公司政治活动和权益资本成本的政策和监督

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE
Christofer Adrian , Mukesh Garg , Anh Viet Pham , Soon-Yeow Phang , Cameron Truong
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引用次数: 1

摘要

本文研究了2015-2018年期间标准普尔500指数公司自愿采用和披露政策/监督公司政治活动/支出对权益资本成本的影响。利用CPA-Zicklin指数来衡量企业政治活动的政策、监管和披露水平,我们发现政策和监管水平越高的企业,其权益资本成本越低。我们也证明了较高的指数与较高的股票流动性相关。在政治风险敞口较高的企业和对政府支出依赖程度较高的企业中,这种负相关关系更为明显。我们还发现,企业的信息环境在企业政治活动的政策和监督与股权资本成本之间的关系中起着重要的调节作用。我们的研究结果表明,自愿采用和披露政策和监督可以减轻与企业政治活动相关的风险和不确定性,从而减少信息不对称和股权资本成本。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Policy and oversight of corporate political activities and the cost of equity capital

This paper investigates the effect of voluntary adoption and disclosure of policies/oversight of corporate political activities/spending on the cost of equity capital for S&P 500 firms over the period 2015–2018. Using the CPA-Zicklin Index to measure the level of policies, oversight, and disclosure of corporate political activities, we find that firms with a greater level of policies and oversight enjoy a lower cost of equity capital. We also document that a higher index is associated with higher stock liquidity. The negative relation is more pronounced among firms with higher exposure to political risk and firms with higher dependence on government spending. We also find that a firm’s information environment plays an important role in moderating the relation between policies and oversight of corporate political activities and the cost of equity capital. Our findings suggest that voluntary adoption and disclosure of policies and oversight mitigates risks and uncertainties related to firms’ political activities, thereby reducing information asymmetry and the cost of equity capital.

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来源期刊
CiteScore
6.00
自引率
3.00%
发文量
24
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