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Paper Information

Journal:   QUANTITATIVE RESEARCHES IN MANAGEMENT   WINTER 2014 , Volume 4 , Number 4; Page(s) 102 To 137.
 
Paper: 

OFFER A VOLUNTARY AND MANDATORY DISCLOSURE INDEX ON BASED OF CORPORATE GOVERNANCES AND ITS EFFECT ON COST OF CAPITAL

 
 
Author(s):  BARADARAN HASANZADEH RASOUL, JABARZADEH KANGARLOEE SAEED, GHADERZADEH ABDOLLAH
 
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Abstract: 

Information exposure is important for the person who exposures the information, audience and all people of society and all decisions in capital market and stock exchange, especially in passive investing, are made in an uncertain conditions; So capitalists need some information because base on these information, they can direct sources to high efficiency investments with logical risks. Capital cost is a scale in investing decisions and in building optimum capital structure, so identifying the effective factors on companies capital costs and finding ways to control and decrease this costs are necessary. All data about 124 companies, accepted in Tehran stock exchange between 2003-2011, was collected and explored. Multiple regression model, based on panel data, was used in this study. Results show that information exposure has no effect on capital cost of these corporate. Total exposure based on corporate governance also has no effect on capital cost. Dividing total exposure to two specialist part and by some analysis, one can conclude that all parts of total exposure (compulsory and arbitrary), based on corporate governance, have no effect on capital cost. Inattention of shareholders to exposure can be a reason for these results. Investors must recognize traits and potential of investee companies to increase their investment quality. Results of this study emphasize that Iran capital market show no response to information exposure.

 
Keyword(s): MANDATORY DISCLOSURE, VOLUNTARY DISCLOSURE, CORPORATE GOVERNANCES & COST OF CAPITAL
 
References: 
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