Even by considering the mandatory disclosure of basic accounting reports and using the
CVM database, there is no explanation for such gaps, except for inadequate enforcement of
the regulatory body and even from the market in requiring the disclosure and maintenance of
such data in official accounting information databases. Brown, Preiato and Tarca (2014), for
example, built an enforcement index for various countries in which Brazil is in a position far
below than developed countries. In addition, Santos et al. (2014) find that the degree of
compliance is very low in Brazil. We also choose to not seek another source for data
(companies’ website, for example) in order to maintain the integrity and the consistency of the
data.