Avaliação do nível de transparência das empresas: um exame de websites corporativos de relações com investidores

Abstract

In the context of the principal-agent conflict, in which a greater dissemination of information is expected, this paper presents a methodology for measuring the level of transparency conferred by companies through its corporate investor relations websites. The methodology considers four dimensions: the first consists of a list of 99 items corresponding to information elements of what companies are expected to disclose through their investor relations websites; the second, in the evaluation, by voluntary evaluators, of the existence and quality of each of these information elements in the websites measured considering the aspects easy access, updating and completeness of the information; the third and fourth dimensions are the attribution of weights to the transparency indexes given by the voluntary evaluators, considering the nature of the requirement of the information element (whether it is legal, regulatory, good market practice or academic indication) and its relevance to decision-making of shareholders and investors, is evaluated by professionals with a broad market vision. By applying this methodology, on average, it was verified that Brazilian state-owned companies are no more transparent than private companies operating in the country; that companies listed in special segments of the stock market are no more transparent than those in segments with lower levels of demand; and that banks, insurance companies and state companies are no more transparent than companies from other segments. It is intended that this methodology contributes to the discussion about the importance of transparency in its connection with the increase of value for shareholders and for society in general, and in particular in its relation with the reduction of acts of corruption and fraud.