메뉴 건너뛰기




Volumn 80, Issue 4, 2005, Pages 1125-1162

Disclosure incentives and effects on cost of capital around the world

Author keywords

Cost of capital; External financing; Voluntary disclosure

Indexed keywords


EID: 27844468604     PISSN: 00014826     EISSN: None     Source Type: Journal    
DOI: 10.2308/accr.2005.80.4.1125     Document Type: Review
Times cited : (451)

References (71)
  • 1
    • 0033095793 scopus 로고    scopus 로고
    • Associations between corporate characteristics and disclosure levels in annual reports: A meta analysis
    • Ahmed, K., and J. Courtis. 1999. Associations between corporate characteristics and disclosure levels in annual reports: A meta analysis. British Accounting Review 31: 35-61.
    • (1999) British Accounting Review , vol.31 , pp. 35-61
    • Ahmed, K.1    Courtis, J.2
  • 2
    • 0034340509 scopus 로고    scopus 로고
    • Country-specific factors related to financial reporting and the value relevance of accounting data
    • Ali, A., and L. Hwang. 2000. Country-specific factors related to financial reporting and the value relevance of accounting data. Journal of Accounting Research 38: 1-21.
    • (2000) Journal of Accounting Research , vol.38 , pp. 1-21
    • Ali, A.1    Hwang, L.2
  • 4
    • 27844528751 scopus 로고
    • Charlottesville, VA: AIMR
    • Association for Investment Management and Research (AIMR), Corporate Information Committee. 1982-1995. An Annual Review of Corporate Reporting Practices. Charlottesville, VA: AIMR.
    • (1982) An Annual Review of Corporate Reporting Practices
  • 5
    • 0030306387 scopus 로고    scopus 로고
    • The relation between capital markets, financial disclosure, production efficiency, and insider trading
    • Baiman, S., and R. Verrecchia. 1996. The relation between capital markets, financial disclosure, production efficiency, and insider trading. Journal of Accounting Research 34: 1-22.
    • (1996) Journal of Accounting Research , vol.34 , pp. 1-22
    • Baiman, S.1    Verrecchia, R.2
  • 6
    • 0001667056 scopus 로고
    • Corporate financial reporting: A methodological review of empirical research
    • Ball, R., and G. Foster. 1982. Corporate financial reporting: A methodological review of empirical research. Journal of Accounting Research 10: 161-234.
    • (1982) Journal of Accounting Research , vol.10 , pp. 161-234
    • Ball, R.1    Foster, G.2
  • 7
    • 0042780791 scopus 로고    scopus 로고
    • The effect of international institutional factors on properties of accounting earnings
    • -, S. Kothari, and A. Robin. 2000. The effect of international institutional factors on properties of accounting earnings. Journal of Accounting and Economics 29 (February): 1-51.
    • (2000) Journal of Accounting and Economics , vol.29 , Issue.FEBRUARY , pp. 1-51
    • Kothari, S.1    Robin, A.2
  • 8
    • 0032264834 scopus 로고    scopus 로고
    • Discretionary management earnings forecast disclosure: Antecedents and outcomes associated with forecast venue and forecast specificity choices
    • Bamber, L., and Y. Cheon. 1998. Discretionary management earnings forecast disclosure: Antecedents and outcomes associated with forecast venue and forecast specificity choices. Journal of Accounting Research 36: 167-190.
    • (1998) Journal of Accounting Research , vol.36 , pp. 167-190
    • Bamber, L.1    Cheon, Y.2
  • 11
    • 0036091092 scopus 로고    scopus 로고
    • Industry growth and capital allocation: Does having a market- or bank-based system matter?
    • -, and -. 2002. Industry growth and capital allocation: Does having a market- or bank-based system matter? Journal of Financial Economics 64: 147-180.
    • (2002) Journal of Financial Economics , vol.64 , pp. 147-180
  • 13
    • 0031184823 scopus 로고    scopus 로고
    • Disclosure level and the cost of equity capital
    • Botosan, C. 1997. Disclosure level and the cost of equity capital. The Accounting Review 20: 323-349.
    • (1997) The Accounting Review , vol.20 , pp. 323-349
    • Botosan, C.1
  • 14
    • 0036004043 scopus 로고    scopus 로고
    • A re-examination of disclosure level and the expected cost of equity capital
    • -, and M. Plumlee. 2002. A re-examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research 40: 21-40.
    • (2002) Journal of Accounting Research , vol.40 , pp. 21-40
    • Plumlee, M.1
  • 15
    • 13844266630 scopus 로고    scopus 로고
    • Assessing alternative proxies for the expected risk premium
    • -, and -. 2005. Assessing alternative proxies for the expected risk premium. The Accounting Review 80: 21-53.
    • (2005) The Accounting Review , vol.80 , pp. 21-53
  • 16
    • 84977423732 scopus 로고
    • The theoretical relationship between systematic risk and financial (accounting) variables
    • Bowman, R. 1979. The theoretical relationship between systematic risk and financial (accounting) variables. Journal of Finance 34: 617-630.
    • (1979) Journal of Finance , vol.34 , pp. 617-630
    • Bowman, R.1
  • 17
    • 0000108966 scopus 로고    scopus 로고
    • Financial accounting information and corporate governance
    • Bushman, R., and A. Smith. 2001. Financial accounting information and corporate governance. Journal of Accounting and Economics 32: 237-333.
    • (2001) Journal of Accounting and Economics , vol.32 , pp. 237-333
    • Bushman, R.1    Smith, A.2
  • 19
    • 0037729109 scopus 로고
    • Princeton, NJ: CIFAR Publications Inc
    • Center for International Financial Analysis and Research (CIFAR). 1993. Global Company Handbook. 2nd edition. Princeton, NJ: CIFAR Publications Inc.
    • (1993) Global Company Handbook. 2nd Edition
  • 21
    • 84963475015 scopus 로고
    • Financial disclosure in relation to a firm's capital costs
    • Choi, F. 1973. Financial disclosure in relation to a firm's capital costs. Accounting and Business Research 4: 282-292.
    • (1973) Accounting and Business Research , vol.4 , pp. 282-292
    • Choi, F.1
  • 22
    • 0039250386 scopus 로고    scopus 로고
    • Fruity premia as low as three percent? Empirical evidence from analysts' earnings forecasts for domestic and international stock markets
    • Claus, J., and J. Thomas. 2001. Fruity premia as low as three percent? Empirical evidence from analysts' earnings forecasts for domestic and international stock markets. Journal of Finance 56: 1629-1666.
    • (2001) Journal of Finance , vol.56 , pp. 1629-1666
    • Claus, J.1    Thomas, J.2
  • 24
    • 0001599433 scopus 로고
    • External environment, culture and accounting practice: A preliminary test of a general model of international accounting development
    • Doupnik, T., and S. Salter. 1995. External environment, culture and accounting practice: A preliminary test of a general model of international accounting development. International Journal of Accounting 30: 189-207.
    • (1995) International Journal of Accounting , vol.30 , pp. 189-207
    • Doupnik, T.1    Salter, S.2
  • 25
    • 1342330573 scopus 로고    scopus 로고
    • PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital
    • Easton, P. 2004. PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. The Accounting Review 79: 73-95.
    • (2004) The Accounting Review , vol.79 , pp. 73-95
    • Easton, P.1
  • 26
    • 18944383233 scopus 로고    scopus 로고
    • An evaluation of accounting-based measures of expected returns
    • -, and S. Monahan. 2005. An evaluation of accounting-based measures of expected returns. The Accounting Review: 80 (2): 501-538.
    • (2005) The Accounting Review , vol.80 , Issue.2 , pp. 501-538
    • Monahan, S.1
  • 27
    • 1542451222 scopus 로고    scopus 로고
    • The structure of interest rates
    • edited by F. Fabozzi. Chicago, IL: Irwin Professional Publishing
    • Fabozzi, F. 1997. The structure of interest rates. In The Handbook of Fixed Income Securities, edited by F. Fabozzi. Chicago, IL: Irwin Professional Publishing.
    • (1997) The Handbook of Fixed Income Securities
    • Fabozzi, F.1
  • 28
    • 85147689015 scopus 로고    scopus 로고
    • The role of accounting and auditing in corporate governance, and the development of financial markets around the world
    • Francis, J., I. Khurana, and R. Pereira. 2003. The role of accounting and auditing in corporate governance, and the development of financial markets around the world. Asia-Pacific Journal of Accounting and Economics 10: 1-31.
    • (2003) Asia-Pacific Journal of Accounting and Economics , vol.10 , pp. 1-31
    • Francis, J.1    Khurana, I.2    Pereira, R.3
  • 29
  • 30
    • 33749030268 scopus 로고
    • The option pricing model and the risk factor of stock
    • Galai, D., and R. Masulis. 1976. The option pricing model and the risk factor of stock. Journal of Financial Economics 3: 53-82.
    • (1976) Journal of Financial Economics , vol.3 , pp. 53-82
    • Galai, D.1    Masulis, R.2
  • 32
    • 1342303879 scopus 로고    scopus 로고
    • Inferring the cost of capital using the Ohlson-Juettner model
    • Gode, D., and P. Mohanram. 2003. Inferring the cost of capital using the Ohlson-Juettner model. Review of Accounting Studies 8: 399-431.
    • (2003) Review of Accounting Studies , vol.8 , pp. 399-431
    • Gode, D.1    Mohanram, P.2
  • 34
    • 0001685353 scopus 로고
    • The effect of the firm's capital structure on the systematic risk of common stocks
    • Hamada, R. 1972. The effect of the firm's capital structure on the systematic risk of common stocks. Journal of Finance 27: 435-452.
    • (1972) Journal of Finance , vol.27 , pp. 435-452
    • Hamada, R.1
  • 36
    • 21844525574 scopus 로고
    • The value relevance of German accounting measures: An empirical analysis
    • Harris, T., M. Lang, and H. Moller. 1994. The value relevance of German accounting measures: An empirical analysis. Journal of Accounting Research 32: 187-209.
    • (1994) Journal of Accounting Research , vol.32 , pp. 187-209
    • Harris, T.1    Lang, M.2    Moller, H.3
  • 37
    • 0000250716 scopus 로고
    • Specification tests in econometrics
    • Hausman, J. 1978. Specification tests in econometrics. Econometrica 46 (November): 1251-1271.
    • (1978) Econometrica , vol.46 , Issue.NOVEMBER , pp. 1251-1271
    • Hausman, J.1
  • 38
    • 0030241905 scopus 로고    scopus 로고
    • Segment reporting to the capital market in the presence of a competitor
    • Hayes, R., and R. Lundholm. 1996. Segment reporting to the capital market in the presence of a competitor. Journal of Accounting Research 34: 261-279.
    • (1996) Journal of Accounting Research , vol.34 , pp. 261-279
    • Hayes, R.1    Lundholm, R.2
  • 39
    • 0001882194 scopus 로고
    • The effect of firms' financial disclosure strategies on stock prices
    • Healy, P., and K. Palepu. 1993. The effect of firms' financial disclosure strategies on stock prices. Accounting Horizons 1 (March): 1-11.
    • (1993) Accounting Horizons , vol.1 , Issue.MARCH , pp. 1-11
    • Healy, P.1    Palepu, K.2
  • 40
    • 0000388461 scopus 로고    scopus 로고
    • Stock performance and intermediation changes surrounding sustained increases in disclosure
    • -, A. Hutton, and K. Palepu. 1999. Stock performance and intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research 16 (Fall): 485-520.
    • (1999) Contemporary Accounting Research , vol.16 , Issue.FALL , pp. 485-520
    • Hutton, A.1    Palepu, K.2
  • 41
    • 0012319054 scopus 로고    scopus 로고
    • Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature
    • -, and K. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics (September): 405-440.
    • (2001) Journal of Accounting and Economics , Issue.SEPTEMBER , pp. 405-440
    • Palepu, K.1
  • 42
    • 0037725009 scopus 로고    scopus 로고
    • Disclosure practices, enforcement of accounting standards, and analysts' forecast accuracy: An international study
    • Hope, O. 2003. Disclosure practices, enforcement of accounting standards, and analysts' forecast accuracy: An international study. Journal of Accounting Research 41 (May): 235-272.
    • (2003) Journal of Accounting Research , vol.41 , Issue.MAY , pp. 235-272
    • Hope, O.1
  • 43
    • 0000180018 scopus 로고    scopus 로고
    • Capital-market imperfections and investment
    • Hubbard, G. 1998. Capital-market imperfections and investment. Journal of Economic Literature 36: 193-225.
    • (1998) Journal of Economic Literature , vol.36 , pp. 193-225
    • Hubbard, G.1
  • 44
    • 0005766079 scopus 로고    scopus 로고
    • Accounting standards and value relevance of financial statements: An international analysis
    • Hung, M. 2000. Accounting standards and value relevance of financial statements: An international analysis. Journal of Accounting and Economics 30 (December): 401-420.
    • (2000) Journal of Accounting and Economics , vol.30 , Issue.DECEMBER , pp. 401-420
    • Hung, M.1
  • 45
    • 0003518334 scopus 로고    scopus 로고
    • Washington, D.C.: IMF
    • International Monetary Fund (IMF). 2003. International Financial Statistics. Washington, D.C.: IMF.
    • (2003) International Financial Statistics
  • 46
    • 0000583724 scopus 로고
    • Myopic management behavior with efficient, but imperfect financial markets: A comparison of information asymmetries in the U.S. and Japan
    • Jacobson, R., and D. Aaker. 1993. Myopic management behavior with efficient, but imperfect financial markets: A comparison of information asymmetries in the U.S. and Japan. Journal of Accounting and Economics (October): 383-406.
    • (1993) Journal of Accounting and Economics , Issue.OCTOBER , pp. 383-406
    • Jacobson, R.1    Aaker, D.2
  • 47
    • 0038405149 scopus 로고    scopus 로고
    • Impact of culture, market forces, and legal system on financial disclosures
    • Jaggi, B., and P. Low. 2000. Impact of culture, market forces, and legal system on financial disclosures. International Journal of Accounting 35: 459-519.
    • (2000) International Journal of Accounting , vol.35 , pp. 459-519
    • Jaggi, B.1    Low, P.2
  • 49
    • 0001427287 scopus 로고
    • Expectations adjustments via timely management forecasts: Review, synthesis, and suggestions for future research
    • King, R., G. Pownall, and G. Waymire. 1990. Expectations adjustments via timely management forecasts: Review, synthesis, and suggestions for future research. Journal of Accounting Literature 9: 113-144.
    • (1990) Journal of Accounting Literature , vol.9 , pp. 113-144
    • King, R.1    Pownall, G.2    Waymire, G.3
  • 50
    • 0005766081 scopus 로고    scopus 로고
    • The role of financial reporting in reducing financial risks in the market
    • edited by E. Rosengren, and J. Jordan, Boston, MA: Federal Reserve Bank of Boston
    • Kothari, S. 2001. The role of financial reporting in reducing financial risks in the market. In Building an Infrastructure for Financial Stability, edited by E. Rosengren, and J. Jordan, 89-102. Boston, MA: Federal Reserve Bank of Boston.
    • (2001) Building An Infrastructure for Financial Stability , pp. 89-102
    • Kothari, S.1
  • 52
    • 0032416910 scopus 로고    scopus 로고
    • Law and finance
    • -, -, -, and -. 1998. Law and finance. Journal of Political Economy 106: 1113-1155.
    • (1998) Journal of Political Economy , vol.106 , pp. 1113-1155
  • 53
    • 0003170891 scopus 로고    scopus 로고
    • Investor protection and corporate governance
    • -, -, -, and -. 2000. Investor protection and corporate governance. Journal of Financial Economics 58: 3-27.
    • (2000) Journal of Financial Economics , vol.58 , pp. 3-27
  • 54
    • 0041669366 scopus 로고    scopus 로고
    • Investor protection and corporate valuation
    • -, -, -, and -. 2002. Investor protection and corporate valuation. Journal of Finance 57: 1147-1170.
    • (2002) Journal of Finance , vol.57 , pp. 1147-1170
  • 55
    • 85039387989 scopus 로고    scopus 로고
    • The role of financial reporting: Discussion
    • edited by E. Rosengren, and J. Jordan, Boston, MA: Federal Reserve Bank of Boston
    • Lago, M. 2001. The role of financial reporting: Discussion. In Building an Infrastructure for Financial Stability, edited by E. Rosengren, and J. Jordan, 103-107. Boston, MA: Federal Reserve Bank of Boston.
    • (2001) Building An Infrastructure for Financial Stability , pp. 103-107
    • Lago, M.1
  • 56
    • 21344483941 scopus 로고
    • Cross-sectional determinants of analyst ratings of corporate disclosures
    • Lang, M., and R. Lundholm. 1993. Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research 31: 246-270.
    • (1993) Journal of Accounting Research , vol.31 , pp. 246-270
    • Lang, M.1    Lundholm, R.2
  • 57
    • 0001464179 scopus 로고    scopus 로고
    • Voluntary disclosure and equity offerings: Reducing information asymmetry or hyping the stock?
    • -, and -. 2000. Voluntary disclosure and equity offerings: Reducing information asymmetry or hyping the stock? Contemporary Accounting Research 17: 623-662.
    • (2000) Contemporary Accounting Research , vol.17 , pp. 623-662
  • 58
    • 0038062629 scopus 로고    scopus 로고
    • ADRS, analysts, and accuracy: Does cross-listing in the Unites States improve a firm's information environment and increase market value?
    • -, K. Lins, and D. Miller. 2003. ADRS, analysts, and accuracy: Does cross-listing in the Unites States improve a firm's information environment and increase market value? Journal of Accounting Research 31: 317-345.
    • (2003) Journal of Accounting Research , vol.31 , pp. 317-345
    • Lins, K.1    Miller, D.2
  • 59
    • 0002304601 scopus 로고
    • Evidence on the impact of mandatory changes in accounting principles on corporate loan agreements
    • Leftwich, R. 1981. Evidence on the impact of mandatory changes in accounting principles on corporate loan agreements. Journal of Accounting and Economics 3: 3-30.
    • (1981) Journal of Accounting and Economics , vol.3 , pp. 3-30
    • Leftwich, R.1
  • 60
    • 0346613552 scopus 로고    scopus 로고
    • Stock markets, banks, and economic growth
    • Levine, R., and S. Zervos. 1998. Stock markets, banks, and economic growth. American Economic Review 88: 537-558.
    • (1998) American Economic Review , vol.88 , pp. 537-558
    • Levine, R.1    Zervos, S.2
  • 61
    • 0003093394 scopus 로고    scopus 로고
    • Financial intermediation and growth: Causality and causes
    • -, N. Loayza, and T. Beck. 2000. Financial intermediation and growth: Causality and causes. Journal of Monetary Economics 46: 31-77.
    • (2000) Journal of Monetary Economics , vol.46 , pp. 31-77
    • Loayza, N.1    Beck, T.2
  • 65
    • 0036788673 scopus 로고    scopus 로고
    • Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings
    • Reese, W., and M. Weisbach. 2003. Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings. Journal of Financial Economics 66: 65-104.
    • (2003) Journal of Financial Economics , vol.66 , pp. 65-104
    • Reese, W.1    Weisbach, M.2
  • 66
    • 0032359234 scopus 로고    scopus 로고
    • Corporate disclosure quality and the cost of debt
    • Sengupta, P. 1998. Corporate disclosure quality and the cost of debt. The Accounting Review 73: 459-474.
    • (1998) The Accounting Review , vol.73 , pp. 459-474
    • Sengupta, P.1
  • 67
    • 1942479061 scopus 로고    scopus 로고
    • Agency costs, information, and capital investment
    • edited by G. Constantinides, M. Harris, and R. Stulz, Amsterdam, Holland: North-Holland
    • Stein, J. 2001. Agency costs, information, and capital investment. In Handbook of the Economics of Finance, edited by G. Constantinides, M. Harris, and R. Stulz, 109-163. Amsterdam, Holland: North-Holland.
    • (2001) In Handbook of the Economics of Finance , pp. 109-163
    • Stein, J.1
  • 69
    • 38249020781 scopus 로고
    • Endogenous proprietary costs through firm interdependence
    • -. 1990. Endogenous proprietary costs through firm interdependence. Journal of Accounting and Economics 12: 245-250.
    • (1990) Journal of Accounting and Economics , vol.12 , pp. 245-250
  • 71
    • 84984199207 scopus 로고
    • Disclosure policy, information asymmetry, and liquidity in equity markets
    • Welker, M. 1995. Disclosure policy, information asymmetry, and liquidity in equity markets. Contemporary Accounting Research 11: 801-827.
    • (1995) Contemporary Accounting Research , vol.11 , pp. 801-827
    • Welker, M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.