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Author: Musa Mangena Publisher: ISBN: Category : Languages : en Pages :
Book Description
In this paper, we investigate whether intellectual capital (IC) and financial disclosures jointly affect the firm's cost of equity capital. In contrast to prior research, we disaggregate disclosures into IC and financial disclosures and examine whether the two disclosure types are jointly related to the cost of equity capital. We also investigate whether IC and financial disclosures have an interaction effect on the cost of equity capital. Using data for a sample of 125 UK firms, we find a negative relationship between the cost of equity capital and IC disclosure. We find that the relationship between financial disclosure and the cost of equity capital is magnified when combined with IC disclosure. Additionally, we find that IC and financial disclosures interact in shaping their effects on the cost of equity capital. Further analyses suggest that the effect of financial disclosure on the cost of equity capital is augmented for firms characterised by a medium level of IC disclosure. These results provide important insights into the relationship between disclosures and cost of equity capital and have policy and practical implications.
Author: Musa Mangena Publisher: ISBN: Category : Languages : en Pages :
Book Description
In this paper, we investigate whether intellectual capital (IC) and financial disclosures jointly affect the firm's cost of equity capital. In contrast to prior research, we disaggregate disclosures into IC and financial disclosures and examine whether the two disclosure types are jointly related to the cost of equity capital. We also investigate whether IC and financial disclosures have an interaction effect on the cost of equity capital. Using data for a sample of 125 UK firms, we find a negative relationship between the cost of equity capital and IC disclosure. We find that the relationship between financial disclosure and the cost of equity capital is magnified when combined with IC disclosure. Additionally, we find that IC and financial disclosures interact in shaping their effects on the cost of equity capital. Further analyses suggest that the effect of financial disclosure on the cost of equity capital is augmented for firms characterised by a medium level of IC disclosure. These results provide important insights into the relationship between disclosures and cost of equity capital and have policy and practical implications.
Author: Markus Bader Publisher: GRIN Verlag ISBN: 9783668225893 Category : Languages : en Pages : 72
Book Description
Bachelor Thesis from the year 2015 in the subject Business economics - Investment and Finance, grade: 1.0, accadis International College Bad Homburg, course: Final Thesis, language: English, abstract: The potential relation of increased levels of corporate disclosure on a firm's cost of capital remains of great importance, both from a research-focussed and business- oriented point-of-view; however, the existence of methodological drawbacks has led to ever more complex studies, which eventually made the literature vast and confusing for outside readers. The purpose of this thesis was to organise and thereby simplify the different perspectives on a dynamic issue. It is argued that, in theory, enhanced transparency levels the marketplace by spreading information more equally among investors. Consequently, the information asymmetry component is mitigated, which translates into lower levels of estimation risk, transaction costs and default risk. After all, theoretical studies provided evidence that increased disclosure lowers the costs of capital. However, since neither of the involved components is directly observable, a myriad of approaches emerged to approximate actual figures. Although most of these proxies follow similar patterns, it is argued that none of the present approaches is free from constraints, which, in turn, affects the reliability of existing empirical studies. Research, after all, still lacks a generally accepted and holistic approach to the present day. In this context, one of the most recent findings provides a new and rather praxis-oriented perspective, by arguing that firms and investors are merely interested in a good-practice level of disclosure. Regardless of the perspective, an ultimate conclusion has yet to be revealed by the literature and it seems illusory that academics and practitioners agree on one approach in the future. Nevertheless, the contribution of this thesis was merely to structure and simplify the current state of a dynamic i
Author: Kevin C. W. Chen Publisher: ISBN: Category : Languages : en Pages : 44
Book Description
This paper examines the effects of disclosure and other corporate governance mechanisms on the cost of equity capital in Asia's emerging markets with newly released surveys from Credit Lyonnais Securities Asia (CLSA). We find that both disclosure and non-disclosure corporate governance mechanisms have a significantly negative effect on the cost of equity capital. In addition, the effect of non-disclosure governance mechanisms is more profound than that of disclosure on the cost of equity capital. Specifically, after controlling for beta and size, when a firm improves its aggregate non-disclosure corporate governance ranking from the 25th percentile to the 75th percentile, its cost of equity capital is reduced roughly by 1.26 percentage points, while the corresponding reduction in the cost of equity capital for the same improvement in disclosure is 0.47. Finally, we find that country-level investor protection and firm-level corporate governance are both important in reducing the cost of equity capital. Our findings suggest that, in emerging markets where infrastructural factors, such as the legal protection of investors and the overall level of corporate governance, are not well established, reducing the expropriation risk by strengthening overall corporate governance appears to be more important in reducing the cost of equity capital than adopting a more forthright disclosure policy.
Author: Muji Setiyo Publisher: European Alliance for Innovation ISBN: 1631903152 Category : Social Science Languages : en Pages : 1516
Book Description
The Covid-19 pandemic has changed our activities, like teaching, researching, and socializing. We are confused because we haven’t experienced before. However, as Earth's smartest inhabitants, we can adapt new ways to survive the pandemic without losing enthusiasm. Therefore, even in pandemic conditions, we can still have scientific discussions, even virtually. The main theme of this symposium is "Reinforcement of the Sustainable Development Goals Post Pandemic" as a part of the masterplan of United Nations for sustainable development goals in 2030. This symposium is attended by 348 presenters from Indonesia, Malaysia, UK, Scotland, Thailand, Taiwan, Tanzania and Timor Leste which published 202 papers. Furthermore, we are delighted to introduce the proceedings of the 2nd Borobudur Symposium Borobudur on Humanities and Social Sciences 2020 (2nd BIS-HSS 2020). We hope our later discussion may result transfer of experiences and research findings from participants to others and from keynote speakers to participants. Also, we hope this event can create further research network.
Author: Mahmoud Marzouk Publisher: Taylor & Francis ISBN: 1000760790 Category : Business & Economics Languages : en Pages : 406
Book Description
This book presents a comprehensive and expert-led insight into the role, types, practises and determinants of corporate narrative reporting (CNR). It provides a detailed overview of the importance of narrative disclosure in understanding the full annual report and, consequently, company performance and future prospects. CNR comprises integral information presented in the front half of the annual report, which helps to tell the full story of a business, providing a comprehensive overview and understanding of both its past and future performance. Supported with illustrative tables and figures throughout, this volume contains a plethora of carefully selected chapters, featuring the analytical insight of knowledgeable academics and researchers from all over the world. Using different data collection and analysis methods, it links and advances theory and practice in the disclosure and presentation of non-financial information in annual reports and other disclosure channels. The book is logically structured into four parts: Narrative Reporting: The State of the Art Empirical Research on Narrative Reporting Narrative Sustainability Reporting Narrative Reporting in Times of Crisis Providing a global insight into CNR in practice, Corporate Narrative Reporting is an invaluable resource for both students and practitioners interested or involved in preparing, reviewing/auditing, analysing and understanding annual reports. It should also be of particular interest to policymakers, regulators and investors.
Author: William A. Barnett Publisher: Emerald Group Publishing ISBN: 1838673598 Category : Business & Economics Languages : en Pages : 604
Book Description
Recent Developments in Asian Economics is a crucial resource of current, cutting-edge research for any scholar of international finance and economics. Chapters cover a wide range of topics, such as social welfare systems, organizational culture, sustainability, the impact of economic policy uncertainty, and more.
Author: Paola De Vincentiis Publisher: Springer ISBN: 3030165264 Category : Business & Economics Languages : en Pages : 447
Book Description
With contributions presented during the Second International Risk Management Conference, this second volume addresses important areas of risk management from a variety of angles and perspectives. The book will cover two separate tracks—financial risk management and risk management and corporate strategies—and will be of interest to academic researchers and students in risk management, banking, and finance.
Author: Peter Kennedy Publisher: John Wiley & Sons ISBN: 1405182571 Category : Business & Economics Languages : en Pages : 608
Book Description
Dieses etwas andere Lehrbuch bietet keine vorgefertigten Rezepte und Problemlösungen, sondern eine kritische Diskussion ökonometrischer Modelle und Methoden: voller überraschender Fragen, skeptisch, humorvoll und anwendungsorientiert. Sein Erfolg gibt ihm Recht.
Author: Musa Mangena
Author: Musa Mangena
Author: Markus Bader
Author: Dan Singh Dhaliwal
Author: christine ann botosan
Author: Kevin C. W. Chen
Author: Muji Setiyo
Author: Mahmoud Marzouk
Author: William A. Barnett
Author: Paola De Vincentiis
Author: Peter Kennedy