of size on the relationship between control structure and voluntary disclosure in Brazilian companies
2019
Overview
This study aims to analyze the influence of size on the relationship between the control structure on the voluntary disclosure policy of the listed companies in B3. To achieve this goal, we created a dependent variable, called \"voluntary disclosure level\", which corresponds to 38 indicators of information collected manually from the companies' statements and websites. Afterwards, we estimated a balanced panel data regression model with a threshold effect for size in order to identify the relationship between the variables. The results indicated that smaller companies, with a more concentrated control structure, tended to present a higher level of voluntary disclosure. However, for larger companies, the greater the concentration of the control structure, the less evidence of this information. These inferences lead to believe that the largest Brazilian corporations, with more concentrated control, may not be interested in disclosing voluntary information because most of their shareholders enjoy private control benefits.
O estudo objetiva analisar a influência do tamanho na relação entre estrutura de controle e disclosure voluntário das companhias listas na B3. Para atingir este fim, foi criada uma variável dependente, “nível de disclosure voluntário”, que corresponde a 38 indicadores de informações coletados manualmente dos demonstrativos e sites das empresas. Após, estimou-se um modelo de regressão com dados em painel balanceados através do efeito threshold para tamanho, a fim de identificar a relação entre as variáveis. Os resultados indicaram que as empresas menores, com estrutura de controle mais concentrada, tendem a apresentar maior nível de disclosure voluntário. Contudo, para as maiores empresas, quanto maior a concentração da estrutura de controle, menor a evidenciação dessas informações. Essas inferências levam a crer que as maiores corporações brasileiras com controle mais concentrado podem não estar interessadas em divulgar informações voluntárias, porque a maioria de seus acionistas goza de benefícios privados de controle.
