EFEITOS ENDÓGENO E EXÓGENO NO DISCLOSURE DE RISCOS E CRISE DURANTE PANDEMIA DA COVID-19
Palabras clave:
disclosure de riscos e crise, COVID-19, variáveis endógenas e exógenas, relatórios trimestraisResumen
Diante da teoria da divulgação, buscou-se analisar a influência do contexto endógeno e exógeno no disclosure de informações trimestrais sobre riscos e crise em 75 empresas listadas no índice Ibovespa durante a pandemia do Covid-19. Procedeu-se com uma abordagem qualitativa, em que se realizou a técnica de análise de conteúdo para analisar as demonstrações financeiras, apresentações dos resultados, releases dos resultados e as transcrições das teleconferências referentes do 4º trimestre de 2019 ao 3º de 2020. Adicionalmente, empregamos uma abordagem quantitativa para testar dez hipóteses formuladas por meio da regressão logística. Salienta-se que, das dez hipóteses testadas, sete foram suportadas nas demonstrações financeiras, quatro nas apresentações dos resultados e três nos releases. No contexto endógeno, os achados revelam que o endividamento, a lucratividade, a evidenciação da Covid-19 e emissão de American Depositary Receipt possuem uma relação positiva e significativa com o disclosure de riscos/crise nas demonstrações financeiras, enquanto a liquidez seca foi a única com relação negativa. No exógeno, o retorno normal das ações e o período de pandemia demonstraram relação negativa e significativa com o disclosure. Esses resultados provocam debate sobre os motivos que conduzem as empresas brasileiras a divulgarem riscos e crise nos relatórios trimestrais durante um período pandêmico.
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