Information disclosure and corporate governance: evidence from companies listed on IBrX-100

Purpose: Analyze the relationship between corporate governance and the level of information disclosure of companies listed in IBrX-100. Methodology: Descriptive, exploratory and quantitative study, in which the data collection procedure from 2016 to 2020, which is the period studied, is characterized as documentary, making use of the content analysis technique and Economatica (R) software, [B] (3) and the Securities and Exchange Commission. The final sample is made up of 61 companies. For data analysis, Spearman's rank correlation coefficient and panel data regression were used, both performed using the RStudio software. Results: Evidence shows that the Information Disclosure Index (IDI) suffered few fluctuations over the analyzed period, reaching a total average value of 0.7754, with the highest and lowest averages of 0.7787 and 0.7691, respectively. As for the relationship of the IDI with the corporate governance variables, the findings indicated that there is no significant positive relationship between the size of the board, board independence, dual roles of the CEO and institutional investors with the IDI, but there is a significant positive relationship between the board's gender diversity with IDI. These results are consistent with studies already carried out internationally. Contributions of the Study: The present research contributes to the current literature by providing empirical findings on the relationship of corporate governance structure in the practice of disclosure of information by publicly traded companies in Brazil, being useful in the decision-making of stakeholders and in the definition of members to compose the company's board of directors. In addition, this study adds the empirical finding about the positive relationship found between female directors and information disclosure.