Ο ρόλος της λογιστικής πληροφόρησης στο κόστος κεφαλαίου: μια θεωρητική και εμπειρική προσέγγιση
The role of accounting information for the cost of capital: a theoretical and empirical approach
Ελευθερίου, Σοφία Ηρακλής
This research investigates the impact of accounting information on the cost of capital as well as how the latter influences excess returns. The empirical analysis extends prior works by investigating how components of accounting information and, especially earnings quality, affect stock returns through their effect on the cost of capital. The empirical approach makes use of a sample of 330 US manufacturing firms, spanning the period 01/01/1990-30/06/2009 as well as the methodology of panel data. The empirical findings display that all components of accounting information affect the firm’s cost of capital, which, in turn, exerts a negative effect on the firm’s excess returns.