THE RELATIONSHIP BETWEEN THE LEVEL OF VOLUNTARY DISCLOSURE AND THE COST OF EQUITY CAPITAL IN NON-FINANCIAL BRAZILIAN
The main objective of this research is to examine empirically the existence of a significant relationship between the level of voluntary disclosure of information and the cost of equity capital of Brazilian non-financial companies. It is expected that a greater level of disclosure is related to a lo...
| Autores: | , , |
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| Formato: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2012 |
| País: | Brasil |
| Recursos: | Universidade Federal do Rio Grande do Sul (UFRGS) |
| Repositorio: | REAd (Porto Alegre. Online) |
| Idioma: | portugués |
| OAI Identifier: | oai:seer.ufrgs.br:article/38470 |
| Acesso em linha: | https://seer.ufrgs.br/index.php/read/article/view/38470 |
| Access Level: | acceso abierto |
| Palavra-chave: | Transparência custo de capital próprio governança corporativa. Disclosure cost of equity capital corporate governance. |
| Resumo: | The main objective of this research is to examine empirically the existence of a significant relationship between the level of voluntary disclosure of information and the cost of equity capital of Brazilian non-financial companies. It is expected that a greater level of disclosure is related to a lower cost of capital by reducing the risk perceived by investors. In order to measure the level of voluntary disclosure of the companies, a questionnaire developed for this purpose was used. The cost of equity capital was obtained from publicly available information. A negative and significant relationship between the variables of interest was found, indicating that companies that disclose more information voluntarily has a lower cost of equity capital. |
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