Revista de Administração de Empresas
Print version ISSN 0034-7590
MENDES-DA-SILVA, Wesley; FERRAZ-ANDRADE, José Mauro; FAMA, Rubens and MALUF FILHO, Jorge Arnaldo. Disclosure via the corporate website: an examination of financial and governance information in the Brazilian market. Rev. adm. empres. [online]. 2009, vol.49, n.2, pp. 190-205. ISSN 0034-7590. http://dx.doi.org/10.1590/S0034-75902009000200006.
The objective of this paper is to analyze the relationship between the voluntary disclosures of relevant information on the websites of a sample of 282 non-financial Bovespa-listed publicly-quoted companies. Based on the relevance of the corporate information (financial and governance) assessed by the information intermediaries and that provide the basis for constituting weighted disclosure indices the results suggest that there is more disclosure: i) the bigger the firm is and the bigger the return on company shares; ii) in companies that have a special type of corporate governance; iii) for those categories of corporate information that are more requested by the rating agencies and by stock brokers; iv) in companies with larger debts.
Keywords : Disclosure; Brazilian companies; corporate governance; Internet; investor relations.