Intensidade de Ativos Complexos e seus Efeitos na Legibilidade e no Tom das Notas Explicativas de Empresas Listadas na [B]3

Abstract

This study aims to analyze the effects of complex asset intensity, specifically biological and intangible assets, on the readability and tone of the explanatory notes of Brazilian companies listed on [B]3. The explanatory notes were collected through automated data scraping, as well as text conversion, standardization, and cleaning using Python. Readability and tone metrics were calculated using the Flesch and FOG index. The results indicated a positive association between biological asset intensity and readability. Regarding tone, the opposite was found, that is, the intensity of intangibles was related to a less positive tone, especially in more leveraged companies, indicating that informational complexity and capital structure can intensify the effects on the information disclosed. The results indicate that the forecasts and intensity of biological and intangible assets do not represent factors that negatively influence the readability of the explanatory notes disclosed, the same not occurring in relation to the tone of the explanatory notes. The results obtained and the methodology adopted in this study contribute to deepening knowledge about the set of assets analyzed, by testing how and to what extent the readability and tone of the explanatory notes affect the clarity of the information disclosed. The results presented indicate that the expected behavior for the effects of the intensity of biological and intangible assets on the readability and tone of the explanatory notes disclosed was not confirmed, suggesting that they do not represent factors that negatively influence readability.