Governança corporativa e disclosure de gerenciamento de risco: evidências no mercado acionário brasileiro

Abstract

The disclosure of information related to risk management is a crucial element to maintain the level of transparency with investors, who seek to assess the wealthy associated with publicly traded companies. In Brazil, as a way of improving the disclosure of the risk management policy and internal controls, CVM Instruction nº 586/17 instituted the mandatory disclosure of internal integrity mechanisms and procedures. Such disclosure is promoted by the board of directors, based on the conduct of the process of implementing an effective internal control system. In addition, international and national corporate scandals have increased the demand for companies to improve their corporate governance policy and disseminate clearer information regarding their risk management, signaling the company's position on overcoming, reducing and eliminating existing risks. In this context, the study seeks to analyze the relationship between the level of corporate governance and the level of risk management disclosure in brazilian companies listed on B3, in the period 2016-2018 (before and after CVM Instruction nº 586/17). For this purpose, the work also verifies the degree of compliance with the information in the category "risk management policy and internal controls" required by CVM Instruction nº 586/17. The sample comprises 88 companies, making a total of 264 observations. To calculate the level of disclosure, a checklist was applied on the Companies' Reference Forms to measure their degree of adherence to the information required by CVM Instruction nº 586/17. To reflect differences in rigor in the researcher's judgment in verifying the company's compliance with disclosure requirements, two disclosure indexes were measured, one rigorous and the other tolerant. To analyze the corporate governance variable, information from the CSRHub database, corporate governance category, and its subcategories were used: board of directors, leadership ethics and transparency and reports. The analysis of the impact of CVM Instruction nº 586/17 on the level of risk disclosure was carried out by the Z Test of comparison of proportions. The analysis of the relationship between the company's level of governance and its level of risk disclosure was carried out using pooled OLS regressions. The results showed that the level of corporate governance positively influences the level of risk management disclosure, whether measured by the strict disclosure index or the tolerant index. Thus, the results suggest that as companies move forward in terms of corporate governance, greater tendency to be concerned with maintaining a high level of transparency regarding their risk management, as this reduces agency conflicts between insiders and outsiders, by allowing greater knowledge of the extent of the risks that involve the company and how the company manages them. The results also indicated that the level of risk management disclosure is, in general, high, and that although CVM Instruction nº 586/17 has contributed to greater risk management disclosure, favoring disclosure, it did not impact the level of disclosure. of items that were already mandatory prior to the instruction.