Publication: Segment disclosure, cost of capital and investment efficiency
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2010-04
Defense date
2010-06-24
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Abstract
Esta tesis se compone de tres ensayos empíricos sobre las consecuencias económicas de las diferencias en la calidad de la información segmentada que las empresas incluyen en sus estados financieros. En el primero, se estudia la relación entre la revelación de información segmentada y la calidad del resultado contable. En el segundo, se estudia el efecto de la relación entre la revelación de información segmentada y la calidad del resultado contable en el coste de capital. En el último ensayo se estudia el papel de la revelación de la información segmentada en el gobierno corporativo y su efecto en la eficiencia de las decisiones de inversión de la empresa. Esta tesis contribuye a la literatura sobre las consecuencias económicas derivadas de las diferencias en la calidad de la información contable. Los resultados muestran que el aumento de la calidad de la información segmentada conduce a unos resultados económicos positivos, como son un menor coste de capital y una mejora en la eficiencia de las decisiones de inversión
This thesis consists of three empirical essays on the economic consequences of differences in the quality of the information about segments that firms include in their financial statements. In the first one I study the relationship between segment disclosure and earnings quality. In the second one I study the effect of the relation between segment disclosure and earnings quality on cost of capital. In the last essay I study the role of segment disclosure in corporate governance and its effect on firms’ investment efficiency. Overall, I contribute to a growing stream of literature on the economic consequences of differences in the quality of accounting information. My results are consistent with improved segment information leading to positive economic outcomes, like a reduced cost of capital and more efficient investment policies
This thesis consists of three empirical essays on the economic consequences of differences in the quality of the information about segments that firms include in their financial statements. In the first one I study the relationship between segment disclosure and earnings quality. In the second one I study the effect of the relation between segment disclosure and earnings quality on cost of capital. In the last essay I study the role of segment disclosure in corporate governance and its effect on firms’ investment efficiency. Overall, I contribute to a growing stream of literature on the economic consequences of differences in the quality of accounting information. My results are consistent with improved segment information leading to positive economic outcomes, like a reduced cost of capital and more efficient investment policies
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Keywords
Información contable, Análisis de estados financieros, Contabilidad financiera, Empresas, Análisis coste-beneficio