메뉴 건너뛰기




Volumn 20, Issue 1, 2012, Pages 49-62

Meta-analytic review of disclosure level and cost of equity capital

Author keywords

Accounting; Cost of equity capital; Disclosure; Disclosure environment; Equity capital; Non financial disclosure; Voluntary disclosure

Indexed keywords


EID: 84857759537     PISSN: 18347649     EISSN: 17589037     Source Type: Journal    
DOI: 10.1108/18347641211201072     Document Type: Review
Times cited : (40)

References (47)
  • 1
    • 0033095793 scopus 로고    scopus 로고
    • Association between corporate characteristics and disclosure levels in annual reports: A meta-analysis
    • Ahmed, K. and Courtis, J.K. (1999), "Association between corporate characteristics and disclosure levels in annual reports: a meta-analysis", British Accounting Review, Vol. 31, pp. 35-61
    • (1999) British Accounting Review , vol.31 , pp. 35-61
    • Ahmed, K.1    Courtis, J.K.2
  • 3
    • 0009090509 scopus 로고    scopus 로고
    • An analysis (meta- and otherwise) of multinational transfer pricing research
    • Borkowski, S.C. (1996), "An analysis (meta-and otherwise) of multinational transfer pricing research", The International Journal of Accounting, Vol. 31 No. 1, pp. 39-53 (Pubitemid 126665864)
    • (1996) International Journal of Accounting , vol.31 , Issue.1 , pp. 39-53
    • Borkowski, S.C.1
  • 4
    • 28444449083 scopus 로고    scopus 로고
    • Using expectations to test asset pricing models
    • Brav, A., Lehavy, R. and Michaely, R. (2005), "Using expectations to test asset pricing models", Financial Management, Vol. 34 No. 3, pp. 31-64 (Pubitemid 41730752)
    • (2005) Financial Management , vol.34 , Issue.3 , pp. 31-64
    • Brav, A.1    Lehavy, R.2    Michaely, R.3
  • 5
    • 0039250386 scopus 로고    scopus 로고
    • Equity premia as low as three percent? Evidence from analysts'earnings forecasts for domestic and international stock markets
    • Claus, J. and Thomas, J. (2001), "Equity premia as low as three percent? Evidence from analysts'earnings forecasts for domestic and international stock markets", Journal of Finance, Vol. 56, pp. 1629-66
    • (2001) Journal of Finance , vol.56 , pp. 1629-66
    • Claus, J.1    Thomas, J.2
  • 6
    • 33646886798 scopus 로고    scopus 로고
    • Economic benefits of adopting IFRS or US-GAAP - Have the expected cost of equity capital really decreased
    • DOI 10.1111/j.1468-5957.2006.00611.x
    • Daske, H. (2006), "Economic benefits of adopting IFRS or US-GAAP -have the expected cost of equity capital really decreased?", Journal of Business Finance & Accounting, Vol. 33 Nos 3/4, pp. 329-73 (Pubitemid 43787604)
    • (2006) Journal of Business Finance and Accounting , vol.33 , Issue.3-4 , pp. 329-373
    • Daske, H.1
  • 7
    • 23944494799 scopus 로고    scopus 로고
    • Firm-specific determinants of continuous corporate disclosures
    • DOI 10.1016/j.intacc.2005.06.002, PII S0020706305000543
    • Debreceny, R. and Rahman, A. (2005), "Firm-specific determinants of continuous corporate disclosures", The International Journal of Accounting, Vol. 40, pp. 249-78 (Pubitemid 41194961)
    • (2005) International Journal of Accounting , vol.40 , Issue.3 , pp. 249-278
    • Debreceny, R.1    Rahman, A.2
  • 8
    • 2442439827 scopus 로고    scopus 로고
    • Investor protection and corporate governance: Evidence from worldwide CEO turnover
    • DOI 10.1111/j.1475-679X.2004.00138.x
    • Defond, M.L. and Hung, M. (2004), "Investor protection and corporate governance: evidence from worldwide CEO turnover", Journal of Accounting Research, Vol. 42, pp. 269-312 (Pubitemid 38652293)
    • (2004) Journal of Accounting Research , vol.42 , Issue.2 , pp. 269-312
    • Defond, M.L.1    Hung, M.2
  • 9
    • 84942585214 scopus 로고
    • Disclosure, liquidity and cost of equity capital
    • Diamond, D.W. and Verrechia, R. (1991), "Disclosure, liquidity and cost of equity capital", The Journal of Finance, Vol. 46 No. 4, pp. 1325-60
    • (1991) The Journal of Finance , vol.46 , Issue.4 , pp. 1325-60
    • Diamond, D.W.1    Verrechia, R.2
  • 10
    • 2442609381 scopus 로고    scopus 로고
    • Information and cost of capital
    • Easly, D. and O' Hara, M. (2004), "Information and cost of capital", Journal of Finance, Vol. LIX No. 4, pp. 1553-83
    • (2004) Journal of Finance , vol.59 , Issue.4 , pp. 1553-83
    • Easly, D.1    O'Hara, M.2
  • 11
    • 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, Vol. 79 No. 4, pp. 73-95 (Pubitemid 38260526)
    • (2004) Accounting Review , vol.79 , Issue.1 , pp. 73-95
    • Easton, P.D.1
  • 12
    • 77957699941 scopus 로고    scopus 로고
    • dissertation paper, University of Fribourg, Fribourg
    • Froidevaux, P. (2004a), "Fundamental equity valuation", dissertation paper, University of Fribourg, Fribourg
    • (2004) Fundamental Equity Valuation
    • Froidevaux, P.1
  • 13
    • 77149126748 scopus 로고    scopus 로고
    • Disclosure quality, cost of capital, and investor welfare
    • Gao, P. (2010), "Disclosure quality, cost of capital, and investor welfare", The Accounting Review, Vol. 85 No. 1, pp. 1-29
    • (2010) The Accounting Review , vol.85 , Issue.1 , pp. 1-29
    • Gao, P.1
  • 16
    • 0002100348 scopus 로고
    • Primary, secondary, and meta-analysis of results
    • Glass, G. (1976), "Primary, secondary, and meta-analysis of results", Educational Researcher, Vol. 5, pp. 3-8
    • (1976) Educational Researcher , vol.5 , pp. 3-8
    • Glass, G.1
  • 17
    • 1342303879 scopus 로고    scopus 로고
    • Inferring the cost of capital using the Ohlson-Juettner model
    • DOI 10.1023/A:1027378728141
    • Gode, D. and Mohanram, P. (2003), "Inferring the cost of capital using the Ohlson-Juettner model", Review of Accounting Studies, Vol. 8, pp. 399-431 (Pubitemid 39046448)
    • (2003) Review of Accounting Studies , vol.8 , Issue.4 , pp. 399-431
    • Gode, D.1    Mohanram, P.2
  • 21
    • 84984180909 scopus 로고
    • Earning, book values and dividends in security valuation
    • Ohlson, J.A. (1995), "Earning, book values and dividends in security valuation", Contemporary Accounting Research, Vol. 11, pp. 661-87
    • (1995) Contemporary Accounting Research , vol.11 , pp. 661-87
    • Ohlson, J.A.1
  • 22
    • 22144464511 scopus 로고    scopus 로고
    • Expected EPS and EPS growth as determinantsof value
    • DOI 10.1007/s11142-005-1535-3
    • Ohlson, J.A. and Juetnner-Nauroth, B.E. (2005), "Expected EPS and EPS growth as determinants of value", Review of Accounting Studies, Vol. 10, pp. 349-65 (Pubitemid 40976541)
    • (2005) Review of Accounting Studies , vol.10 , Issue.2-3 , pp. 349-365
    • Ohlson, J.A.1    Juettner-Nauroth, B.E.2
  • 23
    • 0031184823 scopus 로고    scopus 로고
    • Disclosure level and the cost of equity capital
    • Botosan, C.A. (1997), "Disclosure level and cost of equity capital", The Accounting Review, Vol. 72 No. 3, pp. 323-49 (Pubitemid 127173764)
    • (1997) Accounting Review , vol.72 , Issue.3 , pp. 323-349
    • Botosan, C.A.1
  • 24
    • 0036004043 scopus 로고    scopus 로고
    • A re-examination of disclosure level and the expected cost of equity capital
    • Botosan, C.A. and Plumlee, M.A. (2002), "A re-examination of disclosure level and the expected cost of equity capital", Journal of Accounting Research, Vol. 41 No. 1, pp. 21-40
    • (2002) Journal of Accounting Research , vol.41 , Issue.1 , pp. 21-40
    • Botosan, C.A.1    Plumlee, M.A.2
  • 26
    • 33745599594 scopus 로고    scopus 로고
    • Shareholder rights, financial disclosure and the cost of equity capital
    • Cheng, C., Collins, D. and Huang, H. (2007), "Shareholder rights, financial disclosure and the cost of equity capital", Review of Quantitative Finance and Accounting, Vol. 27 No. 2, pp. 175-204
    • (2007) Review of Quantitative Finance and Accounting , vol.27 , Issue.2 , pp. 175-204
    • Cheng, C.1    Collins, D.2    Huang, H.3
  • 27
    • 79959374987 scopus 로고    scopus 로고
    • Environmental disclosure and the cost of equity: The French case
    • Déjean, F. and Martinez, I. (2009), "Environmental disclosure and the cost of equity: the French case", Accounting in Europe, Vol. 6 No. 1, pp. 57-80
    • (2009) Accounting in Europe , vol.6 , Issue.1 , pp. 57-80
    • Déjean, F.1    Martinez, I.2
  • 29
    • 36849062705 scopus 로고    scopus 로고
    • Disclosure interactions and the cost of equity capital: Evidence from the Spanish continuous market
    • Espinosa, M. and Trombetta, M. (2007), "Disclosure interactions and the cost of equity capital: evidence from the Spanish continuous market", Journal of Business Finance & Accounting, Vol. 34 Nos 9/10, pp. 1371-92
    • (2007) Journal of Business Finance & Accounting , vol.34 , Issue.9-10 , pp. 1371-92
    • Espinosa, M.1    Trombetta, M.2
  • 30
    • 38349019466 scopus 로고    scopus 로고
    • Voluntary disclosure, earnings quality, and cost of capital
    • Francis, J., Nanda, D. and Olson, P. (2008), "Voluntary disclosure, earnings quality, and cost of capital", Journal of Accounting Research, Vol. 46, pp. 53-99
    • (2008) Journal of Accounting Research , vol.46 , pp. 53-99
    • Francis, J.1    Nanda, D.2    Olson, P.3
  • 32
    • 27844443159 scopus 로고    scopus 로고
    • Cost of capital, strategic disclosures and accounting choice
    • Gietzmann, M. and Ireland, J. (2005), "Cost of capital, strategic disclosures and accounting choice", Journal of Business Finance and Accounting, Vol. 32 Nos 3/4, pp. 559-634
    • (2005) Journal of Business Finance and Accounting , vol.32 , Issue.3-4 , pp. 559-634
    • Gietzmann, M.1    Ireland, J.2
  • 33
    • 18944403597 scopus 로고    scopus 로고
    • The impact of voluntary corporate disclosure on the ex-ante cost of capital for Swiss firms
    • Hail, L. (2002), "The impact of voluntary corporate disclosure on the ex-ante cost of capital for Swiss firms", The European Accounting Review, Vol. 11 No. 4, pp. 741-73
    • (2002) The European Accounting Review , vol.11 , Issue.4 , pp. 741-73
    • Hail, L.1
  • 34
    • 84857746158 scopus 로고    scopus 로고
    • Disclosure level and cost of equity capital, evidence from consumer goods and services industries
    • Khlif, H. and Souissi, M. (2009), "Disclosure level and cost of equity capital, evidence from consumer goods and services industries", The Credit and Financial Management Review, Vol. 15 No. 1, pp. 8-23
    • (2009) The Credit and Financial Management Review , vol.15 , Issue.1 , pp. 8-23
    • Khlif, H.1    Souissi, M.2
  • 35
    • 35648946811 scopus 로고    scopus 로고
    • The impact of voluntary disclosure on cost of equity capital estimates in a temporal setting
    • Kristandl, G. and Bontis, N. (2007), "The impact of voluntary disclosure on cost of equity capital estimates in a temporal setting", Journal of Intellectual Capital, Vol. 8 No. 4, pp. 577-94
    • (2007) Journal of Intellectual Capital , vol.8 , Issue.4 , pp. 577-94
    • Kristandl, G.1    Bontis, N.2
  • 39
    • 72049106182 scopus 로고    scopus 로고
    • Intellectual capital disclosure, cost of finance and firm value
    • Orens, R., Aerts, W. and Lybaert, N. (2009), "Intellectual capital disclosure, cost of finance and firm value", Management Decision, Vol. 47 No. 10, pp. 1536-54
    • (2009) Management Decision , vol.47 , Issue.10 , pp. 1536-54
    • Orens, R.1    Aerts, W.2    Lybaert, N.3
  • 40
    • 27744572492 scopus 로고    scopus 로고
    • Disclosure level and cost of equity capital: Evidence from the banking industry
    • DOI 10.1002/mde.1256
    • Poshakwale, S. and Courtis, K.J. (2005), "Disclosure level and cost of equity capital: evidence from the banking industry", Managerial and Decision Economic, Vol. 26 No. 7, pp. 431-44 (Pubitemid 41634603)
    • (2005) Managerial and Decision Economics , vol.26 , Issue.7 , pp. 431-444
    • Poshakwale, S.1    Courtis, J.K.2
  • 41
    • 0035486086 scopus 로고    scopus 로고
    • Social disclosure, financial disclosure and the cost of equity capital
    • DOI 10.1016/S0361-3682(01)00025-3, PII S0361368201000253
    • Richardson, A. and Welker, M. (2001), "Social disclosure, financial disclosure and the cost of equity capital", Accounting, Organisations and Society, Vol. 26, pp. 597-616 (Pubitemid 33376254)
    • (2001) Accounting, Organizations and Society , vol.26 , Issue.7-8 , pp. 597-616
    • Richardson, A.J.1    Welker, M.2
  • 42
    • 43549105402 scopus 로고    scopus 로고
    • Empirical study of the relationship between voluntary disclosure and the cost of equity capital
    • Xiao-feng, H., Wei-ling, L. and Ming-yi, L. (2006), "Empirical study of the relationship between voluntary disclosure and the cost of equity capital", Management Science and Engineering, Vol. 25, pp. 1446-51
    • (2006) Management Science and Engineering , vol.25 , pp. 1446-51
    • Xiao-Feng, H.1    Wei-Ling, L.2    Ming-Yi, L.3
  • 43
    • 33749658955 scopus 로고    scopus 로고
    • The effect of increased disclosure on cost of capital: Evidence from China
    • DOI 10.1007/s11156-006-0044-1
    • Zhang, L. and Ding, S. (2006), "The effect of increased disclosure on cost of capital: evidence from China", Review of Quantitative Finance and Accounting, Vol. 27 No. 4, pp. 383-401 (Pubitemid 44554894)
    • (2006) Review of Quantitative Finance and Accounting , vol.27 , Issue.4 , pp. 383-401
    • Zhang, L.1    Ding, S.2
  • 44
    • 84993047054 scopus 로고    scopus 로고
    • Disclosure channel and cost of capital: Evidence from open vs closed conference calls
    • Zhao, Y., Davis, M. and Berry, T.K. (2009), "Disclosure channel and cost of capital: evidence from open vs closed conference calls", Review of Accounting and Finance, Vol. 8 No. 3, pp. 253-78
    • (2009) Review of Accounting and Finance , vol.8 , Issue.3 , pp. 253-78
    • Zhao, Y.1    Davis, M.2    Berry, T.K.3
  • 47
    • 84986102022 scopus 로고    scopus 로고
    • Leverage, liquidity and IPO long-run performance: Evidence from Taiwan IPO markets
    • Chen, A., Chen, L. and Kao, L. (2010), "Leverage, liquidity and IPO long-run performance: evidence from Taiwan IPO markets", International Journal of Accounting and Information Management, Vol. 18 No. 1, pp. 31-8
    • (2010) International Journal of Accounting and Information Management , vol.18 , Issue.1 , pp. 31-8
    • Chen, A.1    Chen, L.2    Kao, L.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.