DETERMINANTS OF COST OF EQUITY OF MALAYSIAN FIRMS

被引：0

作者：

Foong, Swee-Sim ^{[1
]}

Goh, Kim-Leng ^{[2
]}

机构：

[1] Univ Sains Malaysia, George Town, Malaysia

[2] Univ Malaya, Kuala Lumpur, Malaysia

来源：

INTERNATIONAL JOURNAL OF BUSINESS AND SOCIETY | 2013年 / 14卷 / 03期

关键词：

Cost of Equity; Determinant; Downside Risk; CAPM; Emerging Market;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper investigates the determinants of cost of equity of Malaysian firms using various CAPM models. A two-factor model that is general enough to encompass the features of a partially integrated market is proposed in this study. The downside risks proposed by Estrada (2000) are also considered. The results show that the downside risk of the semi-deviation approach provides the most relevant measure for calculating cost of equity. The analysis using fixed-effect panel models shows that debt-to-equity ratio, earnings per share, total asset turnover ratio, firm size and stock liquidity are important determinants of cost of equity.

引用

页码：460 / 479

页数：20

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