Disclosure of Information about Share-based payment and its Association with Company Attributes

This research has two main objectives: (a) verify the degree of compliance by companies listed on the BM&FBovespa with the disclosure requirements set out in CPC 10, and (b) investigate the association between the level of adherence to this standard and the companies' attributes. To this end, a research metric was developed for the disclosure requirements established by the standard and the level of adherence of the sampled firms was verified, using content analysis, creating a variable we called the CPC 10 Disclosure Index. The final sample was made up of 296 companies. Statistical tests were performed in order to verify the degree of compliance with the disclosure requirements. Correspondence Analysis (Anacor) and nonparametric hypothesis tests were then carried out to verify the association between company attributes and levels of disclosure. Association was found between the level of adherence to the standard and the industry in which a company operates and with the size of the firm. The Mann-Whitney nonparametric hypothesis test revealed that a high level of adherence to the standard is associated with the firm attributes of Internationalization, Firm Audit and Corporate Governance. This study contributes to the discussion on compliance with the disclosure requirements established by the CPC, which are relevant to the development of both the Brazilian stock market and the Brazilian economy.