Determinants of the level of voluntary disclosure information: study in companies with shares traded in a brazilian stock exchange

Abstract

In the capital market, information is an input necessary for investors to evaluate their investments. It is the information expanded (beside the one mandatory by law) disclosed by the company to the investor, factor for the credibility and transparency in decision making. The purpose of this article is to identify a set of factors that discriminate a high or low level of voluntary disclosure by listed companies on the Brazilian Stock Exchange. This is a descriptive research, with documentary and quantitative approach by the technique of logistic regression analysis. The results showed that the determinants profitability and indebtedness were not statistically significant. The determinants that showed statistical significance and constituted the logistic regression model were the size of the enterprise, level of corporate governance, the choice of audit enterprise and internationalization through American Depositary Receipts (ADR). The model showed a discriminatory power of 83.2%.