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The Influence of E-disclosure on the Ex-Ante Cost of Capital of Listed Companies in Brazil

Wesley Mendes-Da-Silva (), Luciana Massaro Onusic and Daniel Reed Bergmann
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Luciana Massaro Onusic: Luciana Massaro Onusic, Federal University of São Paulo/EPPEN, São Paulo, Brazil. E-mail:
Daniel Reed Bergmann: Daniel Reed Bergmann, University of São Paulo, São Paulo, Brazil. E-mail:

Journal of Emerging Market Finance, 2014, vol. 13, issue 3, 335-365

Abstract: The aim of this article is to show the existence of a relationship between voluntary disclosure via corporate websites and the ex-ante cost of capital of companies listed on the BM&FBovespa. Ordinary least-squares regression equations produced the following results: (a) on average, the companies listed on the New Market showed a lower cost of capital (≈3.3 percentage points lower); (b) on average, the companies deemed to be the most aggressive showed a higher cost of capital (≈3 percentage points higher than the conservative companies); and (c) the metrics of corporate website disclosure did not appear to be related to cost of capital. JEL Classification: E32, E44, G31, G32

Keywords: Disclosure; cost capital; dissemination corporate information; corporate governance; accounting policy (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1177/0972652714550928

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