کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7415682 | 1482065 | 2018 | 31 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Idiosyncratic information and the cost of equity capital: A meta-analytic review of the literature
ترجمه فارسی عنوان
اطلاعات ایدئوسنکراتیک و هزینه سرمایه گذاری: یک بررسی متاآنالیتیک از ادبیات
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کلمات کلیدی
متاآنالیز، اطلاعات نامتقارن، خطر اطلاعات، بازده مورد انتظار، هزینه سرمایه متعلق به، هزینه نامشهود سرمایه،
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
چکیده انگلیسی
This paper provides a quantitative review of the literature on the repercussions of idiosyncratic information on firms' cost of equity (CoE) capital. In total, I review the results of 113 unique studies examining the CoE effects of information Quantity, Precision and Asymmetry. My results suggest that the association between firm-specific information and CoE is subject to moderate effects. First, the link between Quantity and CoE is moderated by disclosure types and country-level factors in that firms in comparatively weakly regulated countries tend to enjoy up to four times greater CoE benefits from more expansive disclosure-depending on the type of disclosure-than firms in strongly regulated markets. Second, a negative relationship between Precision and CoE is only significant in studies using non-accrual quality proxies for Precision and risk factor-based (RFB)/valuation model-based (VMB) proxies for CoE. Third, almost all VMB studies confirm the positive association between Asymmetry and CoE, but there is notable variation in the conclusions reached when ex post CoE measurers are used.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Accounting Literature - Volume 41, December 2018, Pages 142-172
Journal: Journal of Accounting Literature - Volume 41, December 2018, Pages 142-172
نویسندگان
Max Schreder,