Relacionamento com investidores com uso do website corporativo: análise empírica das empresas brasileiras listadas na Bovespa*

Abstract

The corporate governance analysis, including it transparency of the administration, has become a factor key to know the great companies. At the same time, it comes being pointed as a reliable pointer of the investors in the decisions taken for the administration of the companies listed in stock exchange. However, the Internet provided to the corporations a powerful channel of relationship with investors. Thus, this article aims to verify associations between company characteristics and the voluntary disclosure of information of interest of the investors: (a) financial information and (b) corporate governance, by means of the corporate Websites. The study is a cross section carried through from referring data the 282 non-financial listed companies in the São Paulo Stock Exchange (Bovespa) in 2005. The main results suggest that how much bigger the firm, and how much bigger the annual return of the actions of the company, greater is the addition of information spread in the corporative Website. Moreover, the companies more recently listed are more inclined to divulge information of interest of the investors. Another interesting result is: in last the three years, the voluntary dissemination of financial information increased in the corporate Websites.