Abstract

LEMOS, Kátia Matos; RODRIGUES, Lúcia Lima  and  ARIZA, Lázaro Rodríguez. Determinantes do nível de divulgação de informação sobre instrumentos derivados.  Evidência empírica no mercado de capitais português.. Tékhne [online]. 2009, n.12, pp.145-175. ISSN 1645-9911.

This study analyses the determinants of disclosure level on derivative instruments by Portuguese listed companies. It was used a disclosure index based on accounting existing standards to measure the disclosure level of the Consolidated Annual Reports of 2004, concerning all the non financial listed companies of Euronext Lisbon. The hypothesis have been tested through an univariate analysis and a linear regression model using the disclosure index as the dependent variable and companies characteristics, such as size, auditor quality, the existence of stock options plans, among others, as independent variables. Multivariate results suggest that firm size is associated with the disclosure level and univariate results reveal that auditor quality, leverage, the existence of stock options plans and the type of activity are also determinant factors of disclosure level.

Keywords : Derivative instruments; disclosure index; determinants of disclosure level.

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