Disclosure voluntário: análise das conference calls das empresas abertas no Brasil

Abstract

The information in the corporate environment is regarded as a differential, influencing decision making by the main stakeholders. In order to verify the voluntary disclosure (which goes beyond what is required by the legislation) carried out by the entities, this study aimed to verify which companies listed in B3 (Brazil, Stock Exchange, Over-the-Counter Market) evidence teleconferencing transcripts and what would be the most frequent terms in these discourses. A survey was carried out by companies that at some point disclosed teleconferences transcriptions, in the period 2010 to the second quarter of 2019. Then, a textual analysis was made in the transcripts of the companies, with the purpose of verifying the most frequent terms in the discourses, based on the distribution of Zipf, word clouds, similitude analysis and associations. The results showed that only 101 of the 441 companies listed in B3 presented transcripts. Among these, it was found that most are classified with in the best levels of corporate governance. Moreover, when investigating the predisposed discourse by means of teleconferencing transcripts, it was noticed the mention of terms as "result", "growth", "market" and "quarter", in addition to the mention of terms highlighting the importance of the second moment of the teleconference, in which the participation of analysts takes place. And through the associations realized the existence of two questions per participant, also perceiving a strong correlation, in the insertion of the discussion, by means of the second question, the mention of the term "debt", indicating that the dialogue held in the second session of the teleconferences, tends to emphasize the concern surrounding the theme indebtedness. And by correlating the set of texts with the analyzed years, it is perceived that in the year 2019 showed correlations with the moment occurred at the beginning of the year, the tragedy of Brumadinho. In this sense, when conducting this research, we observe the importance of voluntary disclosure as a differential for companies that make it, in view of the quality of information that is passed on, or instigated be discussed through the participation of analysts.