CARACTERÍSTICAS DO PERFIL DE RISCOS QUE AFETAM A QUALIDADE DO DISCLOSURE DAS COMPANHIAS ABERTAS PREMIADAS PELA ABRASCA RISK PROFILE FEATURES THAT AFFECT THE QUALITY OF DISCLOSURE OF COMPANIES AWARDED BY ABRASCA

The article aims to analyze the influence of the risk profile, according to IBGC (2007), the quality of disclosure of Brazilian listed companies. The variables used are: (a) financial nature (market value, operating cash generation, dividend distribution, the share volatility and economic and financial performance indicators) and (b) qualitative (transparency and corporate governance level). As a control variable used the size of the company. The research is characterized as explanatory and quantitative. The sample are 32 companies listed on the BM&FBOVESPA and awarded by ABRASCA by different disclosure in 2012. In multiple regression analysis could not find significance for the tested model, however, remove the other variables improved the significance and explanatory power to 27.5 %. The stock volatility has a negative and significant effect on the influence of the different disclosure of risk management. Performance indicators such as financial leverage and ROE had no significance for the results, as well as the level of corporate governance, dividends, the value of the share, operating cash flow and the size of the company. We conclude that the different disclosure of risk management is negatively influenced by the volatility of shares in the period, so companies with risk profile to present higher volatility have lower scores on the risk management disclosure.