EVIDENCIAÇÃO DAS EXIGÊNCIAS DA LEI SARBANES OXLEY NAS EMPRESAS BRASILEIRAS QUE NEGOCIAM ADRs NOS ESTADOS UNIDOS

Abstract

To restore confidence in the stock market in July 2002, in the United States (USA) was passed Sarbanes-Oxley (SOX). SOX is a U.S. law, however, Brazilian companies that issue American Depositary Receipts (ADRs) on the Stock Exchange of the United States are also subject to its requirements under the rules of the Securities and Exchange Commission (SEC). The goal of this research is verify in the Brasilian companies listed on BOVESPA, that negotiate ADRs on the NYSE, as is the voluntary disclosure, the divulgation requirements outlined by SOX. Thus, the sample was made by Brazilian companies listed on the BOVESPA (CVM/ Brazil) and the NYSE (SEC/USA). To get a sense of the level of disclosure practiced by the observed sample, we used the technique of content analysis. The results showed that each company discloses, in the absence of an obligation in Brazil, in their reports as it deems necessary, which results in a greater degree of disclosure by some and a low level, or no information from other.