Voluntary disclosure of statement of cash flows in the Brazilian capital market
This paper analyzes companies' motives to voluntarily disclose the SCF - Statement of Cash Flows in the Brazilian capital market, using the theoretical frame of Voluntary Disclosure Theory. Based on Verrecchia's (2001) model, five hypotheses are constructed to relate voluntary disclosure o...
| Autores: | , |
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| Tipo de recurso: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2008 |
| País: | Brasil |
| Institución: | Universidade de São Paulo (USP) |
| Repositorio: | Revista Contabilidade & Finanças (Online) |
| Idioma: | portugués |
| OAI Identifier: | oai:revistas.usp.br:article/34269 |
| Acceso en línea: | https://www.revistas.usp.br/rcf/article/view/34269 |
| Access Level: | acceso abierto |
| Palabra clave: | Demonstração dos Fluxos de Caixa Divulgação Voluntária Mercado de Capitais Statement of Cash Flows Voluntary Disclosure Capital Market |
| Sumario: | This paper analyzes companies' motives to voluntarily disclose the SCF - Statement of Cash Flows in the Brazilian capital market, using the theoretical frame of Voluntary Disclosure Theory. Based on Verrecchia's (2001) model, five hypotheses are constructed to relate voluntary disclosure of SCF to other variables. These hypotheses are tested with data from public companies listed on BOVESPA, Bolsa de Valores de São Paulo, which voluntarily disclosed SCF from 2000 to 2004. Univariate statistical mean difference tests and multivariate logistic regression are used. Empirical evidence suggests a strong positive correlation between voluntary disclosure of SCF and previous voluntary disclosure of SCF; and positive with the weight the firm places on outsiders' perceptions. A positive correlation is also perceived with company performance; a negative correlation with disclosure costs; and negative with the degree of information asymmetry. A control variable is also used, related to companies that participate in ADRs, American Depositary Receipt Programs. A positive correlation is perceived between disclosure of SCF and companies' participation in ADR Programs. |
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