Disclosure de fatores de risco : uma análise nas empresas brasileiras listadas no novo mercado

Abstract

The objective of this study is to investigate the level of compliance with the risk disclosure requirements of Brazilian companies listed in B3 - Brazil, Bag, and Counter in the Novo Mercado segment, as required by CVM through Normative Instruction 552/2014. With a sample of 122 companies, classified in 10 different sectors of activity collected in the electronic address of B3 in October 2016. The data collection was done through Content Analysis of the Reference Forms to respond to the checklist; and the treatment of these data through descriptive statistics in order to analyze the level of disclosure of information related to risk factors. According to the results, the general disclosure index presented a variation from 0.77 to 0.98, thus showing that the 122 participating companies of the sample disclosed in their reference forms information necessary for the mitigation of risks to stakeholders. The research also showed that among the sectors of performance of the sample, the Information Technology sector had the lowest disclosure rate among the sectors studied, with 62.8% of the information required by the I.N No. 552/2014. The findings also indicate the highest level of disclosure in the Oil, Gas and Biofuels sector with 94.5% disclosure of the required information, exposing almost all of the information. It is concluded that the degree of disclosure of the sampled companies in the analyzed period can be considered high, since the average level of disclosure is higher than 80%.