Nível de disclosure dos fundos de pensão brasileiros: a capacitação formal dos gestores como fator explicativo

Abstract

This study aimed to analyze in the Brazilian Pension Funds whether the level of formal training of managers explains the level of disclosure (ND) of such organizations. It was based on the assumption of the existence of information asymmetry between managers, sponsors, supported and participants. In addition, it recognized the problems related to asymmetry in companies participating in the capital market, commonly referred to in the literature, such as adverse selection, loss of competitive advantage and increase in capital cost because of the information disclosure, which would not operate from the same Pension Fund. Hence, the disclosure in question is explained in part by other factors, such as formal manager training in organizations. Therefore, the level of disclosure (ND) was calculated for each of the 209 Brazilian Pension Funds that compose the sample. This analysis considered a number of validation steps, such as questionnaires applied to experts and participants and the Principal Components Analysis (PCA). Concerning the econometric examination, the Ordinary Least Squares (OLS) method was used for the analysis of multiple linear regression, and the LOGIT logistic regression analysis was performed as a robustness test. The results indicated that the formal manager training, featured by master's and/or doctoral studies, shows a positive relationship with the level of disclosure of Pension Funds, indicating that the greater the formal manager qualification, the higher the level of disclosure. The results can contribute to regulatory and supervisory bodies in the elaboration of new rules that favor the formal manager qualification, as well as the identification of the information demanded by other stakeholders, thus allowing an increase in the level of disclosure, reduction of information asymmetry, improving governance practices.