Divulgação de informações da contabilidade de gestão para conselheiros: análise de seus determinantes e de efeitos sobre o desempenho

Abstract

The research links the information assimetry problem, existing in the agency relationship, analysed with focus on the agent (executive directors) and principal’s representant (board), literature from corporate governance (CG), with the potential informative for management accounting (MA) tools, literature from management control systems (MCS). In this line, is assumed the diversified scope from financial informational, originated in these tools, like an assimetry reducer, allowing the board to develop a better agent monitoring and the strategic advice, with consequence for a better agent-principal alignment, role a CG tool. Aimed to determine if to disclose more emphasis information originated in MA to reduce informational assymmetry between executives and their boards improves the performance of the companies. For this, the research use data from 2014, primary and secundary, from public firms that act in Brazil, with quantitative approach, using multiple linear regression and logit regression to test hypothesis. The findings indicate that information originated in MA tools are disclosed for the boards, in the sample firms, and contribute for the performance (ROA). In particular, is a result from the emphasis on information originated from the external firms relationships, with customers, suppliers, competitors and environmental data, and internal data about processes and activities, allowing to confirm the presented thesis. The research analyzes the disclosure determinants and identifies a contributive factors, from the influential shareholders, duality of the main positions, firm size, industry volatility, performance, MA information auditing, interactive use of controls and the participation on the CG segments from BM&FBovespa. However, the most part of variable about shareholders, board members and executives not influenced the information flow, showing some immunity against these group influences. The research contributes for both literatures, firms and their participants, creating a scale to evaluate the information disclosure from the board, to identify an effective information flow and their determinants, with the sample firms performance improvement. Restricting the results by the methodological choices and the sample, in the end the research suggests the continuation of studies about the unanswered elements.