Resumo

MAPURUNGA, Patrícia Vasconcelos Rocha; PONTE, Vera Maria Rodrigues; COELHO, Antônio Carlos Dias  e  MENESES, Anelise Florencio de. Determinants of disclosure level of derivative financial instruments by brazilian public companies. Rev. contab. finanç. [online]. 2011, vol.22, n.57, pp. 263-278. ISSN 1519-7077.  http://dx.doi.org/10.1590/S1519-70772011000300003.

The purpose of this study was to verify the existence of an association between disclosure of information on derivative financial instruments and the economic attributes of Brazilian public companies. Data were collected from standard financial reports issued by 75 firms listed in the "Differentiated Levels of Corporate Governance" segment of the BM&FBovespa stock market. Initially, using documental research, information was identified regarding derivative financial instruments the companies disclosed. The metrics adopted were based on the parameters established in the CPC 14 accounting standard (Financial instruments: recognition, measurement and disclosure). The preliminary analysis showed that none of the firms in the sample disclosed all the required items, and that only 11 of the 30 items were disclosed by over 50% of the firms. Subsequently, the association between company attributes and the level of disclosure was tested with Correspondence Analysis. 'Size' and 'Earnings'- but not "Debt" and "Profitability" - were significantly and positively associated with disclosure of information on derivative financial instruments.

Palavras-chave : Disclosure; Derivative financial instruments; Correspondence analysis.