O relato financeiro e o custo de capital das empresas

: revisão de literatura

Abstract

This review of literature lies on a careful analysis of set papers from various authors about the relation between the cost of capita of the firms and Disclosure. By the papers analyzed, it is possible to perceive in the approaches, four areas or streams to explain that relation, and those are quality of information, estimation risk, and risk of information and precision of information. For these four areas, we have a set of theatrical articles selected and we tried to present an empirical study for each area to confer sustainability The articles reach to several conclusions, but all of them point to the existence of a relation between disclosure and cost of capital. The results shows that, each study has different particularities and are robust, even with different methodology of analyses, as we could see the calculation of cost of capital and the measures of disclosure are different in every study. The main product of this review is the fact of certainly exist a positive relation between disclosure and cost of capital, if the firm can be well succeeded in the process of divulgation to the market. The firm consider well succeeded when the divulgation of information is able to reduce the uncertainty about her and leads to a maintenance or reduction of the cost of capital. For this outcome, the studies point two roads: by the increase of liquidity of the securities in the market and by the reduction on asymmetry of information. After all that is demonstrated that the precision of information is the most important area, because all the information broadcasted by the firm, to be useful and reduce the cost o capital and, all so, increase the liquidity of the securities, has to be precise.

Date of Award	2010
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Paulo Alves (Supervisor)