مقاله انگلیسی پیش بینی های مدیریت و هزینه سرمایه های سرمایه گذاری مدارک بین المللی

05 شهریور 1397 | 10:37

مقاله انگلیسی پیش بینی های مدیریت و هزینه سرمایه های سرمایه گذاری مدارک بین المللی
عنوان فارسی مقاله: پیش بینی های مدیریت و هزینه سرمایه های سرمایه گذاری مدارک بین المللی
عنوان انگلیسی مقاله: Management forecasts and the cost of equity capital international evidence
مجله/کنفرانس: Review of Accounting Studies
رشته های تحصیلی مرتبط: مدیریت ، مدیریت بازرگانی
گرایش های تحصیلی مرتبط: بازاریابی بین المللی، بازاریابی، مالی
کلمات کلیدی انگلیسی: International management forecasts; Voluntary disclosure; Cost of equity capital ;Investor protection; Information dissemination; Mandatory disclosure; Management forecast characteristics; Management forecast credibility; Media penetration
نوع نگارش مقاله: پژوهشی - research
نمایه: scopus - master journals - JCR
DOI: doi.org/10.1007/s11142-017-9391-5
ناشر: Springer
نوع ارائه مقاله: ژورنالی
نوع مقاله: ISI
سال انتشار مقاله: 2017
ایمپکت فاکتور(IF): 1.588(2017)
شاخص H_index: 58
SJR: 2.757
شناسه ISSN: 1380-6653
فرمت مقاله انگلیسی: PDF
تعداد صفحات مقاله انگلیسی: 48
کد محصول: EN9
فهرست انگلیسی مطالب
Abstract

Introduction

Development of hypotheses

-Investor protection

-Information dissemination

-Mandatory disclosure requirements

Research design

Data and sample

Empirical results

-Descriptive statistics

-Regression analysis—the effect of management forecasts on the cost of equity capital

-Country-level institutional factors and the effect of management forecasts on the cost of equity capital

-Effects of management forecast characteristics on the cost of equity capital

Robustness checks and additional tests

-Endogeneity

-Re-estimating the cost of equity capital after adjusting for analyst forecast errors

-Controlling for market efficiency

-Using one-year-ahead returns to proxy for the cost of equity capital

-The effect of management forecasts conditional on the magnitude of earnings news

-Removing observations with multiple management forecasts

-Removing small firms from the sample

-Controlling for the sign of the news in management forecasts

-Using alternative measures of mandatory disclosure requirements

Conclusion

Appendix

Measurement of the Implied Cost of Equity Capital

References
نمونه متن انگلیسی
Abstract

We examine international differences in the effect of management forecasts (which we use to proxy for voluntary disclosure) on the cost of equity capital (COC) across 31 countries. We find that the issuance of management forecasts is associated with a lower COC worldwide but that the effect of management forecasts on the COC depends on country-level institutional factors. Specifically, management forecasts have a stronger effect on the COC in countries with stronger investor protection and better information dissemination and a weaker effect in countries with higher mandatory disclosure requirements. Further analyses reveal that these relations are more pronounced when management forecasts are more frequent, more precise, and more disaggregated. Overall, our findings suggest that the ability of management forecasts to reduce firms’ COC derives not only from country-level factors that enhance the credibility of their forecasts but also from factors that reflect the quality of the information environment in terms of the distribution of news and the availability and quality of alternative information. Thus, investor protection, media penetration, and mandatory disclosure requirements have an important effect on the ability of management forecasts to lower the COC.
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