Disclosure of financial companies and steel brazilian metals
DOI:
https://doi.org/10.11606/rco.v4i10.34774Keywords:
Level of Disclosure, Review Criteria, Steel & MetallurgyAbstract
Relevant, reliable and comparable information can influence the decision making process. However, there is difficulty in defining criteria to classify and differentiate the level of disclosure of companies in general. Thus, the purpose of this study is to examine the level of financial disclosure of Brazilian companies in the subsector of steel and metallurgy listed on BOVESPA. To do this, we used the theoretical framework proposed by Hendriksen and Van Breda (1999) on the levels of information disclosure: adequate, fair and complete. As a novelty in relation to various other works developed on this subject, the study proposes a set of criteria that help making the process of disclosure levels classification more pragmatic. The analysis considered the amount of information reported in 2008 and the study is characterized as descriptive. The results show that from the 17 companies that comprised the sample, only Usiminas gained enough to be considered at Fair Level. The findings denote incipient concern of companies for disclosing the required information. This may be due to immaturity of Brazilian stock market, or to a reflection that the market is more concerned with other economic information that is not captured in financial reporting.Downloads
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