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As the demand for resources in the national capital market grows, there is a stronger necessity by companies to release result prospects in order to keep or attract new investors. The guidance, a publication of future results, appears in this scenario as a response to this trend. In this perspective, the research investigates probable motivating factors in the publication of guidance by Ibovespa companies, while assessing their response to CODIM’s 04/2008 statement. The investigation comprehended factors related to institutional environments (listing segment at BM&FBovespa and listing of actions in foreign stock exchanges) and three groups of interest (suppliers, employees and investors). Qualitative in nature, this exploratory research has used the technique of content analysis. After analyzing the reference forms from 62 companies, it was possible to verify the disclosure of guidances, in 2010, of 26 of them, or 41.9% of the Ibovespa index. The results indicate that the factors analyzed were considered motivational in the evidencing of future result perspectives and the guidance publications, as recommended by the Institutional Theory and the Theory of Stakeholders. These results suggest that the surveyed companies provide information on future estimates to maintain or ensure its legitimacy in the market and towards its stakeholders. However, the content analysis showed that the guidance published by the companies do not meet in a satisfactory way the Statement 04/2008.

Fatores Incentivadores da Publicação de Guidance pelas Empresas do Ibovespa e sua Conformidade com o Pronunciamento de Orientação N° 04/2008 do CODIM