The Relationship Between Annual Report’s Transparency And Cost of Equity Capital
碩士 === 中原大學 === 會計研究所 === 95 === The major purpose of this study was to investigate the relationship between firm’s annual report’s transparency and cost of equity capital to understand whether greater annual report’s information transparency can reduce cost of equity capital. The study divides annu...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2007
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| Online Access: | http://ndltd.ncl.edu.tw/handle/83727446190444545734 |
| Summary: | 碩士 === 中原大學 === 會計研究所 === 95 === The major purpose of this study was to investigate the relationship between firm’s annual report’s transparency and cost of equity capital to understand whether greater annual report’s information transparency can reduce cost of equity capital. The study divides annual report’s transparency into disclosure transparency and earnings transparency.
Date are obtained from the 2002、2004 and 2005 and sample selection procedures yields a sample of 261 manufacturing firms. Empirical results show that greater disclosure transparency have lower cost of equity capital and find investors especially take care of the information of ownership and board of director structure. In additions, we find earnings transparency information can not influence cost of equity capital.
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