Disclosure on Corporate Governance: Empirical Evidence in Portuguese Capital Market

The present study aims to analyze the disclosure about corporate governance in companies listed on Euronext Lisbon during the period 2020–2022. To fulfil the proposed objective, we employed the content analysis technique of corporate governance reports from 35 companies listed on Euronext Lisbon, constituting the sample. For data collection, we constructed a disclosure index comprising 66 items based on the disclosure requirements stipulated in the Corporate Governance Code. The analysis of the disclosure index revealed that, on average, companies listed on Euronext Lisbon comply with most disclosure criteria. Upon analyzing the information disclosed for each category considered in the disclosure index (via sub-indices), we concluded that the most disclosed information pertains to the external auditor, which was disclosed by all companies in the sample. The least disclosed information was related to less addressed matters, as expected. The remaining sub-indices also exhibit high disclosure averages, thus explaining the high average value of the overall disclosure index. Considering the topicality of the subject and the scarcity of works on this topic in the Portuguese context, this study contributes to increasing knowledge regarding the disclosure of corporate governance.