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
Additional contact information
Luciana Massaro Onusic: Luciana Massaro Onusic, Federal University of São Paulo/EPPEN, São Paulo, Brazil. E-mail: lucianaonusic@gmail.com
Daniel Reed Bergmann: Daniel Reed Bergmann, University of São Paulo, São Paulo, Brazil. E-mail: prof.drb@gmail.com

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
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://journals.sagepub.com/doi/10.1177/0972652714550928 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sae:emffin:v:13:y:2014:i:3:p:335-365

DOI: 10.1177/0972652714550928

Access Statistics for this article

More articles in Journal of Emerging Market Finance from Institute for Financial Management and Research
Bibliographic data for series maintained by SAGE Publications ().