DISCLOSURE DE GOVERNANÇA CORPORATIVA E O NÍVEL DE INTERNACIONALIZAÇÃO DAS EMPRESAS NO MERCADO DE CAPITAIS BRASILEIRO
DOI:
https://doi.org/10.14392/ASAA.2019120301Keywords:
Disclosure, Governança Corporativa, Internacionalização, Empresas Brasileiras, Brasil, Bolsa, Balcão.Abstract
Este estudo investiga a relação entre o disclosure e os níveis de internacionalização das empresas brasileiras listadas em bolsa no período de 2015 a 2017. O trabalho envolveu a construção de um índice de disclosure voluntário (IDV) com base em orientações da Organização das Nações Unidas (ONU) e da United Nations Conference on Trade and Development (UNCTAD) direcionadas ao mercado brasileiro. O IDV envolveu oito aspectos, tais como estimativas contábeis críticas; conflitos de interesse no conselho de administração; e, disponibilização de relatório anual, enquanto o nível de internacionalização das firmas foi mensurado de três formas (emissões de ADRs, receitas com exportações e participação estrangeira no capital social). O método de análise envolveu regressão com dados em painel visando identificar o impacto da internacionalização sobre o IDV, sendo que tal modelo foi investigado em três momentos distintos: usando toda a amostra e também para duas sub-amostras, uma de empresas internacionalizadas e outra de empresas não internacionalizadas. Como principais resultados, considerando a amostra geral, observou-se que empresas com maior nível de internacionalização apresentam maior nível de disclosure voluntário. Para a sub-amostra de empresas internacionalizadas, encontrou-se uma relação positiva e significativa entre emissão de ADRs, exportações e participação de estrangeiros no capital social com o índice de disclosure construído no trabalho. A partir deste estudo, infere-se que as organizações, sejam nacionais ou multinacionais, deveriam usar as estratégias e mecanismos de disclosure para estruturar e delinear adequadamente seu sistema de informações antes de buscarem consolidar suas estratégias de internacionalização.
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