The association between disclosure level and cost of capital in an emerging market: evidence from Egypt

Hany Kamel · Tamer Mohamed Shahwan

37 citations0/0 files storedAfro-Asian J of Finance and Accounting

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Auditing, Earnings Management, Governance Corporate Social Responsibility Reporting Financial Reporting and XBRL

Abstract

This paper aims to empirically investigate whether the cost of equity and debt capital is related to the extent of voluntary disclosure in the Egyptian stock market. Following the previous research, a disclosure index relevant to the Egyptian environment was developed and applied in OLS regressions, using information provided in the annual reports of 73 Egyptian listed companies. The results, however, indicate that there is no significant association between the level of voluntary disclosure, on the one hand, and the cost of equity capital and debt capital, on the other. This implies that Egyptian companies do not benefit from extensive voluntary disclosure in reducing the cost of equity or debt capital. Hence, the findings of this paper may be of interest to those academic researchers, practitioners and regulators who are interested in discovering the implications of extensive voluntary disclosure in the annual reports of an emerging market such as Egypt.

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References

2009Business Research: A Practical Guide for Undergraduate and Postgraduate Students 1997Disclosure level and the cost of equity capital.1995Size and Book-to-Market Factors in Earnings and Returns 2006Analysis of Financial Time Series 1995Valuation and Clean Surplus Accounting for Operating and Financial Activities*1999The Economic Consequences of Increased Disclosure 2001Toward an Implied Cost of Capital 2004Board characteristics, accounting report integrity, and the cost of debt

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2021Do corporate social responsibility practices affect the relative efficiency of Egyptian conventional and Islamic banks?2019The impact of earnings quality on the association between readability and cost of capital 2017The extent of voluntary corporate disclosure in the Egyptian Stock Exchange 2019IAS-38 disclosure compliance and corporate governance: evidence from an emerging market 2024Nexus between boardroom independence and firm financial performance: evidence from South Asian emerging market

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