The Influence of E-disclosure on the Ex-Ante Cost of Capital of Listed Companies in Brazil

被引：5

作者：

Mendes-Da-Silva, Wesley ^{[1
,2
]}

Onusic, Luciana Massaro ^{[3
]}

Bergmann, Daniel Reed ^{[4
]}

机构：

[1] Business Sch Sao Paulo, Fundacao Getulio Vargas, Rua Itapeva 474,8th Floor, BR-01332000 Sao Paulo, Brazil

[2] Brigham Young Univ, BR-01332000 Sao Paulo, Brazil

[3] Univ Fed Sao Paulo, EPPEN, Sao Paulo, Brazil

[4] Univ Sao Paulo, Sao Paulo, Brazil

来源：

JOURNAL OF EMERGING MARKET FINANCE | 2014年 / 13卷 / 03期

关键词：

Disclosure; cost capital; dissemination corporate information; corporate governance; accounting policy;

D O I：

10.1177/0972652714550928

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The aim of this article is to show the existence of a relationship between voluntary disclosure via corporate websites and the ex-ante cost of capital of companies listed on the BM&FBovespa. Ordinary least-squares regression equations produced the following results: (a) on average, the companies listed on the New Market showed a lower cost of capital (approximate to 3.3 percentage points lower); (b) on average, the companies deemed to be the most aggressive showed a higher cost of capital (approximate to 3 percentage points higher than the conservative companies); and (c) the metrics of corporate website disclosure did not appear to be related to cost of capital.

引用

页码：335 / 365

页数：31

共 50 条

[1] Production risk and the estimation of ex-ante cost functions
Moschini, G
[J]. JOURNAL OF ECONOMETRICS, 2001, 100 (02) : 357 - 380
[2] Does investor base affect the firm-level ex-ante cost of equity capital?
Chacko, Jains
Padmakumari, Lakshmi
[J]. IIMB MANAGEMENT REVIEW, 2024, 36 (02) : 146 - 156
[3] EX-ANTE APPRAISAL OF NEW TECHNOLOGY - SORGHUM IN NORTHEAST BRAZIL
GOODWIN, JB
SANDERS, JH
DIASDEHOLLANDA, A
[J]. AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS, 1980, 62 (04) : 737 - 741
[4] Ex-ante dynamic network tariffs for transmission cost recovery
Savelli, Iacopo
De Paola, Antonio
Li, Furong
[J]. APPLIED ENERGY, 2020, 258
[5] Financial Disclosure and the Cost of Equity Capital: The Empirical Test of the Largest Listed Companies of Kazakhstan
Baimukhamedova, Aizhan
Baimukhamedova, Gulzada
Aimurzinov, Murata
Luchaninova, Albina
[J]. 2017 INTERNATIONAL CONFERENCE ON BUSINESS AND ECONOMICS (ICBE2017), 2017, : 71 - 73
[6] The relationship between ex-ante cost of equity capital and corporate social responsibility in introductory and maturity period
Chen, Roger C. Y.
Lee, Chen-Hsun
Hung, Shih-Wei
[J]. CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT, 2020, 27 (02) : 1089 - 1107
[7] Tax avoidance and ex ante cost of capital
Cook, Kirsten A.
Moser, William J.
Omer, Thomas C.
[J]. JOURNAL OF BUSINESS FINANCE & ACCOUNTING, 2017, 44 (7-8) : 1109 - 1136
[8] Information and the Cost of Capital: An Ex Ante Perspective
Christensen, Peter O.
de la Rosa, Leonidas E.
Feltham, Gerald A.
[J]. ACCOUNTING REVIEW, 2010, 85 (03): : 817 - 848
[9] EXPECTATIONS, PLANS AND CAPITAL EXPENDITURES - A SYNTHESIS OF EX-POST AND EX-ANTE DATA
EISNER, R
[J]. JOURNAL OF THE AMERICAN STATISTICAL ASSOCIATION, 1954, 49 (266) : 356 - 356
[10] Institutional Bypasses in Brazil: Overcoming Ex-Ante Resistance to Institutional Reforms
Prado, Mariana Mota
[J]. LAW AND POLICY IN LATIN AMERICA: TRANSFORMING COURTS, INSTITUTIONS, AND RIGHTS, 2017, : 113 - 128

← 1 2 3 4 5 →