Level of voluntary disclosure and the cost of capital of Brazilian companies: 2008 to 2012

Detalhes bibliográficos
Autor(a) principal: Ballestero, Ariana
Data de Publicação: 2016
Outros Autores: Nogueira, Igor Vasconcelos, Vitorino Filho, Valdir Antonio
Tipo de documento: Artigo
Idioma: por
Título da fonte: Contabilidade, Gestão e Governança
Texto Completo: https://revistacgg.org/index.php/contabil/article/view/1027
Resumo: This study analyzed whether the level of voluntary disclosure in the Brazilian market affects the cost of capital of companies listed on Bovespa during the period covering 2008 through 2012.  The sample was composed of 46 Brazilian non-financial institutions, building on and complementing previous research such as that carried out by Lima, Lima, Favero and Galdi (2007), Murcia and Santos (2009a), and Li and Yang (2013). The panel data regression model is employed to relate the independent variables with the following dependent variables: Cost of Equity, Cost of Debt and Weighted Average Cost of Capital. Findings permit the conclusion that some voluntary disclosure practices influence the cost of capital, i.e., when a company chooses to voluntarily disclose information in its annual reports, this information can affect its cost of equity and cost of debt.
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spelling Level of voluntary disclosure and the cost of capital of Brazilian companies: 2008 to 2012Voluntary DisclosureCost of EquityCost of DebtWeighted Average Cost of Capital.This study analyzed whether the level of voluntary disclosure in the Brazilian market affects the cost of capital of companies listed on Bovespa during the period covering 2008 through 2012.  The sample was composed of 46 Brazilian non-financial institutions, building on and complementing previous research such as that carried out by Lima, Lima, Favero and Galdi (2007), Murcia and Santos (2009a), and Li and Yang (2013). The panel data regression model is employed to relate the independent variables with the following dependent variables: Cost of Equity, Cost of Debt and Weighted Average Cost of Capital. Findings permit the conclusion that some voluntary disclosure practices influence the cost of capital, i.e., when a company chooses to voluntarily disclose information in its annual reports, this information can affect its cost of equity and cost of debt.Contabilidade Gestão e Governança2016-12-06info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAvaliado por Pares, Artigosapplication/pdfhttps://revistacgg.org/index.php/contabil/article/view/102710.51341/1984-3925_2016v19n3a2Contabilidade Gestão e Governança; v. 19 n. 3 (2016)1984-39251984-3925reponame:Contabilidade, Gestão e Governançainstname:Universidade de Brasília (UnB)instacron:UNBporhttps://revistacgg.org/index.php/contabil/article/view/1027/356-375Copyright (c) 2016 Contabilidade, Gestão e Governançainfo:eu-repo/semantics/openAccessBallestero, ArianaNogueira, Igor VasconcelosVitorino Filho, Valdir Antonio2016-12-06T20:04:16Zoai:oai.jamg.cloud:article/1027Revistahttp://www.revistacgg.org/index.php/contabilPUBhttps://revistacgg.org/index.php/contabil/oaijamg.cgg@gmail.com1516-70111984-3925opendoar:2016-12-06T20:04:16Contabilidade, Gestão e Governança - Universidade de Brasília (UnB)false
dc.title.none.fl_str_mv Level of voluntary disclosure and the cost of capital of Brazilian companies: 2008 to 2012
title Level of voluntary disclosure and the cost of capital of Brazilian companies: 2008 to 2012
spellingShingle Level of voluntary disclosure and the cost of capital of Brazilian companies: 2008 to 2012
Ballestero, Ariana
Voluntary Disclosure
Cost of Equity
Cost of Debt
Weighted Average Cost of Capital.
title_short Level of voluntary disclosure and the cost of capital of Brazilian companies: 2008 to 2012
title_full Level of voluntary disclosure and the cost of capital of Brazilian companies: 2008 to 2012
title_fullStr Level of voluntary disclosure and the cost of capital of Brazilian companies: 2008 to 2012
title_full_unstemmed Level of voluntary disclosure and the cost of capital of Brazilian companies: 2008 to 2012
title_sort Level of voluntary disclosure and the cost of capital of Brazilian companies: 2008 to 2012
author Ballestero, Ariana
author_facet Ballestero, Ariana
Nogueira, Igor Vasconcelos
Vitorino Filho, Valdir Antonio
author_role author
author2 Nogueira, Igor Vasconcelos
Vitorino Filho, Valdir Antonio
author2_role author
author
dc.contributor.author.fl_str_mv Ballestero, Ariana
Nogueira, Igor Vasconcelos
Vitorino Filho, Valdir Antonio
dc.subject.por.fl_str_mv Voluntary Disclosure
Cost of Equity
Cost of Debt
Weighted Average Cost of Capital.
topic Voluntary Disclosure
Cost of Equity
Cost of Debt
Weighted Average Cost of Capital.
description This study analyzed whether the level of voluntary disclosure in the Brazilian market affects the cost of capital of companies listed on Bovespa during the period covering 2008 through 2012.  The sample was composed of 46 Brazilian non-financial institutions, building on and complementing previous research such as that carried out by Lima, Lima, Favero and Galdi (2007), Murcia and Santos (2009a), and Li and Yang (2013). The panel data regression model is employed to relate the independent variables with the following dependent variables: Cost of Equity, Cost of Debt and Weighted Average Cost of Capital. Findings permit the conclusion that some voluntary disclosure practices influence the cost of capital, i.e., when a company chooses to voluntarily disclose information in its annual reports, this information can affect its cost of equity and cost of debt.
publishDate 2016
dc.date.none.fl_str_mv 2016-12-06
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Avaliado por Pares, Artigos
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://revistacgg.org/index.php/contabil/article/view/1027
10.51341/1984-3925_2016v19n3a2
url https://revistacgg.org/index.php/contabil/article/view/1027
identifier_str_mv 10.51341/1984-3925_2016v19n3a2
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://revistacgg.org/index.php/contabil/article/view/1027/356-375
dc.rights.driver.fl_str_mv Copyright (c) 2016 Contabilidade, Gestão e Governança
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2016 Contabilidade, Gestão e Governança
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Contabilidade Gestão e Governança
publisher.none.fl_str_mv Contabilidade Gestão e Governança
dc.source.none.fl_str_mv Contabilidade Gestão e Governança; v. 19 n. 3 (2016)
1984-3925
1984-3925
reponame:Contabilidade, Gestão e Governança
instname:Universidade de Brasília (UnB)
instacron:UNB
instname_str Universidade de Brasília (UnB)
instacron_str UNB
institution UNB
reponame_str Contabilidade, Gestão e Governança
collection Contabilidade, Gestão e Governança
repository.name.fl_str_mv Contabilidade, Gestão e Governança - Universidade de Brasília (UnB)
repository.mail.fl_str_mv jamg.cgg@gmail.com
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