Social disclosure and cost of equity in public companies in Brazil
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Data de Publicação: | 2013 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | por eng |
Título da fonte: | Revista Contabilidade & Finanças (Online) |
Texto Completo: | https://www.revistas.usp.br/rcf/article/view/78824 |
Resumo: | This study aims to analyze the relationship between the level of social disclosure and the cost of equity in public companies in Brazil. The hypothesis is that external social programs promoted or supported by a company increase the organization's reputation, compensate for externalities and bring economic benefits through the negative relationship with the cost of equity. To test this hypothesis, social responsibility reports of 83 companies listed on the São Paulo Stock, Mercantile and Futures Exchanges (Bolsa de Valores, Mercadorias e Futuros de São Paulo - BM) from the period 2005-2009 were collected and analyzed. A composite index of 13 indicators was used to evaluate the social disclosure level of the companies analyzed. The cost of equity was risk-adjusted using the capital asset-pricing model (CAPM) and regression tested using panel data with cross-sectional fixed effects. The results show a negative relationship between the cost of equity and level of social disclosure, indicating that the Brazilian stock market has a semi-strong form of market efficiency. |
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Revista Contabilidade & Finanças (Online) |
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Social disclosure and cost of equity in public companies in Brazil Social disclosure e custo de capital próprio em companhias abertas no Brasil This study aims to analyze the relationship between the level of social disclosure and the cost of equity in public companies in Brazil. The hypothesis is that external social programs promoted or supported by a company increase the organization's reputation, compensate for externalities and bring economic benefits through the negative relationship with the cost of equity. To test this hypothesis, social responsibility reports of 83 companies listed on the São Paulo Stock, Mercantile and Futures Exchanges (Bolsa de Valores, Mercadorias e Futuros de São Paulo - BM) from the period 2005-2009 were collected and analyzed. A composite index of 13 indicators was used to evaluate the social disclosure level of the companies analyzed. The cost of equity was risk-adjusted using the capital asset-pricing model (CAPM) and regression tested using panel data with cross-sectional fixed effects. The results show a negative relationship between the cost of equity and level of social disclosure, indicating that the Brazilian stock market has a semi-strong form of market efficiency. Esta pesquisa tem por objetivo analisar a relação entre o nível de social disclosure e o custo de capital próprio em companhias abertas no Brasil. Assume-se a hipótese de que os programas sociais externos promovidos ou apoiados pelas empresas contribuem para a construção da imagem reputacional das organizações, compensando as externalidades, trazendo benefícios sob o ponto de vista econômico, pela relação negativa com o custo do capital. Para testar essa hipótese, foram coletados e analisados os relatórios de responsabilidade social de 83 empresas listadas na Bolsa de Valores, Mercadorias e Futuros de São Paulo (BM), no período de 2005 a 2009. Para avaliação do nível de social disclosure das empresas analisadas, foi utilizado um índice composto de 13 indicadores. O custo de capital próprio foi ajustado ao risco mediante o Capital Asset Pricing Model (CAPM) e testado por meio de regressão com dados em painel com efeitos fixos seccionais. Os resultados evidenciam que há relação negativa entre custo de capital próprio e nível de social disclosure, indicando, para o mercado acionário brasileiro, uma forma semiforte de eficiência de mercado. Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária2013-08-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfhttps://www.revistas.usp.br/rcf/article/view/7882410.1590/S1519-70772013000200003Revista Contabilidade & Finanças; v. 24 n. 62 (2013); 113-124Revista Contabilidade & Finanças; Vol. 24 No. 62 (2013); 113-124Revista Contabilidade & Finanças; Vol. 24 Núm. 62 (2013); 113-1241808-057X1519-7077reponame:Revista Contabilidade & Finanças (Online)instname:Universidade de São Paulo (USP)instacron:USPporenghttps://www.revistas.usp.br/rcf/article/view/78824/82887https://www.revistas.usp.br/rcf/article/view/78824/82888Copyright (c) 2018 Revista Contabilidade & Finançasinfo:eu-repo/semantics/openAccessGonçalves, Rodrigo de SouzaMedeiros, Otávio Ribeiro deNiyama, Jorge KatsumiWeffort, Elionor Farah Jreige2014-04-04T13:21:46Zoai:revistas.usp.br:article/78824Revistahttp://www.revistas.usp.br/rcf/indexPUBhttps://old.scielo.br/oai/scielo-oai.phprecont@usp.br||recont@usp.br1808-057X1519-7077opendoar:2014-04-04T13:21:46Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
Social disclosure and cost of equity in public companies in Brazil Social disclosure e custo de capital próprio em companhias abertas no Brasil |
title |
Social disclosure and cost of equity in public companies in Brazil |
spellingShingle |
Social disclosure and cost of equity in public companies in Brazil Gonçalves, Rodrigo de Souza |
title_short |
Social disclosure and cost of equity in public companies in Brazil |
title_full |
Social disclosure and cost of equity in public companies in Brazil |
title_fullStr |
Social disclosure and cost of equity in public companies in Brazil |
title_full_unstemmed |
Social disclosure and cost of equity in public companies in Brazil |
title_sort |
Social disclosure and cost of equity in public companies in Brazil |
author |
Gonçalves, Rodrigo de Souza |
author_facet |
Gonçalves, Rodrigo de Souza Medeiros, Otávio Ribeiro de Niyama, Jorge Katsumi Weffort, Elionor Farah Jreige |
author_role |
author |
author2 |
Medeiros, Otávio Ribeiro de Niyama, Jorge Katsumi Weffort, Elionor Farah Jreige |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Gonçalves, Rodrigo de Souza Medeiros, Otávio Ribeiro de Niyama, Jorge Katsumi Weffort, Elionor Farah Jreige |
description |
This study aims to analyze the relationship between the level of social disclosure and the cost of equity in public companies in Brazil. The hypothesis is that external social programs promoted or supported by a company increase the organization's reputation, compensate for externalities and bring economic benefits through the negative relationship with the cost of equity. To test this hypothesis, social responsibility reports of 83 companies listed on the São Paulo Stock, Mercantile and Futures Exchanges (Bolsa de Valores, Mercadorias e Futuros de São Paulo - BM) from the period 2005-2009 were collected and analyzed. A composite index of 13 indicators was used to evaluate the social disclosure level of the companies analyzed. The cost of equity was risk-adjusted using the capital asset-pricing model (CAPM) and regression tested using panel data with cross-sectional fixed effects. The results show a negative relationship between the cost of equity and level of social disclosure, indicating that the Brazilian stock market has a semi-strong form of market efficiency. |
publishDate |
2013 |
dc.date.none.fl_str_mv |
2013-08-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://www.revistas.usp.br/rcf/article/view/78824 10.1590/S1519-70772013000200003 |
url |
https://www.revistas.usp.br/rcf/article/view/78824 |
identifier_str_mv |
10.1590/S1519-70772013000200003 |
dc.language.iso.fl_str_mv |
por eng |
language |
por eng |
dc.relation.none.fl_str_mv |
https://www.revistas.usp.br/rcf/article/view/78824/82887 https://www.revistas.usp.br/rcf/article/view/78824/82888 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2018 Revista Contabilidade & Finanças info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2018 Revista Contabilidade & Finanças |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf |
dc.publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
dc.source.none.fl_str_mv |
Revista Contabilidade & Finanças; v. 24 n. 62 (2013); 113-124 Revista Contabilidade & Finanças; Vol. 24 No. 62 (2013); 113-124 Revista Contabilidade & Finanças; Vol. 24 Núm. 62 (2013); 113-124 1808-057X 1519-7077 reponame:Revista Contabilidade & Finanças (Online) instname:Universidade de São Paulo (USP) instacron:USP |
instname_str |
Universidade de São Paulo (USP) |
instacron_str |
USP |
institution |
USP |
reponame_str |
Revista Contabilidade & Finanças (Online) |
collection |
Revista Contabilidade & Finanças (Online) |
repository.name.fl_str_mv |
Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP) |
repository.mail.fl_str_mv |
recont@usp.br||recont@usp.br |
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1787713776743612416 |