%0 Journal Article
%T Discretionary-based disclosure: evidence from the Brazilian market
%A Murcia
%A Fernando Dal-Ri
%A Santos
%A Ariovaldo dos
%J BAR. Brazilian Administration Review
%D 2012
%I ANPAD - Associa??o Nacional de P¨®s-Gradua??o e Pesquisa em Administra??o
%R 10.1590/S1807-76922012000100006
%X the primary objective of this paper is to identify the factors that explain brazilian companies¡¯ level of voluntary disclosure. underpinning this work is the discretionary-based disclosure theory. the sample is composed of the top 100 largest non-financial companies listed in the bolsa de valores de s£¿o paulo (brazilian securities, commodities, and futures exchange - bovespa). information was gathered from financial statements for the years ending in 2006, 2007, and 2008, with the use of content analysis. a disclosure framework based on 27 studies from these years was created, with a total of 92 voluntary items divided into two dimensions: economic (43) and socio-environmental (49). based on the existing literature, a total of 12 hypotheses were elaborated and tested using a panel data approach. results evidence that: (a) sector and origin of control are statistically significant in all three models tested: economic, socio-environmental, and total; (b) ¡®profitability¡¯ is relevant in the economic model and in the total model; (c) tobin¡¯s q is relevant in the socio-environmental model and in the total disclosure model; (d) leverage and auditing firm are only relevant in the economic disclosure model; (e) size, governance, stock issuing, growth opportunities and concentration of control are not statistically significant in any of the three models.
%K discretionary disclosure
%K determinants
%K brazil.
%U http://www.scielo.br/scielo.php?script=sci_abstract&pid=S1807-76922012000100006&lng=en&nrm=iso&tlng=en