High Quality
Open the downloaded document, and select print from the file menu (PDF reader required).
University of Fribourg (Switzerland)Faculty of Economics and Social Sciences
INVESTOR RELATION INTERNETDISCLOSURE AND THE COST OFEQUITY CAPITAL
An Empirical AnalysisThesisPresented to the Faculty of Economics and Social Sciencesof the University of Fribourg (Switzerland)in fulfillment of the requirements for the degree of Doctor of Economics and Social Sciencesby
EWA A. FROIDEVAUX
fromPolandAccepted by the Faculty’s Council on 9 November 2004 at the proposal of Professor Dr. Jacques Pasquier-Dorthe, University of Fribourg, Switzerland (First Reporter)andProfessor Dr. Tung X. Bui, University of Hawai’i, USA (Second Reporter)Fribourg (Switzerland)2004
II«The Faculty of Economics and Social Sciences at the University of Fribourg(Switzerland) neither approves nor disapproves the opinions expressed in a doctoraldissertation: they are to be considered those of the author (decision of theFaculty council of 23 January 1990)».
III
Table of Contents
Table of Contents...................................................................................................................................II
List of Tables and Figures....................................................................................................................IV
Abbreviations and Symbols..................................................................................................................VI
Abstract...................................................................................................................................................1
1.
INTRODUCTION...........................................................................................................2
2.
COMPREHENSIVE REVIEW OF THE DISCLOSURE LITERATURE...............4
3.
INVESTOR RELATION WEB SITE CONTENT ANALYSIS OF US FIRMS....22
3.1 R
EVIEW OF
R
ELATED
R
ESEARCH
.............................................................................233.2 R
ESEARCH
D
ESIGN
...................................................................................................253.3 E
MPIRICAL
R
ESULTS OF THE
C
ONTENT
A
NALYSIS
...................................................30
4.
INVESTOR RELATION INTERNET DISCLOSURE LEVEL AND THE COSTOF EQUITY CAPITAL..............................................................................................42
4.1 R
EVIEW OF
P
REVIOUS
R
ESEARCH
............................................................................434.2 R
ESEARCH
D
ESIGN AND
H
YPOTHESIS
D
EVELOPMENT
.............................................464.3 E
MPIRICAL
I
MPLEMENTATION
..................................................................................524.4 E
MPIRICAL
R
ESULTS
................................................................................................64
5.
RESULTS, IMPLICATIONS AND LIMITATIONS................................................73
5.1 S
UMMARY AND
I
NTERPRETATION OF
R
ESULTS
........................................................735.2 L
IMITATIONS AND
S
UGGESTIONS FOR
F
UTURE
R
ESEARCH
.......................................75
References.............................................................................................................................................79
Appendix..............................................................................................................................................91
Investor Relations, Internet Disclosure and the Cost of Equity Capital - An Empirical Analysis - PhD Thesis Submitted to the Faculty of Economics, University of Fribourg by Ewa a Froidevaux
Info and Rating
Sections
« prev | next »- Abstract
- 1. Introduction
- 2. Comprehensive Review of the Disclosure Literature
- 3. Investor Relation Web site Content Analysis of US firms
- 3.1 Review of Related Research
- 3.2 Research Design
- 3.3 Empirical Results of the Content Analysis
- Industries
- Cost of Equity Capital
- 4.1 Review of Previous Research
- 4.2 Research Design and Hypothesis Development
- 4.3 Empirical Implementation
- 4.4 Empirical Results
- for the large and small company sub-samples
- 5. Results, Implications and Limitations
- 5.1 Summary and Interpretation of Results
- 5.2 Limitations and Suggestions for Future Research
- References
- Appendix
- APPENDIX FOR THE INVESTOR RELATION CONTENT ANALYSIS STUDY
- Table 1: Companies included in the sample
- Table 2: Size criteria for sample selection
- Table 3: Descriptive statistics for sample firms
- samples of all large and all small companies
- averages
- Table 6: Information items in order of percentage provided by all companies
- Table 7: Information items in order of percentage provided by large companies
- Table 8: Information items in order of percentage provided by small companies
- AND THE COST OF EQUITY CAPITAL STUDY
- Table 9: Companies included in the sample
- Table 10: Descriptive statistics for sample firms
- Table 11: Descriptive statistic for disclosure scores
- Table 12: Descriptive statistic for the implied cost of capital
- Table 13: Validity of the disclosure score
- cost of capital and firm characteristics related to the cost of capital
- score (sub-sample of large companies; excluding auto)
- score (sub-sample of small companies; excluding industrial goods and services)
- Table 18: Specification tests for the full sample
Add a Comment