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Due to the mixed evidence regarding politically connected (PCON) firms and voluntary disclosure, the authors seek to investigate the direction of the association between Brazilian PCON firms and their level of information disclosed in the fight against corruption. This study is conducted in a developing country with a weak judicial system where board members or directors with political connections can operate without any oversights.

The authors empirically test our hypothesis that voluntary anti-corruption disclosure is negatively associated with political connections. Content analysis, Wilcoxon Rank and Pearson Correlation were employed in a sample of 30 companies that belong to sectors with the highest risk of corruption, between 2014 and 2016, the period of Brazilian elections. A sample of 90 observations is used with data collected from annual reports of companies listed on the São Paulo Stock Exchange in Brazil.

The study’s results indicate a positive and significant association between the level of voluntary anti-corruption disclosure and corporate political connection, confirming our second hypothesis. PCON firms could seek to improve their legitimacy after recent corporate corruption scandals discovered in Brazil where government members participated in the schemes of bribe and money laundering and embezzlement. Although our sample is composed of firms in industries of high corruption risk, which could increase bias, the results improve the literature with empirical contribution that has given little attention to the issue.

The latest corruption scandals in Brazil showed that companies were involved with government officials, corruption is one of the country's biggest issues for diverting public resources to basic needs such as education and health. The relationship between political connections and voluntary disclosure is an open empirical question, particularly dealing with anti-corruption. The study’s findings bring light on the subject, which deserves greater attention not only from researchers but from the society that is most affected by corruption.

We present a critical literature review debating Brazilian research on social and environmental accounting (SEA). The aim of this study is to understand the role of politics in the construction of hegemonies in SEA research in Brazil. In particular, we examine the role of hegemony in relation to the co-option of SEA literature and sustainability in the Brazilian context by the logic of development for economic growth in emerging economies. The methodological approach adopts a post-structural perspective that reflects Laclau and Mouffe’s discourse theory. The study employs a hermeneutical, rhetorical approach to understand and classify 352 Brazilian research articles on SEA. We employ Brown and Fraser’s (2006) categorizations of SEA literature to help in our analysis: the business case, the stakeholder–accountability approach, and the critical case. We argue that the business case is prominent in Brazilian studies. Second-stage analysis suggests that the major themes under discussion include measurement, consulting, and descriptive approach. We argue that these themes illustrate the degree of influence of the hegemonic politics relevant to emerging economics, as these themes predominantly concern economic growth and a capitalist context. This paper discusses trends and practices in the Brazilian literature on SEA and argues that the focus means that SEA avoids critical debates of the role of capitalist logics in an emerging economy concerning sustainability. We urge the Brazilian academy to understand the implications of its reifying agenda and engage, counter-hegemonically, in a social and political agenda beyond the hegemonic support of a particular set of capitalist interests.

From the agency theory’s point of view, this paper aims to analyze corporate governance mechanisms about the characteristics of the companies quoted in the segments Bovespa Mais and Bovespa Mais 2 and their influence on the creation of value in preparation for the opening of the initial public offering (IPO).

A quantitative approach was adopted to achieve the proposed objective using the panel data with fixed effects and secondary data collected on the Comissão de Valores Mobiliários website, using statistical software Stata® 13.0 for statistical tests. The population comprises non-financial companies belonging to the Bovespa Mais and Bovespa Mais Level 2 groups, as the survey sample took into account the period of adhesion of the companies, totaled in 15 companies, which cover the period from 2008 to 2019. The selected variables correspond to the ownership structure’s characteristics, then the board’s composition and the fiscal council as the body responsible for supervising the administrators’ acts.

The main results indicate that the number of independent members on the board of directors and the supervisory board’s participation positively influence market performance. However, it also reveals that the concentration of ownership brings fundraising for other companies’ acquisitions, risk reduction concerning information asymmetry between investing powers.

The main results indicate that the number of independent members on the board of directors and the supervisory board’s participation positively influence market performance. Despite this, it also reveals that the concentration of ownership brings fundraising for other companies’ acquisitions, risk reduction concerning information asymmetry between investing powers.

This paper advances a comparative institutional perspective to explain capital market choice by firms making an IPO in a foreign market. This paper finds that internal governance characteristics (founder-chief executive officer, executive incentives and board independence) and external network characteristics (prestigious underwriters, degree of venture capitalist syndication and board interlocks) are significant predictors of foreign capital market choice by foreign IPO firms.

While product market choices have been central to strategy formulation for firms in the past, financial markets’ integration makes capital markets an equally crucial strategic decision. This paper advances a comparative institutional perspective to explain capital market choice by firms making an IPO in a foreign market.

This situation generates value to shareholders and is perceived by the market and, ultimately, generates a direct relationship with the market performance of companies. While product market choices have been central to strategy formulation for firms in the past, financial markets’ integration makes capital markets an equally major strategic decision.