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Doctoral Thesis
DOI
10.11606/T.12.2007.tde-14032008-120509
Document
Author
Full name
Roberta Carvalho de Alencar
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2007
Supervisor
Committee
Lopes, Alexsandro Broedel (President)
Carvalho, Luiz Nelson Guedes de
Malvessi, Oscar Luiz
Ridolfo Neto, Arthur
Securato, Jose Roberto
Title in Portuguese
Nível de disclosure e custo de capital próprio no mercado brasileiro
Keywords in Portuguese
Contabilidade financeira
Governança corporativa
Abstract in Portuguese
Esta tese investiga a relação entre disclosure e custo de capital próprio no Brasil. Foi utilizada uma amostra composta pelas 50 empresas mais líquidas da BOVESPA com dados para os anos de 1998, 2000, 2002, 2004 e 2005. Como proxy para o nível de disclosure foi desenvolvido e utilizado o Índice de Disclosure Brasileiro (IDB) que mensura características essenciais de evidenciação ao longo de seis dimensões: (i) informações gerais sobre a empresa, (ii) relações com empregados e administradores, (iii) informações não-financeiras sobre mercado, vendas e produtos, (iv) projeções, (v) discussões e análises de dados financeiros e (vi) outras informações. Para calcular o custo de capital foi utilizado o modelo de Ohlson - Juettner-Nauroth. Os resultados mostram que o nível geral de disclosure aumentou e que a dimensão relativa às projeções dos administradores apresenta os resultados mais modestos. Foi verificada relação negativa e estatisticamente significante entre custo de capital e disclosure para todas as empresas. No entanto, essa relação é mais pronunciada para empresas que recebem menor cobertura por parte dos analistas de mercado e possuem estrutura de propriedade mais dispersa. Este trabalho contribui para a literatura nacional e internacional na área ao demonstrar os benefícios econômicos diretos das ações das empresas no que tange ao nível de evidenciação.
Title in English
Disclosure level and cost of equity capital in Brazil
Keywords in English
Corporate governance
Cost of capital
Disclosure
Abstract in English
This thesis investigates the association between disclosure and cost of equity capital in Brazil. Results are based on a sample of the fifty most liquid shares traded at BOVESPA using data from 1998, 2000, 2002, 2004 and 2005. To proxy for disclosure level a Brazilian Disclosure Index (IDB) was built and used. IDB measures essential features of disclosure across six components: (i) general information about the company, (ii) relationships with employees and management, (iii) non-financial data about market, sales and products, (iv) projections, (v) analysis and discussion of financial data, (vi) other information. To measure cost of equity capital the Ohlson- Juettner-Nauroth model was used. Results show that the general disclosure level improved along the sample period and that the projections' component of IDB presented the poorest scores over the years. There is a negative and statistically significant relation between disclosure and cost of equity capital for all firms in the sample. This association is exacerbated for firms with receive less attention from the analysts and have a more dispersed ownership structure. This thesis extends the Brazilian and international literatures by showing the actual economic benefits of superior disclosure levels.
 
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Publishing Date
2008-03-25
 
WARNING: The material described below relates to works resulting from this thesis or dissertation. The contents of these works are the author's responsibility.
  • LOPES, Alexsandro Broedel, and DE ALENCAR, Roberta Carvalho. Disclosure and cost of equity capital in emerging markets : The Brazilian case [doi:10.1016/j.intacc.2010.09.003]. The International Journal of Accounting [online], 2010, vol. 45, n. 4, p. 443-464.
All rights of the thesis/dissertation are from the authors
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