Strategic information disclosure and the cost of equity capital: Evidence from China

被引：8
|
作者：
Yang, Mo [1 ]
Li, Yan [1 ]
Dong, Dayong [1 ,2 ]
机构：
[1] Southwest Jiaotong Univ, Chengdu, Peoples R China
[2] Southwest Jiaotong Univ, POB 302,Jiulidi Campus,111 North 1st Sect Second R, Chengdu, Sichuan, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2023年 / 51卷
关键词：
Strategic information disclosure; Cost of equity capital; Analyst forecast; Stock liquidity; VOLUNTARY DISCLOSURE; MARKET; LIQUIDITY; BEHAVIOR; GROWTH;
D O I：
10.1016/j.frl.2022.103418
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Based on SWOT theory with respect to firm's strength, weakness, opportunity, and threat, we construct a corporate strategic dictionary to quantify strategic information disclosure (SID). We then explore the association between SID and the cost of equity capital. Our evidence in China shows that SID is negatively associated with the cost of equity capital. Further, analysts' forecasts and stock liquidity have a mediating effect on strategic disclosure toward the cost of equity capital, respectively. Our findings support the channel of reducing information asymmetry for the impact of SID on the cost of equity capital.
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页数：19
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