O valor agregado das informações do relatório anual das companhias de capital aberto: uma avaliação sob a ótica de analistas de fundos de pensão

Abstract

The financial informations comprised in the annual report of open stock companies were evaluated, based on the added value model developed by Robert Taylor. The conclusion of this research is that the importance of the annual report, for the investors, is centered in the degree of the financial information added value, as far as the parameter related to cost economy, use facilities, and their quality is concerned. On the other hand, the report has proved to be deficient in the following aspects: flexibility, ordering, simplicity and efficacy of information. Considering that an Information system must be a system of communication with its user, the report does not seem to fulfill this role satlsfactorily, since it functions as a simple repository, allowing one-way communication alone: from the companies to the investors. This research shows the complexity of the evaluation of information systems, given the subjectivity inherent to the process, the necessity of the correct delimitation of its study area and its inclusion in the context as well.