Risk disclosure and cost of equity: The Spanish case

• Autores: José Miguel Tirado Beltrán
• Localización: Contaduría y administración, ISSN 0186-1042, ISSN-e 2448-8410, Vol. 59, Nº. 4, 2014, págs. 105-135
• Idioma: inglés
• DOI: 10.1016/s0186-1042(14)70157-3
• Títulos paralelos:
  • Divulgación de riesgos y costo de capital de los recursos propios: El caso español
• Enlaces
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• Dialnet Métricas: 2 Citas
• Resumen
  • español

    En este trabajo se hace un estudio empírico de la relación entre la divulgación de riesgos por parte de las empresas y el costo de capital de los recursos propios. En particular, el objetivo que se persigue es contrastar si el costo de capital de los recursos propios está relacionado con la divulgación de riesgos financiero y no financiero. Nuestros resultados no muestran relación estadísticamente significativa entre el riesgo no financiero y el costo de capital de los recursos propios; y una relación estadísticamente significativa positiva entre este costo y la divulgación de riesgos financieros. Esto sugiere que las divulgaciones de riesgo de la empresa parecen presentar contingencias desconocidas y factores de riesgo en vez de sólo actualizar la información sobre los riesgos conocidos.

  • English

    In this paper we make an empirical study of the relationship between risk disclosure and the cost of equity. In particular, the objective being pursued is to contrast whether or not the cost of equity for the company is related to its financial and non‑financial risk disclosure. Our results show no statistically significant relationship between the latter and the cost of equity; and a statistically significant relationship, with a positive sign, between this cost and financial risk disclosure. This suggests that company risk disclosures appear to introduce unknown contingencies and risk factors rather than only update information about known risks.

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