O impacto do aumento do disclosure na redução da assimetria de informação, abordada como componente do custo de capital próprio

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Tipo
Dissertação
Data
2016-02-18
Autores
Oliveira, Nelson Bueno de
Orientador
Jucá, Michele Nascimento
Título da Revista
ISSN da Revista
Título de Volume
Membros da banca
Nakamura, Wilson Toshiro
Campos, Anderson Luis Saber
Programa
Administração de Empresas
Resumo
The aim of this study is to analyze the economic benefits of transparency or corporate disclosure. It is estimated the reduction of information asymmetry, which is a component of the cost of equity, due to the mandatory adoption of IFRS in Brazil, the level of commitment to corporate governance and the ADR issuance at the New York Stock Exchange. It uses the proxy bid-ask spread to estimate the asymmetry of information, as the dependent variable. The sample consists of non-financial companies of the Ibovespa index. In addition to disclosure variables, this study also analyzes the control variables like size, free float, risk and profitability. The conclusion of this dissertation confirms the initial expectations, in the sense that a higher corporate level of disclosure implies in a reduction of the asymmetry of information. Corporate governance variable, although significant, has a positive relationship with asymmetric information. This result is the opposite of what is expected by theory and can be subject of further studies. It is also statistically significant the expected positive relation between information asymmetry and the beta control variable.
Descrição
Palavras-chave
disclosure , assimetria de informação , bid-ask spread , IFRS , dados em painel
Citação
OLIVEIRA, Nelson Bueno de. O impacto do aumento do disclosure na redução da assimetria de informação, abordada como componente do custo de capital próprio. 2016. [86 f.]. Dissertação (Administração de Empresas) - Universidade Presbiteriana Mackenzie, [São Paulo].