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- W2912477859 abstract "Purpose: The objective of this study is to understand which corporate governance mechanisms lead in practise to lower information asymmetry and the cost of equity capital and to shed some light on the supplementary or complementary relationship of governance mechanisms in reducing information asymmetry and cost of equity capital.Design/methodology/approach: Using a rich empirical data, we employ a DEA approach with variable return to scale so that the efficient frontier is constructed by connecting existing efficient firms. We run both an input and an output oriented DEA. Findings: The results indicates that the inefficient firms put too much effort in providing financial and non-financial information of the firm, to the point that the contribution of disclosure in reducing the information asymmetry and the cost of equity capital is no longer efficient. Therefore, in order to reduce information asymmetry and cost of equity capital efficiency it is more important to reduce the degree of disclosure than to changing the board structure. Furthermore, there is some indication that there is a trade-off between board structure and transparency, given that all correlation terms are negative, although non significant.Originality/value: We introduce a new method of analysing corporate governance effectiveness. Instead of the traditional regression models we use Data Envelopment Analysis (DEA) models. In addition, this paper contributes to the corporate governance literature by investigating how a mix of corporate governance mechanism reduces the information asymmetry costs and closely related the cost of equity capital." @default.
- W2912477859 created "2019-02-21" @default.
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- W2912477859 date "2009-01-01" @default.
- W2912477859 modified "2023-09-25" @default.
- W2912477859 title "Corporate Governance and Cost of Equity Capital: An Efficiency Analysis" @default.
- W2912477859 doi "https://doi.org/10.2139/ssrn.1499768" @default.
- W2912477859 hasPublicationYear "2009" @default.
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