Corporate finance signaling theory: an empirical analysis on the relationship between information asymmetry and the cost of equity capital

IF 2.9 Q2 MANAGEMENT

International Journal of Disclosure and Governance Pub Date : 2024-08-16 DOI:10.1057/s41310-024-00261-4

Saeed Fathi, Zahra Mohammadin, Karim Azarbayjani

引用次数: 0

Abstract

The influence of information asymmetry (IA) on the cost of equity capital (COEC) is a critical aspect of managing corporate capital markets. This study delves into the correlation between IA and COEC through an analysis of 24 pairs of proxies. We investigate how six corporate finance signals impact the positive correlation and the consequences of disregarding each signal in establishing this positive link. The results reveal that different corporate finance signals, including dividends, debt ratio, capital expenditure, institutional ownership, ownership concentration, seasoned equity offerings (SEO), and capitalization of retained earnings (CRE), have unique effects on the relationship between the 24 pairs of IA-COEC proxies.

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公司财务信号理论：信息不对称与股权资本成本关系的实证分析

信息不对称（IA）对股权资本成本（COEC）的影响是企业资本市场管理的一个重要方面。本研究通过分析 24 对代用指标，深入探讨了 IA 与 COEC 之间的相关性。我们研究了六种公司财务信号如何影响正相关性，以及在建立这种正相关性时忽略每种信号的后果。结果显示，不同的公司财务信号，包括股息、债务比率、资本支出、机构所有权、所有权集中度、季节性股票发行（SEO）和留存收益资本化（CRE），对 24 对 IA-COEC 代用指标之间的关系有独特的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Journal of Disclosure and Governance MANAGEMENT-

CiteScore

4.80

自引率

11.10%

发文量

期刊介绍： The International Journal of Disclosure and Governance publishes a balance between academic and practitioner perspectives in law and accounting on subjects related to corporate governance and disclosure. In its emphasis on practical issues, it is the only such journal in these fields. All rigorous and thoughtful conceptual papers are encouraged. To date, International Journal of Disclosure and Governance has published articles by a former general counsel and a former commissioner of the SEC, practitioners from Cleary Gottlieb, Skadden Arps, Wachtell Lipton, and Latham & Watkins as well as articles by academics from Harvard, Yale and NYU. The readership of the journal includes lawyers, accountants, and corporate directors and managers.