Corporate governance and cost of capital in OECD countries

IF 4.3 Q2 MANAGEMENT

International Journal of Accounting and Information Management Pub Date : 2019-11-11 DOI:10.1108/ijoes-02-2019-0043

A. Alhares

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引用次数: 28

Abstract

Purpose The purpose of this study is to investigate the impact of corporate governance mechanisms on the cost of capital in Organisation for Economic Co-operation and Development (OECD) countries. Design/methodology/approach A panel data of 240 companies from Anglo-American and European countries between 2010 and 2017 were used. The ordinary least-squares multiple regression analysis was used to examine the relationships. The results were also robust to alternative measures and endogeneities. Findings The results showed that the corporate governance index and director ownership were negatively related to the cost of capital. Moreover, the study also reports a positive correlation between block ownership and the cost of capital. Originality/value This study extended the corporate governance literature by offering new evidence on the effect of corporate governance mechanisms on the cost of capital. Our findings will help regulators and policymakers in the OECD countries to evaluate the adequacy of the current corporate governance reforms to prevent management misconduct and scandals.

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经济合作与发展组织国家的公司治理与资本成本

本研究的目的是探讨经济合作与发展组织(OECD)国家公司治理机制对资本成本的影响。设计/方法/方法采用2010年至2017年间来自英美和欧洲国家的240家公司的面板数据。使用普通最小二乘多元回归分析来检验关系。结果对替代措施和内源性也是稳健的。结果表明:公司治理指数和董事持股与资本成本呈负相关。此外，该研究还报告了区块所有权与资本成本之间的正相关关系。原创性/价值本研究通过提供关于公司治理机制对资本成本影响的新证据，扩展了公司治理文献。我们的研究结果将有助于经合组织国家的监管机构和政策制定者评估当前公司治理改革的充分性，以防止管理层不当行为和丑闻。

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 Accounting and Information Management MANAGEMENT-

CiteScore

7.90

自引率

3.00%

发文量

期刊介绍： The International Journal of Accounting & Information Management focuses on publishing research in accounting, finance, and information management. It specifically emphasizes the interaction between these research areas on an international scale and within both the private and public sectors. The aim of the journal is to bridge the knowledge gap between researchers and practitioners by covering various issues that arise in the field. These include information systems, accounting information management, innovation and technology in accounting, accounting standards and reporting, and capital market efficiency.