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- 검색키워드
- 저자 : Aizhan Baimukhamedova (검색결과 4 건)
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Baimukhamedova,Aizhan,Baimukhamedova,Gulzada,Aimurzinov,Murat,Luchaninova,Albina 한국유통과학회 2019 KODISA ICBE (International Conference on Business Vol.2019 No.-
Providing information to the public is not a costless task. Among the costs of disclosure are the costs of information production and dissemination; for example, the costs of adopting an information system to collect, process data and report information about the company and the costs of hiring accountants and audits, etc. In this study, a framework for empirical tests of the relation between disclosure and the cost of equity capital is determined. This study extends research into whether disclosure of corporate and financial information is associated with firms’ costs of equity capital. Using cost of equity capital estimates derived from capital asset pricing model, we find that firms with higher levels of financial transparency are associated with significantly lower costs of equity capital. Economic theory assumes that by increasing the level of corporate reporting, firms not only increase their stock market liquidity, but also decrease the investors’ estimation risk, arising from uncertainty about future returns and payout distributions. The results show that firms on the Kazakhstan market can reduce their cost of equity capital by increasing the level of their voluntary corporate disclosures. Based on the analysis of existing empirical research, the disclosure index for a sample of 37 Kazakh companies has been constructed and regression analysis of the influence of the disclosure index on the cost of equity capital has been conducted. The obtained results show that the received findings correlate with foreign empirical studies, and the disclosure index in this sample has a negative impact on the cost of equity capital.
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Aizhan Baimukhamedova,Yelena Konovalova,Rashid Makarov,Gulzada S. Baimukhamedova 한국유통과학회 2017 KODISA ICBE (International Conference on Business Vol.2017 No.-
Abstract should stand alone, means that no citation in abstract. The abstract should concisely This study extends the theoretical framework developed by Roychowdhury and Watts (2007) by testing it on a sample of Kazakhstani companies and aims at investigating changes in relations between two measures of conservatism: asymmetric timeliness of earnings (AT) and the market-to-book ratio (MTB) over short and long periods. On the contrary to the recent studies that document negative relations between these two measures, we reveal that magnitudes of earnings response to good and bad news increase for cumulation over longer periods. Second, we observe positive relations between earnings response to good news and MTB at the beginning and end of the estimation period. Even though the authors of the framework have not found any support for positive relations on any combination of news and MTB, our results support their initial expectations about positive association between asymmetric timeliness and MTB. Interestingly, our findings document absence of conservatism for certain lengths of cumulation period which can be attributed to peculiarities of financial reporting system on Kazakhstani Stock Exchange.
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Fuel Market in Kazakhstan: Problems and Solutions
Aizhan Baimukhamedova,Kanat Daubaev,Saltanat B. Mukasheva,Gulzada Baimukhamedova 한국유통과학회 2013 KODISA ICBE (International Conference on Business Vol.2013 No.-
In this article it's researched the causes of sharp price raise on engine fuel in Kazakhstan with a glance of Custom union functions. It's been considered classification of factors influencing on price raise and arising of deficit in the engine fuel market. It's been shown the conclusions, that the mechanism of government regulation of the petrochemicals market requires improvement on the sphere of Custom union function in connection of transition to UEA, and further planning to join the WTO.
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Aizhan Baimukhamedova,Gulzada Baimukhamedova,Albina Luchaninova 한국유통과학회 2017 The Journal of Asian Finance, Economics and Busine Vol.4 No.3
This study extends research into whether disclosure of corporate and financial information is associated with firms’ costs of equity capital. This study sets out to examine empirically the determinants of corporate disclosure in the annual reports of 37 largest and most liquid firms listed on Kazakhstan Stock Exchange (KASE) in Kazakhstan. It also reports the results of the association between company-specific characteristics and disclosure of the sample companies. Based on the analysis of existing empirical research, the disclosure index has been constructed and regression analysis of the influence of the disclosure index on the cost of equity capital has been conducted. The obtained results show that the received findings correlate with foreign empirical studies, and the disclosure index in this sample has a negative impact on the cost of equity capital. Using cost of equity capital estimates derived from capital asset pricing model, we find that firms with higher levels of financial transparency are associated with significantly lower costs of equity capital. Economic theory assumes that by increasing the level of corporate reporting, firms not only increase their stock market liquidity, but also decrease the investors’ estimation risk, arising from uncertainty about future returns and payout distributions. The results show that firms on the Kazakhstan market can reduce their cost of equity capital by increasing the level of their voluntary corporate disclosures.
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