haku: @journal_id 1686 / yhteensä: 96
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| Tekijä: | Armitage, S. Marston, C. |
| Otsikko: | Corporate disclosure, cost of capital and reputation: Evidence from finance directors |
| Lehti: | British Accounting Review
2008 : DEC, VOL. 40:4, p. 314-336 |
| Asiasana: | finance directors information disclosure capital costs reputation |
| Kieli: | eng |
| Tiivistelmä: | Based on executives' interviews, the majority view that disclosure (henceforth as: dsclr.) reduces the cost of equity up to the point at which a good practice level of communication has been reached, after which there is little further effect. Greater dsclr. to rating agencies and lenders reduces the cost of debt. Attitudes towards more mandatory dsclr. are mostly negative. Creating the information is the main perceived cost of dsclr. The main benefits are promotion of a reputation (here as: repn.) for openness (as: opns.) and of shareholder confidence, not a lower cost of capital. It is suggested that a rep. for opns. is valued because it enhances the company's overall repn., bringing commercial benefits. |
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