期刊名称：Asian Journal of Business and Management Sciences
电子版ISSN：2047-2528
出版年度：2012
卷号：1
期号：09
页码：16-27
出版社：Society for Business Research Promotion
摘要：This work was developed in order to investigate whether the cost of capital of Brazilian companies with shares listed in the U.S. capital market correlates with their level of disclosure of financial instruments. Based on previously literature, we established the hypothesis that the association between the two variables would be negative and statistically significant. The level of disclosure was measured in two different accounting reports: in Form_20F filed at SEC and the Standardized Financial Statements (accounting reports that follow accounting principles generally accepted in Brazil). As the period of analysis included five fiscal years and the sample comprised 24 non-financial companies, 240 different reports were collected resulting in 240 disclosure indexes. Based on the analysis of panel data, the results indicated that for the companies studied, regardless of the type of report analyzed, the cost of capital and the level of disclosure did not behave as two variables negatively related. Full Text
