All Journals

Language Teaching Research Quarterly

European Journal of Studies in Management and Business

International Journal of Behavior Studies in Organizations

Studies in Educational Management

New Challenges in Accounting and Finance

Language Testing in Focus: An International Journal

Marketing and Branding Research

Individual Differences in Language Education: An International Journal 

Feedback Research in Second Language 

Management Issues in Healthcare System

Language Teacher Education Research

Artificial Intelligence Knowledge Development

There&nbsp;is an ongoing debate about whether integrated reporting should be mandatory or&nbsp;voluntary. Empirical evidence mostly focused on South African mandatory&nbsp;disclosures, indicate that the firm&rsquo;s information environment is relevant to&nbsp;explain the effects on the cost of capital. However, results based on voluntary&nbsp;disclosures indicate that the country&rsquo;s level of enforcement explains the effects.&nbsp;This paper analyses the effects of voluntary disclosures of integrated reports&nbsp;on the cost of capital for Brazilian listed companies. Our design is developed&nbsp;to control the level of enforcement and evaluate if firm-specific&nbsp;characteristics may explain the effects on information asymmetry related to the&nbsp;disclosure of integrated financial and non-financial information. We collect&nbsp;data from 2014 to 2017 and compare the effects on capital cost for a group of&nbsp;firms that voluntarily disclose integrated reports with a control group&nbsp;identified via Propensity Score Matching. We can identify that larger firms,&nbsp;with stronger corporate governance and lower risk, are more likely to&nbsp;voluntarily disclose integrated reports. In our second stage, we find no effect&nbsp;on the cost of capital after the voluntary disclosure. Taken together, our&nbsp;results are aligned with prior studies focused on mandatory disclosures: the&nbsp;firm&rsquo;s information environment is relevant to explain the potential capital&nbsp;market benefits of Integrated Reporting.&nbsp;

NCAF.2021.06.01.pdf

Original Research 

NCAF.2021.06.01.xml

Voluntary Disclosure of Integrated Reporting and Cost of Capital in Brazil: an Alternative Explanation

There&nbsp;is an ongoing debate about whether integrated reporting should be mandatory or&nbsp;voluntary. Empirical evidence mostly focused on South African mandatory&nbsp;disclosures, indicate that the firm’s information environment is relevant to&nbsp;explain the effects on the cost of capital. However, results based on voluntary&nbsp;disclosures indicate that the country’s level of enforcement explains the effects.&nbsp;This paper analyses the effects of voluntary disclosures of integrated reports&nbsp;on the cost of capital for Brazilian listed companies. Our design is developed&nbsp;to control the level of enforcement and evaluate if firm-specific&nbsp;characteristics may explain the effects on information asymmetry related to the&nbsp;disclosure of integrated financial and non-financial information. We collect&nbsp;data from 2014 to 2017 and compare the effects on capital cost for a group of&nbsp;firms that voluntarily disclose integrated reports with a control group&nbsp;identified via Propensity Score Matching. We can identify that larger firms,&nbsp;with stronger corporate governance and lower risk, are more likely to&nbsp;voluntarily disclose integrated reports. In our second stage, we find no effect&nbsp;on the cost of capital after the voluntary disclosure. Taken together, our&nbsp;results are aligned with prior studies focused on mandatory disclosures: the&nbsp;firm’s information environment is relevant to explain the potential capital&nbsp;market benefits of Integrated Reporting.&nbsp;

Voluntary Disclosure of Integrated Reporting and cost of Capital in Brazil: an Alternative Explanation

The&nbsp;purpose of this study is to verify if the efficiency, stability, and reputation&nbsp;are factors capable of impacting fundraising and resource generation of&nbsp;nonprofit institutions, bearers of the Federal Public Utility Title. Data was&nbsp;collected from the National Register of Public Utility Entities of the Ministry&nbsp;of Justice, a database developed by the Brazilian Ministry of Justice in which&nbsp;nonprofit organizations file their financial statements. The analysis comprised&nbsp;the available data, from 2010 to 2014. Results indicate that fundraising and&nbsp;generation of resources are significantly influenced by efficiency, stability,&nbsp;and reputation factors. The findings highlight the relevance of disclosing&nbsp;financial information in generating and attracting funds from these&nbsp;institutions.&nbsp;

The Relationship Between Efficiency, Stability, and Reputation in Fundraising and Generation of Resources in the Third Sector Institutions

NCAF.2020.04.03.xml