e-journal

Meta-analytic review of disclosure level and cost of equity capital

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Purpose – The purpose of this paper is to meta-analyze the results of 22 empirical studies that
examine the relationship between voluntary disclosure and cost of equity capital. The authors examine
whether differences in results are attributable to moderating effects related to disclosure environment,
the measurement of the disclosure score and the proxy used to measure the cost of equity capital.
Design/methodology/approach – The approach used is the meta-analysis statistic technique
developed by Hunter et al.
Findings – The results emphasize the need to explicitly consider the legal and institutional aspects
(high disclosure environment versus low disclosure environment) when one analyzes the association
between disclosure level and cost of equity capital.
Originality/value – Since the authors’ analysis confirms the negative association between
disclosure and cost of equity capital in countries characterized by low disclosure environment,
managers in these contexts are encouraged to make more voluntary disclosure in order to reduce
uncertainty among investors and increase the marketability of their securities.

Keywords Accounting, Disclosure, Equity capital, Voluntary disclosure, Non-financial disclosure,
Cost of equity capital, Disclosure environment

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Ketersediaan

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Informasi Detail

Judul Seri

International Journal of Accounting and Information Management

No. Panggil

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Penerbit

: Emerald Group., 2012

Deskripsi Fisik

International Journal of Accounting and Information Management Vol. 20 No. 1, 2012 pp. 49-62

Bahasa

English

ISBN/ISSN

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Klasifikasi

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Tipe Isi

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Tipe Media

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Tipe Pembawa

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Edisi

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Subjek

AKUNTANSI

Info Detail Spesifik

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Pernyataan Tanggungjawab

Asmawati/Syahrial

Versi lain/terkait

Lampiran Berkas

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