Access the full text.
Sign up today, get DeepDyve free for 14 days.
Loading next page...
/lp/emerald-publishing/voluntary-and-timely-disclosure-and-the-cost-of-debt-south-african-ptC6HUv81b
References (29)
-
C. Correia, P. Cramer (2008)
An analysis of cost of capital, capital structure and capital budgeting practices: a survey of South African listed companiesMeditari Accountancy Research, 16
-
Kamran Ahmed, J. Courtis (1999)
ASSOCIATIONS BETWEEN CORPORATE CHARACTERISTICS AND DISCLOSURE LEVELS IN ANNUAL REPORTS: A META-ANALYSISBritish Accounting Review, 31
-
Robert Bushman, Joseph Piotroski, Abbie Smith (2003)
What Determines Corporate Transparency?Economic Growth
-
Gerald Chau, S. Gray (2002)
Ownership structure and corporate voluntary disclosure in Hong Kong and SingaporeThe International Journal of Accounting, 37
-
C. Armstrong, W. Guay, Joseph Weber (2010)
The Role of Information and Financial Reporting in Corporate Governance and Debt ContractingFinancial Accounting eJournal
-
M. Kumbirai, R. Webb (2010)
A financial ratio analysis of commercial bank performance in South AfricaAfrican Review of Economics and Finance, 2
-
S. Myers (1977)
Determinants of corporate borrowingJournal of Financial Economics, 5
-
10.1080/09638180500204624
-
10.1111/j.1475-679X.2004.00136.x
-
Seth Armitage, C. Marston (2007)
Corporate disclosure and the cost of capital: the views of finance directors -
Michael Jensen, W. Meckling (1976)
Harvard Business School; SSRN; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI); Harvard University - Accounting & Control UnitLSN: Law & Finance: Empirical (Topic)
-
Foro Mundial (2013)
The Global Competitiveness Report 2012-2013 -
H. Afify (2009)
Determinants of audit report lag: Does implementing corporate governance have any impact? Empirical evidence from EgyptJournal of Applied Accounting Research, 10
-
10.1016/0304-405X(76)90026-X
-
Valeri Nikolaev, Laurence Lent (2005)
The endogeneity bias in the relation between cost-of-debt capital and corporate disclosure policyEuropean Accounting Review, 14
-
Hichem Khlif, Khaled Samaha, Islam Azzam (2015)
Disclosure, ownership structure, earnings announcement lag and cost of equity capital in emerging markets: The case of the Egyptian stock exchangeJournal of Applied Accounting Research, 16
-
L. Brown (2001)
A Temporal Analysis of Earnings Surprises: Profits Versus LossesSPGMI: Compustat Fundamentals (Topic)
-
D. Barako, P. Hancock, H. Izan (2006)
Factors Influencing Voluntary Corporate Disclosure by Kenyan CompaniesCGA: Disclosure & Transparency (Topic)
-
S. Owusu-Ansah, Stergios Leventis (2006)
Timeliness of corporate annual financial reporting in GreeceEuropean Accounting Review, 15
-
M. Spence (1973)
Job Market SignalingQuarterly Journal of Economics, 87
-
Gerald Chau, S. Gray (2010)
Family ownership, board independence and voluntary disclosure: Evidence from Hong KongJournal of International Accounting, Auditing and Taxation, 19
-
M. Evans (2016)
Commitment and Cost of Equity Capital: An Examination of Timely Balance Sheet Disclosure in Earnings AnnouncementsContemporary Accounting Research, 33
-
10.1016/S0165-4101(01)00018-0
-
Raf Orens, W. Aerts, D. Cormier (2010)
Web-Based Non-Financial Disclosure and Cost of FinanceFinancial Accounting eJournal
-
Angela Walker, D. Hay (2013)
Non-Audit Services and Knowledge Spillovers: An Investigation of the Audit Report LagMeditari Accountancy Research, 21
-
P. Sengupta (1998)
Corporate Disclosure Quality and the Cost of DebtAccounting review: A quarterly journal of the American Accounting Association, 73
-
K. Wang, Sewon O, M. Claiborne (2008)
Determinants and consequences of voluntary disclosure in an emerging market: Evidence from ChinaJournal of International Accounting, Auditing and Taxation, 17
-
P. Healy, K. Palepu (2000)
Information Asymmetry, Corporate Disclosure and the Capital Markets: A Review of the Empirical Disclosure LiteratureManagement Practice
-
S. Ross (1977)
The determination of financial structure: the incentive-signalling approachThe Bell Journal of Economics, 8
- Publisher
- Emerald Publishing
- Copyright
- Copyright © Emerald Group Publishing Limited
- ISSN
- 2049-372X
- DOI
- 10.1108/MEDAR-09-2013-0042
- Publisher site
- See Article on Publisher Site
Abstract
Purpose– The aim of this study is to investigate the effect of voluntary and timely disclosure on the cost of debt for the South African setting. Design/methodology/approach– The sample of this paper consists of 20 South African listed non-financial companies for the period 2008-2011. A content analysis is used to measure the extent of voluntary disclosure. Timely disclosure is proxied by earnings reporting lag. Findings– Results show that the extent of voluntary disclosure is negatively and significantly associated with the cost of debt. In contrast, timely disclosure exerts a trivial effect on the cost of debt. When testing for the moderating effect of timely disclosure on the association between the extent of voluntary disclosure and the cost of debt, this paper documents that this association is only negative and significant for the shorter earnings announcement lag group. Originality/value– The findings of this paper have policy implications for managers in the South African setting and other developing economies similar to South Africa, given the crucial role played by debt as an important source of external financing for publicly traded companies.
Journal
Meditari Accountancy Research – Emerald Publishing
Published: Nov 11, 2014