A influência dos investidores institucionais e da governança corporativa na divulgação de guidance nas empresas brasileiras

The study investigated the influence of institutional investors and corporate governance on the practice of financial forecast disclosure (guidance) by Brazilian companies. The research was structured around specific objectives, divided into three parts: a bibliometric analysis, which mapped trends, key authors, and gaps in the literature; an empirical approach, which examined this influence using data from companies listed on B3 (2019–2023); and the development of a technical-scientific database and educational material. The results showed that the participation of institutional investors did not have a statistically significant influence on the probability of guidance disclosure, whereas companies with higher corporate governance quality and greater levels of debt were more likely to adopt this practice. Significant differences were also observed across economic sectors, indicating that guidance practices vary according to industry. Additionally, the BNDES, as an institutional investor, stood out for its positive and significant presence in companies that disclose guidance. As a technical outcome, a technical-scientific database and educational material were developed and made available on a website created to support knowledge dissemination and future academic research on the topic.