The Effect of The Relationship between Disclosure Levels and Cost of Capital on Investment Efficiency: Empirical Study
| المصدر: | المجلة العلمية للاقتصاد والتجارة |
|---|---|
| الناشر: | جامعة عين شمس - كلية التجارة |
| المؤلف الرئيسي: | Farag, Heba E. (Author) |
| مؤلفين آخرين: | Hassan, Samy (Advisor) , Abdelbar, Amr H. (Advisor) |
| المجلد/العدد: | ع3 |
| محكمة: | نعم |
| الدولة: |
مصر |
| التاريخ الميلادي: |
2020
|
| الشهر: | أكتوبر |
| الصفحات: | 285 - 309 |
| ISSN: |
2636-2562 |
| رقم MD: | 1095924 |
| نوع المحتوى: | بحوث ومقالات |
| اللغة: | الإنجليزية |
| قواعد المعلومات: | EcoLink |
| مواضيع: | |
| كلمات المؤلف المفتاحية: |
Disclosure Level | Voluntary | Compulsory | Cost of Capital | Investors Decisions | Cost of Equity | Debt Capital | Investment Efficiency | Accounting Information Asymmetry | Agency Cost
|
| رابط المحتوى: |
عدد مرات التحميل
78
| المستخلص: |
Research Objective: Analyzing the relationship between levels of the accounting disclosure and the cost of capital and the impact of this relationship on the investment efficiency in the emerging Egyptian capital market. Design/methodology/approach: This study uses the approach of cross sectional observations of the annual reports for the top 70 most active- traded companies listed on the Egyptian Stock Exchange during the period (2010 - 2018), with a total of (369) observations, in order to test the four research hypotheses, that reflects the relationship between the accounting disclosure levels and both the cost of capital and the investment efficiency, so panel data regression is considered the most applicable to present such a linear relationship. Results and recommendations: The results of the study points out a moderate level of disclosure in the financial reports of listed Egyptian companies, and its association with a statistically significant negative relationship with the cost of capital, and has positive relationship with efficient investment. Based on that the study recommends stimulating the Egyptian companies to increase the level of disclosure information to attract new investment opportunities, and the issuance of an independent accounting standard that regulates the way of its preparation and disclosure, and the application of good corporate governance practices. Originality/ value: This study contribute in the accounting literature through the development of an index to measure the level of disclosure and the analysis of the relationship between this level, the cost of capital and the efficiency of Egyptian companies’ investment (as an example of emerging economies) in an integrated way. The findings show that corporate disclosure policy depends more on the managers’ incentives to provide informative annual reports than on standards and regulations. |
|---|---|
| ISSN: |
2636-2562 |
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