THE RELATIONSHIP BETWEEN THE LEVEL OF VOLUNTARY DISCLOSURE AND THE COST OF EQUITY CAPITAL IN NON-FINANCIAL BRAZILIAN
Autor(a) principal: | |
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Data de Publicação: | 2012 |
Outros Autores: | , |
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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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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1799766201959710720 |