Determinantes do nível de disclosure de instrumentos financeiros derivativos em empresas brasileiras

Abstract

The present paper has the intention to investigate the association between disclosure level of derivatives and the economic characteristics of Brazilian companies Publicly Traded in the year 2014. The sample consists of 82 companies listed on the BM & FBovespa in the Novo Mercado segment, level 1 Corporate Governance and Level 2 of Corporate Governance. The selected features have been Debt, Earnings, Asset Profitability and Size. A descriptive quantitative bibliographic and documentary study. To achieve the main objectives and specific, were analyzed the data for the year 2014, collected in the financial statements and Notes of the companies. From the quantitative study can be seen that: (i) all companies have disclosure of the nature and risks of operations with derivative financial instruments equal to or greater than 50%; (ii) the items with increased disclosure are qualitative in nature; (iii) Disclosure level of the company is not related to variables Debt and Profitability, but is positively related to the variables Size and Profit.