Web‐Based Non‐Financial Disclosure and Cost of Finance

Raf Orens, Walter Aerts and Denis Cormier

Journal of Business Finance & Accounting, 2010, vol. 37, issue 9‐10, 1057-1093

Abstract: Abstract: We study the association of Web‐based non‐financial disclosure and a firm's cost of finance within an international context (North America and Continental Europe). We examine voluntary Web placement of non‐financial disclosures using an information index covering a firm's value creation process. We find a negative association between the level of Web‐based non‐financial disclosure and the implied cost of equity capital in North America and in Continental Europe. Continental European firms with higher levels of Web‐based non‐financial disclosure also tend to benefit from a lower information asymmetry and from a lower cost of debt capital, whereas North American firms do not.

Date: 2010
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