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Disclosure of Financial Instruments According to the International Accounting Standards: Empirical Evidences of Brazilian Companies
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As the Box 2 indicates, besides the Form_20F have a lower number of questions with a lower disclosure level, both
kinds of reports analyzed presents points of deficiencies in relation to the standard studied.
5.3
Analysis of the possible determinants for the disclosure levels
In order to test the H5, a comparison between the averages of the companies with the 12 higher average equity was
performed (Equity_12_Higher) and the other companies (Equity_12_Lower), observing the results in accordance with the
two different kinds of reports, as shows the Table 4, as follows.
Table 4: Averages of the disclosure levels of the segregate companies by size of the equity
Kind of Report
Company Size
N
Average
Standard
Deviation
P-Value
N
Equity_12_Higher
60
40,94
7,92
Equity_12_Lower
60
34,96
8,68
Equity_12_Higher
60
55,09
5,77
Equity_12_Lower
60
50,22
8,27
Correlation
Coefficient*
DFP
Form_20F
(0,528)
(0,278)
0,058
120
0,000
0,000
120
0,100
* Correlation coefficient between disclosure and value of the equity; the value among parenthesis indicates the significance.
The Table 4 appoints the coherent results with other researches already performed internationally (see: LOPES and
RODRIGUES, 2007), showing that, in average, the big companies tend to provide a disclosure level closer to the
requirements of the international standards than the smaller companies. This difference between the averages of the
disclosure levels, both for the Form_20F and the DFP, is statistically significant. With this, the H5 is accepted. Additionally,
the co-relation coefficient between the variables “disclosure level” and “value of the equity” was calculated. The values
achieved, both for the two different kinds of reports, are positive, but they show a weak association and statistically not
significant.
Regarding to the H6, to test such hypothesis, the calculus of difference between the averages of the disclosure
levels provided by the companies in their accounting reports, in which the companies where segregate into two groups:
Those that participate in any of the different market levels of BOVESPA (GovCorpYes), and those that do not participate
(GovCorpNo). The Table 5, as follows, shows the results.
Table 5: Averages of the disclosure levels of the segregate companies by the participation on the different levels of
corporative governance of BOVESPA
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| | Authors: Malaquias, Rodrigo. and Lemes, Sirlei. |
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As the Box 2 indicates, besides the Form_20F have a lower number of questions with a lower disclosure level, both
kinds of reports analyzed presents points of deficiencies in relation to the standard studied.
5.3
Analysis of the possible determinants for the disclosure levels
In order to test the H5, a comparison between the averages of the companies with the 12 higher average equity was
performed (Equity_12_Higher) and the other companies (Equity_12_Lower), observing the results in accordance with the
two different kinds of reports, as shows the Table 4, as follows.
Table 4: Averages of the disclosure levels of the segregate companies by size of the equity
Kind of Report
Company Size
N
Average
Standard
Deviation
P-Value
N
Equity_12_Higher
60
40,94
7,92
Equity_12_Lower
60
34,96
8,68
Equity_12_Higher
60
55,09
5,77
Equity_12_Lower
60
50,22
8,27
Correlation
Coefficient*
DFP
Form_20F
(0,528)
(0,278)
0,058
120
0,000
0,000
120
0,100
* Correlation coefficient between disclosure and value of the equity; the value among parenthesis indicates the significance.
The Table 4 appoints the coherent results with other researches already performed internationally (see: LOPES and
RODRIGUES, 2007), showing that, in average, the big companies tend to provide a disclosure level closer to the
requirements of the international standards than the smaller companies. This difference between the averages of the
disclosure levels, both for the Form_20F and the DFP, is statistically significant. With this, the H5 is accepted. Additionally,
the co-relation coefficient between the variables “disclosure level” and “value of the equity” was calculated. The values
achieved, both for the two different kinds of reports, are positive, but they show a weak association and statistically not
significant.
Regarding to the H6, to test such hypothesis, the calculus of difference between the averages of the disclosure
levels provided by the companies in their accounting reports, in which the companies where segregate into two groups:
Those that participate in any of the different market levels of BOVESPA (GovCorpYes), and those that do not participate
(GovCorpNo). The Table 5, as follows, shows the results.
Table 5: Averages of the disclosure levels of the segregate companies by the participation on the different levels of
corporative governance of BOVESPA
13
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