Reumo
This study assesses how the COVID-19 pandemic has influenced the characteristics of the guidance disclosed by Brazilian companies. Guidance, which includes earnings projections and other financial forecasts, is an essential tool for companies to communicate their expected future performance to the market. Using a descriptive and quantitative approach, the study analyzes data from publicly traded companies listed on the Brazilian stock exchange (B3) between 2010 and 2022, focusing on the period marked by the pandemic (2020-2022) and subsequent years. The research reveals significant changes in the nature of projections during the pandemic, including a marked reduction in the specificity of quantitative disclosures, the frequency of long-term projections and the overall detail provided in guidance. These findings suggest a heightened level of caution on the part of companies during periods of economic uncertainty, as they adjusted their communication strategies in response to the risks and uncertainties heightened by the pandemic. The study contributes to the literature on financial disclosure practices, highlighting the influence of economic crises on corporate transparency and investor relations.