- مبلغ: ۸۶,۰۰۰ تومان
- مبلغ: ۹۱,۰۰۰ تومان
The economic outcomes of the quality of accounting information have recently drawn the interest of numerous scholars. In particular, several researchers have examined the impact of earnings quality on the cost of equity capital. For example, Bhattacharya, Daouk, and Welker (2003) examine the impact of earnings opacity as measured by earnings aggressiveness, loss avoidance, and earnings smoothing on cost of equity capital, around the world. In the same vein, Francis, La Fond, Olsson, and Schipper (2004) examine the impact of seven earnings attributes (accrual quality, earnings persistence, predictability, smoothness, value relevance, timeliness and conservatism) on the cost of equity capital in the US context. Recently, Bhattacharya, Ecker, Olsson and Schipper (2012) show that: earnings quality as measured by (i) accruals quality, (ii) abnormal accruals, and (iii) a measure that combines accruals quality, absolute abnormal accruals, and earnings variability affects directly the cost of equity capital. They also show that earnings quality also indirectly affects cost of equity capital through information asymmetry as measured by the probability of Informed trading (PIN). Similarly, Barth, Konchitchki, and Landsman (2013) examine the relation between the cost of equity capital and a new measure of earnings quality, namely the extent to which earnings and changes in earnings vary contemporaneously with stock returns.