Stock options :a aderência do disclosure das empresas brasileiras listadas na Bolsa de Valores de São Paulo com o CPC 10

Abstract

The expansion of the ESOP's offer by Brazilian companies, in order to provide incentives and to retain their directors, is supported by the concepts of the Agency Theory. The problems in the USA, caused by the manipulation in the policies of granting Stock Options, have brought, as a consequence, the enforcement of mandatory disclosure by the regulatory agencies, as the way to allow shareholders and other groups of interest, to follow the accomplishment of such polices. Accounting plays an important role to fulfill, by supplying information through its own mechanisms, for the preparation of notes to the financial statements of the companies. The process of harmonization to the International Accounting in Brazil is pointed out by the creation of the CPC in 2005 and later by the approval of the Law n. 11.638/07. The requirements brought by the process of the accounting harmonization have imposed to CPC the needs to issue a number of Accounting Procedures, including among them, the CPC 10 'Shares based payment'. The present research has the objective of analyzing the disclosure index of the accomplishment of the mandatory disclosure, by the Brazilian companies listed in the BM&FBOVESPA, by determining if there is an increment in the disclosure index in 2009 over 2008. The selected population was comprised by companies that informed CVM through the document 'Option Plan', that they implement the ESOP in those years. The Research Methodology was supported by the use of Content Analysis, in order to confront the mandatory requirements of the CPC 10, against the Notes to Financial Statements of the selected population. To collect the data of the companies it was utilized the dichotomous procedures, in accordance with Hodgdon et al. (2008; 2009), to identify the applicable and not applicable items, as well as, to identify the items included in the mandatory disclosure that were fulfilled or not by the companies. Then the Index of the Compliance's level of the mandatory disclosure was calculated for 2008 and 2009. The percentages of the Compliance Index were 59% for 2008 and 71% for 2009. The difference of means test was applied to both groups and difference of means were founded. Therefore, it was concluded that the level of the disclosure of the companies that delivered the 'Options Plan' in 2009 increased over the companies that delivered the 'Options Plan' in 2008, and, consequently, the general and the specifics objectives of the research were achieved.