Cost Of Equity, Financial Information Disclosure, And Ifrs Adoption: A Literature Review
The cost of equity capital is an important indicator for those who operate on the financial markets, especially for managers and financial resources providers. Even if it is not directly observable, and the models used to determine it are still debated, its importance has continuously increased and in the last decade several researchers in the accounting field started to use it in their empirical analyses. The present paper proposes a review of the scientific literature dedicated to the cost of equity capital, by selecting the papers with a major impact in the scientific trends, and also the latest approaches on this subject, and then, by focusing on the studies in the accounting area. From the accounting perspective, the interest is related to the impact of IFRS (International Financial Reporting Standards) on the cost of equity capital. The utility of this paper is that it reviews the latest scientific works treating the impact of IFRS on the cost of equity capital but also of other variables, thus updating the knowledge base in the Romanian scientific literature.
Volume (Year): 24 (2011)
Issue (Month): 4 (december)
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- Barth, Mary E. & Konchitchki, Yaniv & Landsman, Wayne R., 2013.
"Cost of capital and earnings transparency,"
Journal of Accounting and Economics,
Elsevier, vol. 55(2), pages 206-224.
- David Easley & Maureen O'hara, 2004. "Information and the Cost of Capital," Journal of Finance, American Finance Association, vol. 59(4), pages 1553-1583, 08.
- M. Gietzmann & J. Ireland, 2005. "Cost of Capital, Strategic Disclosures and Accounting Choice," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(3-4), pages 599-634.
- Holger Daske & Luzi Hail & Christian Leuz & Rodrigo Verdi, 2008. "Mandatory IFRS Reporting around the World: Early Evidence on the Economic Consequences," Journal of Accounting Research, Wiley Blackwell, vol. 46(5), pages 1085-1142, December.
- Rene M. Stulz, 1999. "Globalization of Equity Markets and the Cost of Capital," NBER Working Papers 7021, National Bureau of Economic Research, Inc.
- Christensen, Hans B. & Lee, Edward & Walker, Martin, 2007. "Cross-sectional variation in the economic consequences of international accounting harmonization: The case of mandatory IFRS adoption in the UK," The International Journal of Accounting, Elsevier, vol. 42(4), pages 341-379, December.
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