THE RELATIONSHIP BETWEEN THE LEVEL OF VOLUNTARY DISCLOSURE AND THE COST OF EQUITY CAPITAL IN NON-FINANCIAL BRAZILIAN

Detalhes bibliográficos
Autor(a) principal: Figueiredo de Castro, Francisco Henrique
Data de Publicação: 2012
Outros Autores: Meneghesso da Conceição, Paula, Antunes Santos, Débora
Tipo de documento: Artigo
Idioma: por
Título da fonte: REAd (Porto Alegre. Online)
Texto Completo: https://seer.ufrgs.br/index.php/read/article/view/38470
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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spelling THE RELATIONSHIP BETWEEN THE LEVEL OF VOLUNTARY DISCLOSURE AND THE COST OF EQUITY CAPITAL IN NON-FINANCIAL BRAZILIANA RELAÇÃO ENTRE O NÍVEL VOLUNTÁRIO DE TRANSPARÊNCIA E O CUSTO DE CAPITAL PRÓPRIO DAS EMPRESAS BRASILEIRAS NÃO-FINANCEIRASTransparênciacusto de capital própriogovernança corporativa.Disclosurecost of equity capitalcorporate governance.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.O objetivo principal desta pesquisa é verificar empiricamente a existência de relação significativa entre o nível de disclosure voluntário de informações e custo de capital próprio de empresas brasileiras não financeiras. É esperado que um maior nível de disclosure esteja relacionado a um menor custo de capital próprio pela redução do risco  percebido pelos investidores. A fim de medir o nível de disclosure voluntário das empresas foi utilizado um questionário desenvolvido para este fim. O custo de capital próprio foi obtido com base em informações publicamente disponíveis das empresas. Foi encontrada uma  relação negativa e significante entre as variáveis de interesse, indicando que as empresas que mais divulgam informações voluntariamente conseguem captar capital próprio a uma taxa mais barata.Universidade Federal do Rio Grande do Sul2012-04-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionscientific articleAvaliado pelos paresartigo científicoapplication/pdfhttps://seer.ufrgs.br/index.php/read/article/view/38470Electronic Review of Administration; Vol. 17 No. 3 (2011): Edição 70 - set/dez 2011; 617-635Revista Electrónica de Administración; Vol. 17 Núm. 3 (2011): Edição 70 - set/dez 2011; 617-635Revista Eletrônica de Administração; v. 17 n. 3 (2011): Edição 70 - set/dez 2011; 617-6351413-23111980-4164reponame:REAd (Porto Alegre. Online)instname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/read/article/view/38470/24722Figueiredo de Castro, Francisco HenriqueMeneghesso da Conceição, PaulaAntunes Santos, Déborainfo:eu-repo/semantics/openAccess2013-04-12T13:10:00Zoai:seer.ufrgs.br:article/38470Revistahttp://seer.ufrgs.br/index.php/read/indexPUBhttps://seer.ufrgs.br/read/oaiea_read@ufrgs.br1413-23111413-2311opendoar:2013-04-12T13:10REAd (Porto Alegre. Online) - Universidade Federal do Rio Grande do Sul (UFRGS)false
dc.title.none.fl_str_mv THE RELATIONSHIP BETWEEN THE LEVEL OF VOLUNTARY DISCLOSURE AND THE COST OF EQUITY CAPITAL IN NON-FINANCIAL BRAZILIAN
A RELAÇÃO ENTRE O NÍVEL VOLUNTÁRIO DE TRANSPARÊNCIA E O CUSTO DE CAPITAL PRÓPRIO DAS EMPRESAS BRASILEIRAS NÃO-FINANCEIRAS
title THE RELATIONSHIP BETWEEN THE LEVEL OF VOLUNTARY DISCLOSURE AND THE COST OF EQUITY CAPITAL IN NON-FINANCIAL BRAZILIAN
spellingShingle THE RELATIONSHIP BETWEEN THE LEVEL OF VOLUNTARY DISCLOSURE AND THE COST OF EQUITY CAPITAL IN NON-FINANCIAL BRAZILIAN
Figueiredo de Castro, Francisco Henrique
Transparência
custo de capital próprio
governança corporativa.
Disclosure
cost of equity capital
corporate governance.
title_short THE RELATIONSHIP BETWEEN THE LEVEL OF VOLUNTARY DISCLOSURE AND THE COST OF EQUITY CAPITAL IN NON-FINANCIAL BRAZILIAN
title_full THE RELATIONSHIP BETWEEN THE LEVEL OF VOLUNTARY DISCLOSURE AND THE COST OF EQUITY CAPITAL IN NON-FINANCIAL BRAZILIAN
title_fullStr THE RELATIONSHIP BETWEEN THE LEVEL OF VOLUNTARY DISCLOSURE AND THE COST OF EQUITY CAPITAL IN NON-FINANCIAL BRAZILIAN
title_full_unstemmed THE RELATIONSHIP BETWEEN THE LEVEL OF VOLUNTARY DISCLOSURE AND THE COST OF EQUITY CAPITAL IN NON-FINANCIAL BRAZILIAN
title_sort THE RELATIONSHIP BETWEEN THE LEVEL OF VOLUNTARY DISCLOSURE AND THE COST OF EQUITY CAPITAL IN NON-FINANCIAL BRAZILIAN
author Figueiredo de Castro, Francisco Henrique
author_facet Figueiredo de Castro, Francisco Henrique
Meneghesso da Conceição, Paula
Antunes Santos, Débora
author_role author
author2 Meneghesso da Conceição, Paula
Antunes Santos, Débora
author2_role author
author
dc.contributor.author.fl_str_mv Figueiredo de Castro, Francisco Henrique
Meneghesso da Conceição, Paula
Antunes Santos, Débora
dc.subject.por.fl_str_mv Transparência
custo de capital próprio
governança corporativa.
Disclosure
cost of equity capital
corporate governance.
topic Transparência
custo de capital próprio
governança corporativa.
Disclosure
cost of equity capital
corporate governance.
description 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.
publishDate 2012
dc.date.none.fl_str_mv 2012-04-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
scientific article
Avaliado pelos pares
artigo científico
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://seer.ufrgs.br/index.php/read/article/view/38470
url https://seer.ufrgs.br/index.php/read/article/view/38470
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufrgs.br/index.php/read/article/view/38470/24722
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade Federal do Rio Grande do Sul
publisher.none.fl_str_mv Universidade Federal do Rio Grande do Sul
dc.source.none.fl_str_mv Electronic Review of Administration; Vol. 17 No. 3 (2011): Edição 70 - set/dez 2011; 617-635
Revista Electrónica de Administración; Vol. 17 Núm. 3 (2011): Edição 70 - set/dez 2011; 617-635
Revista Eletrônica de Administração; v. 17 n. 3 (2011): Edição 70 - set/dez 2011; 617-635
1413-2311
1980-4164
reponame:REAd (Porto Alegre. Online)
instname:Universidade Federal do Rio Grande do Sul (UFRGS)
instacron:UFRGS
instname_str Universidade Federal do Rio Grande do Sul (UFRGS)
instacron_str UFRGS
institution UFRGS
reponame_str REAd (Porto Alegre. Online)
collection REAd (Porto Alegre. Online)
repository.name.fl_str_mv REAd (Porto Alegre. Online) - Universidade Federal do Rio Grande do Sul (UFRGS)
repository.mail.fl_str_mv ea_read@ufrgs.br
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