Determinants of disclosure level of derivative financial instruments by brazilian public companies

Authors

  • Patrícia Vasconcelos Rocha Mapurunga Universidade Federal do Ceará; Faculdade de Economia, Administração, Atuária
  • Vera Maria Rodrigues Ponte Universidade Federal do Ceará; Faculdade de Economia, Administração, Atuária e Contabilidade; Departamento de Contabilidade
  • Antônio Carlos Dias Coelho Universidade Federal do Ceará; Faculdade de Economia, Administração, Atuária e Contabilidade; Programa de Pós-Graduação em Administração e Controladoria
  • Anelise Florencio de Meneses Universidade Federal do Ceará; Faculdade de Economia, Administração, Atuária

DOI:

https://doi.org/10.1590/S1519-70772011000300003

Keywords:

Disclosure, Derivative financial instruments, Correspondence analysis

Abstract

The purpose of this study was to verify the existence of an association between disclosure of information on derivative financial instruments and the economic attributes of Brazilian public companies. Data were collected from standard financial reports issued by 75 firms listed in the "Differentiated Levels of Corporate Governance" segment of the BM&FBovespa stock market. Initially, using documental research, information was identified regarding derivative financial instruments the companies disclosed. The metrics adopted were based on the parameters established in the CPC 14 accounting standard (Financial instruments: recognition, measurement and disclosure). The preliminary analysis showed that none of the firms in the sample disclosed all the required items, and that only 11 of the 30 items were disclosed by over 50% of the firms. Subsequently, the association between company attributes and the level of disclosure was tested with Correspondence Analysis. 'Size' and 'Earnings'- but not "Debt" and "Profitability" - were significantly and positively associated with disclosure of information on derivative financial instruments.

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Published

2011-12-01

Issue

Vol. 22 No. 57 (2011)

Section

Articles

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How to Cite

Mapurunga, P. V. R., Ponte, V. M. R., Coelho, A. C. D., & Meneses, A. F. de. (2011). Determinants of disclosure level of derivative financial instruments by brazilian public companies . Revista Contabilidade & Finanças, 22(57), 263-278. https://doi.org/10.1590/S1519-70772011000300003