Strategy Disclosure in the Annual Reports of Brazilian Companies

Marcelo Pagliarussi, Antonio Carlos Aguiar Gagno Junior () and Antonio Thadeu Mattos da Luz ()
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Antonio Thadeu Mattos da Luz: FUCAPE Business School

No 28, Fucape Working Papers from Fucape Business School

Abstract: In this study we describe how listed Brazilian companies disclose information about their strategy in annual reports. From the literature on operations strategy, we developed eight proxies and their respective keywords for strategy disclosure. Keyword frequencies were measured using an automatic procedure. We used cluster analysis to identify strategic groups and multinomial logistic regression to discriminate the groups using economic performance variables. From a sample of 450 annual reports, we obtained four groups of companies. Only two of them have clearly defined strategic positioning. We concluded that the quality of strategy disclosure offered by Brazilian companies is low.

Keywords: Disclosure; annual reports; strategy; cluster. (search for similar items in EconPapers)
Pages: 22
Date: 2010-12
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Published in Fucape Working Papers Dezembro 2010

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