综合报告和资本成本:文化层面的调节作用

IF 9.4 3区 管理学 Q1 BUSINESS, FINANCE Journal of International Financial Management & Accounting Pub Date : 2019-12-17 DOI:10.1111/jifm.12113
Luigi Vena, Salvatore Sciascia, Alessandro Cortesi
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引用次数: 39

摘要

综合报告自推出以来,引发了一场涉及多个方面的丰富辩论,从文件的结构和特点到出版物的效果。最近,学者们研究了IR与企业资本成本之间的负相关关系,完全错过了了解这一事实是否取决于采用公司运营的文化背景的机会。我们通过对2009-2017年期间来自31个国家的211名采用者的小组样本来填补这一空白,共计1455次观测。我们的证据证实,采用者平均受益于1.4%的资本成本下降。然而,更重要的是,在权力距离低、集体主义价值观强、男子气概高的国家,IR的有效性得到了提升,而避免不确定性、长期取向和放纵似乎没有起到任何调节作用。
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Integrated reporting and cost of capital: The moderating role of cultural dimensions

Since its introduction, integrated reporting (IR) has triggered a rich debate covering several aspects, from the structure and the features of a document to the effects of its publication. Very recently, scholars have examined the negative relationship between IR and the cost of capital for firms, completely missing the opportunity to understand whether this fact is contingent on the cultural context that adopting companies operate in. We fill this gap by resorting to a panel sample of 211 adopters from 31 countries over the period spanning 2009–2017, counting 1,455 observations. Our evidence confirms that adopters, on average, benefit from a 1.4% decrease in the cost of capital. Yet, more importantly, IR effectiveness is exalted in countries with low power distance, strong collectivism values, and high level of masculinity, while uncertainty avoidance, long-term orientation, and indulgence do not seem to play any moderating role.

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来源期刊
CiteScore
9.10
自引率
2.00%
发文量
23
期刊介绍: The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.
期刊最新文献
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