Web‐Based Non‐Financial Disclosure and Cost of Finance
研究了北美和欧洲大陆企业基于网络的非财务信息披露水平与股权和债务融资成本的关系，发现披露水平越高，融资成本越低，但信息不对称的缓解效果仅在欧洲大陆企业显著。
Abstract: We study the association of Web‐based non‐financial disclosure and a firm's cost of finance within an international context (North America and Continental Europe). We examine voluntary Web placement of non‐financial disclosures using an information index covering a firm's value creation process. We find a negative association between the level of Web‐based non‐financial disclosure and the implied cost of equity capital in North America and in Continental Europe. Continental European firms with higher levels of Web‐based non‐financial disclosure also tend to benefit from a lower information asymmetry and from a lower cost of debt capital, whereas North American firms do not.