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Disclosure of Financial Instruments According to the International Accounting Standards: Empirical Evidences of Brazilian Companies
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Kind of Report
Level ofGovernance
N
Average
Standard
Deviation
P-Value
GovCorpYes
71
37,41
9,77
GovCorpNo
49
38,73
7,20
GovCorpYes
71
51,76
8,22
GovCorpNo
49
53,95
6,20
DFP
0,423
Form_20F
0,116
The results of the Table 5 appoint in oppose to the established hypothesis, because the companies that not
participate in any level of governance have their average of disclosure level higher than those which adopt such practices.
Nevertheless, these differences, statistically, are not significant. In any way, the results indicate rejection to the H6.
The next statistic procedure performed was the test of the H7. From the sectors presented on the Box 1, three were
identified as subject to a regulatory environment (RegulatedYes): the electric power, the telecommunications and the oil and
gas industries. The Table 6, as follows, shows the results achieved with the tests performed.
Table 6: Averages of the disclosure levels of the companies, segregate by regulated and non-regulated industries
Kind of Report
RegulatedSector?
N
Average
Standard
Deviation
P-Value
RegulatedYes
55
39,85
8,29
RegulatedNo
65
36,34
8,97
RegulatedYes
55
54,19
6,02
RegulatedNo
65
51,36
8,40
DFP
0,029
Form_20F
0,039
There are evidences both for the DFP and the Form_20F inside the studied sample that the companies which are
part of the regulated industries present a different and superior disclosure index than that pertaining to companies of non-
regulated industries. Besides the difference of averages in the indexes not look great, it is statistically significant. So, the H7
is confirmed.
Finally, the analysis of a possible relation between the issuing time of ADR by the Brazilian companies in the
North American market and the nearness of its disclosure level with the required by the international standards was
performed. In accordance with the data base available at NYSE (2008), the companies components were segregate from the
samples in two groups: Companies that already issued ADR before the year of 1999 (ADR_Old); ii) companies that started
to issue their ADR from the year of 1999 (ADR_New). The aforementioned year was chosen due to the possibility of
segregation of sample in two groups with equivalent data quantities. The results are exhibited on the Table 7, as follows.
Table 7: Averages of the disclosure levels of the companies segregate by the time of ADR issuing
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| | Authors: Malaquias, Rodrigo. and Lemes, Sirlei. |
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Kind of Report
Level of
Governance
N
Average
Standard
Deviation
P-Value
GovCorpYes
71
37,41
9,77
GovCorpNo
49
38,73
7,20
GovCorpYes
71
51,76
8,22
GovCorpNo
49
53,95
6,20
DFP
0,423
Form_20F
0,116
The results of the Table 5 appoint in oppose to the established hypothesis, because the companies that not
participate in any level of governance have their average of disclosure level higher than those which adopt such practices.
Nevertheless, these differences, statistically, are not significant. In any way, the results indicate rejection to the H6.
The next statistic procedure performed was the test of the H7. From the sectors presented on the Box 1, three were
identified as subject to a regulatory environment (RegulatedYes): the electric power, the telecommunications and the oil and
gas industries. The Table 6, as follows, shows the results achieved with the tests performed.
Table 6: Averages of the disclosure levels of the companies, segregate by regulated and non-regulated industries
Kind of Report
Regulated
Sector?
N
Average
Standard
Deviation
P-Value
RegulatedYes
55
39,85
8,29
RegulatedNo
65
36,34
8,97
RegulatedYes
55
54,19
6,02
RegulatedNo
65
51,36
8,40
DFP
0,029
Form_20F
0,039
There are evidences both for the DFP and the Form_20F inside the studied sample that the companies which are
part of the regulated industries present a different and superior disclosure index than that pertaining to companies of non-
regulated industries. Besides the difference of averages in the indexes not look great, it is statistically significant. So, the H7
is confirmed.
Finally, the analysis of a possible relation between the issuing time of ADR by the Brazilian companies in the
North American market and the nearness of its disclosure level with the required by the international standards was
performed. In accordance with the data base available at NYSE (2008), the companies components were segregate from the
samples in two groups: Companies that already issued ADR before the year of 1999 (ADR_Old); ii) companies that started
to issue their ADR from the year of 1999 (ADR_New). The aforementioned year was chosen due to the possibility of
segregation of sample in two groups with equivalent data quantities. The results are exhibited on the Table 7, as follows.
Table 7: Averages of the disclosure levels of the companies segregate by the time of ADR issuing
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