IFRS 8 and the cost of capital in Europe
研究了欧洲18国采用IFRS 8后，分部报告质量对股权和债务资本成本的影响，发现投资者和贷款机构认为分部报告的有用性未改变。
Abstract This study examines segment reporting information usefulness after the adoption of IFRS 8 in 18 European Union countries. Specifically, 1) we introduce a new comprehensive measure of segment reporting quality that reflects four different dimensions of segment information, 2) we investigate the impact of segment reporting quality on the cost of equity and debt capital after the adoption of IFRS 8, and 3) we investigate the moderating role of the country‐level enforcement system on the association between segment reporting quality and the cost of equity and debt capital after the adoption of IFRS 8. Using a self‐constructed segment reporting quality measure and a sample of 884 firm‐year observations over the period of 2007 to 2011, we provide evidence that investors and lending institutions find no change in the usefulness of segment reporting after the adoption of IFRS 8. Our study is original in using a comprehensive measure of segment reporting quality. Furthermore, our study is the first to examine the relationship between segment reporting quality and the cost of debt capital after the adoption of IFRS 8 and the moderating role of the country‐level enforcement system. Our findings provide useful insights to regulator and accounting standard‐setting bodies about segment reporting.