期刊名称：European Journal of Business and Social Sciences
印刷版ISSN：2235-767X
出版年度：2015
卷号：4
期号：01
页码：90-105
出版社：European Society of Business and Social Sciences
摘要：This study uses a mixed research design to test the effect of segmental accruals quality on the cost of capital of the companies quoted in the various non-financial institutions segments of the Nairobi Securities Exchange (NSE). The study’s sample of 38 is purposively derived from a population of 61companies quoted at the NSE covers the period January 1993 through December 2013. Panel data regression of cost of capital on the cost of capital factors (growth, leverage, market risk and size) augmented with the accruals quality rank (the proxy for accruals quality) reveals that the effect of overall accruals quality on cost of capital varies widely among the various segments of the NSE. There is a significant positive effect on cost of capital for the Commercial, Manufacturing, Energy and Agricultural segments; a negative one for the Construction segment and no effect at all in the automobiles segment. The study further indicates accruals quality among the segments is relatively poor compared to accruals quality in other capital markets. It is concluded that segmental idiosyncratic accruals quality factors are significant in determining corporate cost of capital.
