Level of voluntary disclosure and the cost of capital of Brazilian companies: 2008 to 2012
Autor(a) principal: | |
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Data de Publicação: | 2016 |
Outros Autores: | , |
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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Contabilidade, Gestão e Governança |
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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 |
_version_ |
1798315267631087616 |