http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
- 中文 을 입력하시려면 zhongwen을 입력하시고 space를누르시면됩니다.
- 北京 을 입력하시려면 beijing을 입력하시고 space를 누르시면 됩니다.
RISS 인기검색어
- 검색키워드
- 저자 : Albina Luchaninova (검색결과 2 건)
- 무료
- 기관 내 무료
- 유료
-
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.
-
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.
ScienceON
스콜라연관 검색어 추천
이 검색어로 많이 본 자료
활용도 높은 자료
