Determinants of the conformity level of evidences related to the disclosure CPC 27 in companies of the new BM&FBOVESPA market

Abstract

This article aims at identifying the factors that explain the level of disclosure concerning the CPC 27 - Fixed Assets, for companies listed on the New Market segment of Corporate Governance of BM&FBovespa. The probable determinants are considered the size variations, the total assets, debt and return on assets. The study is characterized as descriptive, carried out through documentary analysis and quantitative approach. The population is made of 109 companies in 2011, covering a sample of 106 companies. For data collection a checklist which consists of 17 items based in IAS 27 were designed. The analysis technique, seeking to achieve the research proposal, was made through multiple linear regression. The results show a meaningful and positive relationship between the fixed assets of the company and the disclosure index, checked by the items corresponding to the requirements in CPC 27. In the determinant variables of the disclosure process, it was found that "Property" is positively associated with the dissemination of information on fixed assets. Have the "profitability" is negatively associated to disclosure. There was no significant association between "Indebtedness" and "Size" to the information disclosure on assets. It must also be considered the low explanatory factor of the determinant variables of disclosure recommended by CPC 27 and the need to extend the investigation deep into the issue, by allowing comparisons and extraction of new conclusive evidences.