José Glauber Cavalcante dos Santos

Value-relevance of disclosure: risk factors and risk management in Brazilian firms

This study investigated whether the disclosure in accounting reports of information on risk and its management affects, at the margin, firm valuations in the Brazilian capital market. It questioned the existence of value relevance in the disclosure of information related to risk factors and risk management structures. The importance of the topic arises from the documentation that disclosure on risk factors plays a statistically significant role in valuing firms in a context marked by economic and political uncertainty, as is the case of the Brazilian market. The findings confirmed that information about risk shows informational relevance for firm valuations. Information on risk management in a firm, in turn, was not shown to be significant in terms of affecting company share valuations. The investigation of detailed reports with different risk factors indicated that individualized information shows different degrees of relevance for company valuations. It is inferred that the disclosure of risk factors affects the perception of investors, who also base their estimates of return on the availability and detail of such information. It is also observed that information on risk management structure was not shown to be value relevant; moreover, few firms published information on the establishment of this type of entity in their management structures. The residual income valuation (RIV) model (Ohlson, 1995) was applied using regressions with panel data estimation related to the three years covering 2012 to 2014. The sample, which was randomly delimited, was formed of 100 companies. The data on disclosure of risk and disclosure of risk management were collected from the companies’ Reference Forms, available from the website of the São Paulo Stock, Commodities, and Futures Exchange (BM&FBOVESPA). As an impact on the area of knowledge, broader discussions are expected regarding the utility of disclosure on the topic related to risk factors and the existence of a specific body responsible for risk management in firms, according to investors’ perceptions. It also contributes by providing evidence about the quality of disclosure related to risk (factors and management) and the perception of the capital market regarding the informativeness and relevance of such elements.

INTERNACIONALIZAÇÃO DE EMPRESAS E GOVERNANÇA CORPORATIVA: UMA ANÁLISE DAS MAIORES COMPANHIAS ABERTAS DO BRASIL

Respaldada pela otica da Economia dos Custos de Transacao, neste trabalho verifica-se a relacao entre a internacionalizacao, na perspectiva de uma orientacao estrategica multidimensional, e a governanca corporativa das maiores companhias abertas do Brasil, em 31/12/2012. De natureza quantitativa, o estudo utiliza o teste de Mann-Whitney e a Regressao Linear Multipla. Foram consideradas quatro dimensoes da internacionalizacao, a saber: capital social, receitas, mercados e emissao de American Depositary Receipt (ADR). A governanca corporativa, adaptou-se o indice de Lameira e Ness (2011), contemplando as dimensoes: estrutura de propriedade, adequacao ao ambiente institucional, auditoria e conselho fiscal, conselho de administracao e outros, e relacionamento com investidores. Os resultados apontaram distintos graus de insercao internacional das empresas e niveis medios de governanca corporativa. Verificou-se que as empresas utilizam como estrategia para a internacionalizacao o capital social, a emissao de ADRs, as exportacoes e a instalacao em outros paises, nessa ordem de importância. Foram observados niveis distintos de governanca, confrontando-se empresas internacionalizadas com as empresas nao internacionalizadas. Identificou-se influencia positiva e significativa da estrategia de internacionalizacao na governanca corporativa, revelando-se esta uma provavel redutora dos custos de transacao no mercado externo.