Social Norm,Financial Reporting Quality,and Cost of Equity Capital
研究了新兴市场中社会规范作为非正式制度如何影响企业财务报告质量，以及这种影响如何进一步作用于股权资本成本。发现违反社会规范的企业会提高财务报告质量，但并未因此降低资本成本，甚至可能因违规而承担更高成本。
In the emerging market with unsound formal institutions system,the informal institution being a substitute of the formal institutions plays an important role in the governance and resource allocation of firm.This paper from the perspective of the social norm investigates the informal institution's role on the financial reporting, and how this role affects the firm's cost of equity capital.The result shows that the firms violating the social norm provide higher - quality financial report to reduce the legal risk and enhance the market attention;But the firms don't get the lower cost of capital by improving financial report due to the sanction from social norm, and even sometimes take on the higher cost of capital owing to violating the social norm in capital market.This paper enriches the researches related with corporate governance,and enlightens the regulators how to exploit the governance role of social norm in emerging market.