Impact of information disclosure on the value of shares of mixed economy companies
DOI:
https://doi.org/10.11606/issn.1982-6486.rco.2020.168631Keywords:
Disclosure Theory, Mandatory disclosure, Voluntary disclosure, Informational transfer, Mixed economy societiesAbstract
The objective of this research is to verify if the disclosure: (i) of financial statements; (ii) of communiques to the market and; (iii) the government’s own rating classification, affect the value of the shares of publicly held corporations. The research also aims to identify whether the impact on mixed-capital companies is greater than on other firms. The research is based on the 2003-2015 time period, and the sample consists of 3,514 firm/year observations, with 239 observations of mixed-capital companies. The events involving the disclosure of financial statements and communiques to the market were taken from the CVM website, while the sovereign rating events were found on the Brazilian Department of the Treasury website. Multiple regressions were conducted, which demonstrated that cumulative abnormal returns are impacted by mandatory and voluntary disclosure and by government’s own rating classification. It was also noted that voluntary disclosure and sovereign rating have an additional impact on mixed-capital companies.
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