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1、Accounting,OrganizationsandSociety26(2001)597–616www.elsevier.com/locate/aosSocialdisclosure,financialdisclosureandthecostofequitycapitalAlanJ.Richardson*,MichaelWelkerSchoolofBusiness,Queen’sUniversity,Kingston,CanadaK7L3N6AbstractWetesttherelationbetwe
2、enfinancialandsocialdisclosureandthecostofequitycapitalforasampleofCanadianfirmswithyear-endsin1990,1991and1992.Wefindthat,consistentwithpriorresearch,thequantityandqualityoffinancialdisclosureisnegativelyrelatedtothecostofequitycapitalforfirmswithlowanalyst
3、following.Contrarytoexpectations,thereisasignificantpositiverelationbetweensocialdisclosuresandthecostofequitycapital.Thispositiverelationshipismitigatedamongfirmswithbetterfinancialperformance.Weconsidersomebiasesinsocialdisclosuresthatmayexplainthisresul
4、t.Wealsonotethatsocialdisclosuresmaybenefitthefirmthroughitseffectonorganizationalstakeholdersotherthanequityinvestors.#2001PublishedbyElsevierScienceLtd.RegulatorshavearguedthatequitymarketsInspiteoftheregulatoryandtheoreticalsup-requirecomprehensiveandtr
5、ansparentdisclosuresportforincreaseddisclosurebyfirms,directevi-ofvalue-relevantinformationbyfirmsinordertodenceofanegativeempiricalrelationbetweenfunctionefficiently(e.g.Levitt,1999).Theoreti-disclosurelevelsandthecostofcapitalislimitedcally,adoptingsucha‘
6、‘disclosureposition’’(Gib-(e.g.Botosan,1997;Botosan&Plumlee,2000,onbins,Richardson,&Waterhouse,1990)shouldthecostofequitycapital,andSengupta,1998onbenefitfirmsthroughlowercostofcapitalforatthecostofdebt).Inpart,thelackofstrongleasttworeasons.First,increas
7、eddisclosurebyempiricalfindingsontherelationshipbetweenfirmsreducestransactioncostsforinvestorsdisclosureandcostofcapitalmaybeanartifactofresultingingreaterliquidityofthemarketandthemarketsandinformationsetthatareusedingreaterdemandforthefirm’ssecurities(e
8、.g.Dia-empiricaltests.Ifthereislittlevariationinthemond&Verrecchia,1991).Second,increaseddis-informationdisclosedduetoeffectiveregulatoryclosurereducestheestimationriskoruncertaintyinterventions,orifanalystsroutinelygenerateregard
