Análisis de estudios empíricos sobre el efecto de las NIIF en el costo de capital propio
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mar 22, 2024
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Resumen
El objetivo del artículo consiste en correlacionar los resultados de investigaciones empíricas que miden el impacto de la adopción de las NIIF sobre el costo de capital propio a partir de un estudio exploratorio de tipo cualitativo, donde por medio de una matriz de recolección se revisaron 22 artículos de revistas indexadas y se sintetizó la información asociada a los modelos econométricos, el periodo de publicación y análisis, los efectos por región, las variables empleadas, las recomendaciones y limitantes de las investigaciones. Se identifica que a nivel general el efecto de las NIIF presenta una disminución sobre el costo de capital, sobre todo Europa y Asia, pero debe ser considerado como un resultado a corto plazo. Por otra parte, los hallazgos en empresas de países latinoamericanos señalan que no existe una incidencia sobre el indicador estudiado al cambiar de estándar contable, fenómeno que puede ser generado por el tiempo lo reciente de su aplicación. Se concluye que existen factores que no han sido considerados en las mediciones como son la infraestructura institucional y la cultura nacional, por lo que se recomienda seleccionar la muestra acorde con unas características similares y adicionalmente, controlar variables macroeconómicas y unificar criterios de las variables e indicadores financieros.
Keywords
cost of equity capital, IFRS, literature review, documentary analysiscosto de capital propio, NIIF, revisión de la literatura, análisis documentalcusto de capital próprio, IFRS, revisão da literatura, análise documental
References
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Akerlof, G. (1970). The Market for "Lemons": Quality Uncertainty and the Market Mechanism. The Quarterly Journal of Economics, 488-500.
Amihud, Y., & Mendelson, H. (1986). Asset pricing and the bid-ask spread. Journal of financial Economics, 17(2), 223-249. doi:10.1016/0304-405X(86)90065-6
Blanco, B., Garcia, J., & Tribo, J. (2015). Segment disclosure and cost of capital. Journal of Business Finance & Accounting, 42(3-4), 367-411. doi:10.1111/jbfa.12106
Botello, H., & Guerrero, I. (2021). Modelo CAPM para valorar el riesgo de los inversionistas a partir de la información contable antes y después de las NIIF en los bancos de Colombia. Entramado, 17(1), 122-135. doi:10.18041/1900-3803/entramado.1.7242
Botosan, C. (1997). Disclosure level and the cost of equity capital. Accounting review, 1(1), 323-349. Obtenido de http://www.jstor.org.crai-ustadigital.usantotomas.edu.co/stable/248475
Botosan, C. (2006). Disclosure and the cost of capital: what do we know? Accounting & Business Research. Accounting and Business Research, 36(1), 31-40. doi:10.1080/00014788.2006.9730042
Cabedo, D., & Tirado , J. (2014). Risk disclosure and cost of equity: The Spanish case. Contaduría y administración, 59(4), 105-135. Obtenido de http://www.cya.unam.mx/index.php/cya/article/view/88
Carvalho, E. (2014). Consequências econômicas da adoção compulsória das normas internacionais de contabilidade (IFRS) no custo de capital próprio das empresas brasileiras listadas na bm&fbovespa. Porto Alegre. Obtenido de http://hdl.handle.net/10183/107268
Castillo, D., Menéndez, C., & Orgaz, N. (2014). Mandatory IFRS adoption and the cost of equity capital: Evidence from Spanish firms. Intangible Capital, 10(3), 562-583. doi:10.3926/ic.491
Christensen, H., Hail, L., & Leuz, C. (2013). Mandatory IFRS reporting and changes in enforcement. Journal of Accounting and Economics, 56((2-3)), 147-177. doi:10.1016/j.jacceco.2013.10.007
da Silva, L., & Nardi, P. (2017). Full adoption of IFRSs in Brazil: Earnings quality and the cost of equity capital. Research in International Business and Finance, 1057-1073. doi:10.1016/j.ribaf.2017.07.041
Daske, H., Hail, L., Leuz, C., & Verdi, R. (2008). Mandatory IFRS Reporting around the World: Early Evidence on the Economic Consequences. Journal of Accounting Research, 46(5), 1085-1142. doi:10.1111/j.1475-679X.2008.00306.x
de Moura, A., Altuwaijri, A., & Gupta, J. (2020). Did mandatory IFRS adoption affect the cost of capital in Latin American countries? Journal of International Accounting, Auditing and Taxation, 38, 100301. doi:10.1016/j.intaccaudtax.2020.100301.
Diamond, D., & Verrecchia, R. (1991). Disclosure, liquidity, and the cost of capital. The journal of Finance, 46(4), 1325-1359. doi:10.2307/2328861
Easton, p. (2004). PE Ratios, PEG Ratios, and Estimating the Implied Expected Rate of Return on Equity Capital. The Accounting Review, 79(1), 73-95. Obtenido de http://econ.au.dk/fileadmin/Economics_Business/Education/Summer_University_2012/6308_Advanced_Financial_Accounting/Advanced_Financial_Accounting/3/Easton_2004_TAR.PDF
Eliwa, Y., Haslam, J., & Abraham, S. (2016). The association between earnings quality and the cost of equity capital: Evidence from the UK. International Review of Financial Analysis, 48(1), 125-139. doi:10.1016/j.irfa.2016.09.012
Espinosa, M., & Trombetta, M. (2007). Disclosure interactions and the cost of equity capital: evidence from the Spanish continuous market. Journal of Business Finance & Accounting, 34(9-10), 1371-1392. doi:10.1111/j.1468-5957.2007.02064.x
Foster, J. (01 de 01 de 2013). FASB web Site. Obtenido de https://www.fasb.org/articles&reports: https://www.fasb.org/articles&reports/Foster_FASBReport.pdf
Francis, J., Khurana, I., & Pereira, R. (2005). Disclosure Incentives and Effects on Cost of Capital around the World. The Accounting Review, 80(4), 1125-1162. Obtenido de https://www.jstor.org/stable/4093119
Gatsios, R., Da Silva, J., Ambrozini, M., Neto, A., & Lima, F. (2016). impact of adopting ifrs standard on the equity cost of brazilian open capital companies. revista de administracion mackenzie, 17(4), 85-108. doi:10.1590/1678-69712016/administracao.v17n4p84-107.
Gebhardt, W., Lee, C., & Swaminathan, B. (2001). Toward an Implied Cost of Capital. http://www.jstor.org.crai-ustadigital.usantotomas.edu.co/stable/2672949. Journal of Accounting Research, 39(1), 135-176. Obtenido de https://www.jstor.org/stable/2672949
Gietzmann, M., & Ireland, J. (2005). Cost of capital, strategic disclosures and accounting choice. Journal of Business Finance & Accounting, 32(3-4), 599-634. doi:10.1111/j.0306-686X.2005.00606.x
Gietzmann, M., & Trombetta, M. (2003). Disclosure interactions: accounting policy choice and voluntary disclosure effects on the cost of raising outside capital. Accounting and Business Research, 33(3), 187-205. doi:10.1080/00014788.2003.9729646
Gode, D., & Mohanram, P. (2003). Inferring the cost of capital using the ohlson–juettner model. Review of accounting studies, 8(1), 399–431. Obtenido de https://pdfs.semanticscholar.org/af0a/e7123200bffc63ea8f058f5612a31917263f.pdf
Góis, A., de Lima, G., de Sousa, N., & Malacrida, M. (2018). The Effect of National Culture on the Relationship between IFRS Adoption and the Cost of Equity Capital. Journal of International Accounting Research, 17(3), 69-85. doi:10.2308/jiar-52192
Golubeva, O. (2020). Maximising international returns: Impact of IFRS on foreign direct investments. Journal of Contemporary Accounting & Economics, 16(2), 1-20. doi:10.1016/j.jcae.2020.100200
Gordon, J., & Gordon, M. (1997). The Finite Horizon Expected Return Model. Financial Analysts Journal, 52-61. Obtenido de https://www.jstor.org/stable/4479996
Gordon, M., & Shapiro, E. (1956). Capital equipment analysis: the required rate of profit. Management science, 3(1), 102-110. doi:10.1287/mnsc.3.1.102
Healy, P., & Palepu, K. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of accounting and economics, 31((1-3)), 405-440. doi:10.1016/S0165-4101(01)0
Hofstede, G. (2011). Dimensionalizing Cultures: The Hofstede Model in Context. Online Readings in Psychology and Culture. doi:10.9707/2307-0919.1014
Houqe, M., Monem, R., & Zijl, T. (2016). The economic consequences of IFRS adoption: Evidence from New Zealand. Journal of International Accounting, Auditing and Taxation, 27, 40-48. doi:10.1016/j.intaccaudtax.2016.10.001
Jérémie, B., Hélène, B., & Aurore, B. (2021). Why choosing IFRS? Benefits of voluntary adoption by European private companies. International Review of Law and Economics, 65, 1-14. doi:10.1016/j.irle.2020.105968
Key, K., & Kim, J. (2020). IFRS and accounting quality: Additional evidence from Korea. Journal of International Accounting, Auditing and Taxation, 39, 1-12. doi:10.1016/j.intaccaudtax.2020.100306
Khalifa, M., Othman, H., & Hussainey, K. (2018). The effect of ex ante and ex post conservatism on the cost of equity capital: A quantile regression approach for MENA countries. Research in International Business and Finance, 44(1), 239-255. doi:10.1016/j.ribaf.2017.07.093
Kim, J., Shi, H., & Zhou, J. (2014). International Financial Reporting Standards, institutional infrastructures, and implied cost of equity capital around the world. Review of Quantitative Finance and Accounting, 42(3), 469-507. doi:10.1007/s11156-013-0350-3
Krismiaji, A., & Prabhata, A. (2016). The impact of international financial reporting standards on cost of capital. Corporate Ownership and Control, 14(1), 458-465. doi:10.22495/cocv14i1c3p6
Lambert, R., Leuz, C., & Verrechia, R. (2007). Accounting Information, Disclosure, and the Cost of Capital. Journal of accounting research, 45(2), 385-420. Obtenido de https://www.jstor.org/stable/4622036
Laverde, M., Lezama, J., García, J., Montoya, I., & Pérez, E. (2019). El efecto en el costo de capital de las principales empresas colombianas listadas en el índice bursátil COLCAP, tras la adopción de las Normas Internacionales de Información Financiera. Contaduría Universidad de Antioquia, 153–170. doi:10.17533/udea.rc.n74a07
Levitt, A. (1998). The numbers game. The CPA Journal, 68(12), 1-14. Obtenido de http://archives.cpajournal.com/2001/0500/features/f052401.htm
Li, S. (2010). Does Mandatory Adoption of International Financial Reporting Standards in the European Union Reduce the Cost of Equity Capital? The Accounting Review, 85(2), 607-636. doi:10.2308/accr.2010.85.2.607
Munteanu, L. (2011). Cost of equity, financial information disclosure and IFRS adoption: A literatura review. Internal Auditing & Risk Management, 24(2), 67-80. Obtenido de http://aimr.univath.ro/archive/atharticles/2011-4/2011-4-3.pdf
Muslim, A., & Setiawan, D. (2021). Information Asymmetry, Ownership Structure and Cost of Equity Capital: The Formation for Open Innovation. J. Open Innov. Technol. Mark. Complex, 7(48), 1-17. doi:10.3390/joitmc7010048
Ohlson, J. A., & Juettner-Nauroth, B. (2005). Expected EPS and EPS Growth as Determinants of Value. Review of Accounting Studies, 10(2-3), 349–365.
Opare, S., Nurul, M., & Van, T. (2020). IFRS adoption and seasoned equity offering underperformance. Pacific-Basin Finance Journal, 61, 1-22. doi:10.1016/j.pacfin.2020.101289
Patro, A., & Gupta, V. (2014). Impact of International Financial Reporting Standards on Cost of equity Capital for Asian countries. International Journal of Accounting and Financial Reporting, 4(2), 148-170. doi:10.5296/ ijafr.v4i2.6462
Persakis, A., & Latridis, G. (2017). Cost of capital, audit and earnings quality under financial crisis: A global empirical investigation. Journal of International Financial Markets, Institutions and Money, 46, 3-24. doi:10.1016 / j.intfin.2015.05.011
Rico, C. (2022). La relevancia valorativa de la información financiera en Colombia. Un estudio empírico. Cuadernos de contabilidad, 23. doi:10.11144/Javeriana.cc23.rvif
Saha, A., & Bose, S. (2021). Do IFRS disclosure requirements reduce the cost of capital? Evidence from Australia. Accounting & Finance, 61(3), 4669-4701. doi:10.1111/acfi.12744
Sampieri, R., Fernández, C., & Baptista, M. (2014). Metodología de la investigación (Sexta ed.). Ciudad de México D.F: Mcgraw-hill.
Sharpe, W. (1964). Capital asset prices: A theory of market equilibrium underconditions of risk. The journal of finance, 19(3), 425-442. doi:10.1111/j.1540-6261.1964.tb02865.x
Silva, A., Augusto, J., & Botelho, M. (2016). Custo Do Capital Próprio Em Empresas Brasileiras Do Setor Sucroenergético: Um Estudo Considerando a Adoção Das Normas Internacionais De Contabilidade. Revista Universo Contábil, 12(2), 117-137. Obtenido de https://www.redalyc.org/articulo.oa?id=117046856008
The IFRS Foundation. (2017). Quiénes somos y qué hacemos. Obtenido de https://www.ifrs.org/-/media/feature/about-us/who-we-are/who-we-are-spanish-v2.pdf
Turki, H., Wali, S., & Boujelbene, Y. (2017). IFRS Mandatory Adoption Effect on the Information Asymmetry: Immediate or Delayed? Australasian Accounting, Business and Finance Journal, 11(1), 55-77. doi:10.14453/aabfj.v11i1.5
Urquiza, F., Navarro, M., & Trombetta, M. (2012). Disclosure Strategies and Cost of Capital. Managerial and Decision Economics, 33(7), 501-509. doi:10.1002/mde.2562
Vera, P. (2007). The Effects of the IAS/IFRS Adoption in the European Union on the Financial Industry. Italy: University of Turin. Obtenido de http://ssrn.com/abstract=1088712
Wook-Bin, L., & Yuk, J. (2018). Effect Of The IFRS Adoption On The Cost Of Capital: Evidence From Korea. Journal of Applied Business Research (JABR), 34(2), 209-216. doi:10.19030/jabr.v34i2.10120
Yim, S. (2020). The Influence of IFRS Adoption on Banks’ Cost of Equity: Evidence from European Banks. Sustainability, 12(9), 1-16. doi:10.3390/su12093535
Akerlof, G. (1970). The Market for "Lemons": Quality Uncertainty and the Market Mechanism. The Quarterly Journal of Economics, 488-500.
Amihud, Y., & Mendelson, H. (1986). Asset pricing and the bid-ask spread. Journal of financial Economics, 17(2), 223-249. doi:10.1016/0304-405X(86)90065-6
Blanco, B., Garcia, J., & Tribo, J. (2015). Segment disclosure and cost of capital. Journal of Business Finance & Accounting, 42(3-4), 367-411. doi:10.1111/jbfa.12106
Botello, H., & Guerrero, I. (2021). Modelo CAPM para valorar el riesgo de los inversionistas a partir de la información contable antes y después de las NIIF en los bancos de Colombia. Entramado, 17(1), 122-135. doi:10.18041/1900-3803/entramado.1.7242
Botosan, C. (1997). Disclosure level and the cost of equity capital. Accounting review, 1(1), 323-349. Obtenido de http://www.jstor.org.crai-ustadigital.usantotomas.edu.co/stable/248475
Botosan, C. (2006). Disclosure and the cost of capital: what do we know? Accounting & Business Research. Accounting and Business Research, 36(1), 31-40. doi:10.1080/00014788.2006.9730042
Cabedo, D., & Tirado , J. (2014). Risk disclosure and cost of equity: The Spanish case. Contaduría y administración, 59(4), 105-135. Obtenido de http://www.cya.unam.mx/index.php/cya/article/view/88
Carvalho, E. (2014). Consequências econômicas da adoção compulsória das normas internacionais de contabilidade (IFRS) no custo de capital próprio das empresas brasileiras listadas na bm&fbovespa. Porto Alegre. Obtenido de http://hdl.handle.net/10183/107268
Castillo, D., Menéndez, C., & Orgaz, N. (2014). Mandatory IFRS adoption and the cost of equity capital: Evidence from Spanish firms. Intangible Capital, 10(3), 562-583. doi:10.3926/ic.491
Christensen, H., Hail, L., & Leuz, C. (2013). Mandatory IFRS reporting and changes in enforcement. Journal of Accounting and Economics, 56((2-3)), 147-177. doi:10.1016/j.jacceco.2013.10.007
da Silva, L., & Nardi, P. (2017). Full adoption of IFRSs in Brazil: Earnings quality and the cost of equity capital. Research in International Business and Finance, 1057-1073. doi:10.1016/j.ribaf.2017.07.041
Daske, H., Hail, L., Leuz, C., & Verdi, R. (2008). Mandatory IFRS Reporting around the World: Early Evidence on the Economic Consequences. Journal of Accounting Research, 46(5), 1085-1142. doi:10.1111/j.1475-679X.2008.00306.x
de Moura, A., Altuwaijri, A., & Gupta, J. (2020). Did mandatory IFRS adoption affect the cost of capital in Latin American countries? Journal of International Accounting, Auditing and Taxation, 38, 100301. doi:10.1016/j.intaccaudtax.2020.100301.
Diamond, D., & Verrecchia, R. (1991). Disclosure, liquidity, and the cost of capital. The journal of Finance, 46(4), 1325-1359. doi:10.2307/2328861
Easton, p. (2004). PE Ratios, PEG Ratios, and Estimating the Implied Expected Rate of Return on Equity Capital. The Accounting Review, 79(1), 73-95. Obtenido de http://econ.au.dk/fileadmin/Economics_Business/Education/Summer_University_2012/6308_Advanced_Financial_Accounting/Advanced_Financial_Accounting/3/Easton_2004_TAR.PDF
Eliwa, Y., Haslam, J., & Abraham, S. (2016). The association between earnings quality and the cost of equity capital: Evidence from the UK. International Review of Financial Analysis, 48(1), 125-139. doi:10.1016/j.irfa.2016.09.012
Espinosa, M., & Trombetta, M. (2007). Disclosure interactions and the cost of equity capital: evidence from the Spanish continuous market. Journal of Business Finance & Accounting, 34(9-10), 1371-1392. doi:10.1111/j.1468-5957.2007.02064.x
Foster, J. (01 de 01 de 2013). FASB web Site. Obtenido de https://www.fasb.org/articles&reports: https://www.fasb.org/articles&reports/Foster_FASBReport.pdf
Francis, J., Khurana, I., & Pereira, R. (2005). Disclosure Incentives and Effects on Cost of Capital around the World. The Accounting Review, 80(4), 1125-1162. Obtenido de https://www.jstor.org/stable/4093119
Gatsios, R., Da Silva, J., Ambrozini, M., Neto, A., & Lima, F. (2016). impact of adopting ifrs standard on the equity cost of brazilian open capital companies. revista de administracion mackenzie, 17(4), 85-108. doi:10.1590/1678-69712016/administracao.v17n4p84-107.
Gebhardt, W., Lee, C., & Swaminathan, B. (2001). Toward an Implied Cost of Capital. http://www.jstor.org.crai-ustadigital.usantotomas.edu.co/stable/2672949. Journal of Accounting Research, 39(1), 135-176. Obtenido de https://www.jstor.org/stable/2672949
Gietzmann, M., & Ireland, J. (2005). Cost of capital, strategic disclosures and accounting choice. Journal of Business Finance & Accounting, 32(3-4), 599-634. doi:10.1111/j.0306-686X.2005.00606.x
Gietzmann, M., & Trombetta, M. (2003). Disclosure interactions: accounting policy choice and voluntary disclosure effects on the cost of raising outside capital. Accounting and Business Research, 33(3), 187-205. doi:10.1080/00014788.2003.9729646
Gode, D., & Mohanram, P. (2003). Inferring the cost of capital using the ohlson–juettner model. Review of accounting studies, 8(1), 399–431. Obtenido de https://pdfs.semanticscholar.org/af0a/e7123200bffc63ea8f058f5612a31917263f.pdf
Góis, A., de Lima, G., de Sousa, N., & Malacrida, M. (2018). The Effect of National Culture on the Relationship between IFRS Adoption and the Cost of Equity Capital. Journal of International Accounting Research, 17(3), 69-85. doi:10.2308/jiar-52192
Golubeva, O. (2020). Maximising international returns: Impact of IFRS on foreign direct investments. Journal of Contemporary Accounting & Economics, 16(2), 1-20. doi:10.1016/j.jcae.2020.100200
Gordon, J., & Gordon, M. (1997). The Finite Horizon Expected Return Model. Financial Analysts Journal, 52-61. Obtenido de https://www.jstor.org/stable/4479996
Gordon, M., & Shapiro, E. (1956). Capital equipment analysis: the required rate of profit. Management science, 3(1), 102-110. doi:10.1287/mnsc.3.1.102
Healy, P., & Palepu, K. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of accounting and economics, 31((1-3)), 405-440. doi:10.1016/S0165-4101(01)0
Hofstede, G. (2011). Dimensionalizing Cultures: The Hofstede Model in Context. Online Readings in Psychology and Culture. doi:10.9707/2307-0919.1014
Houqe, M., Monem, R., & Zijl, T. (2016). The economic consequences of IFRS adoption: Evidence from New Zealand. Journal of International Accounting, Auditing and Taxation, 27, 40-48. doi:10.1016/j.intaccaudtax.2016.10.001
Jérémie, B., Hélène, B., & Aurore, B. (2021). Why choosing IFRS? Benefits of voluntary adoption by European private companies. International Review of Law and Economics, 65, 1-14. doi:10.1016/j.irle.2020.105968
Key, K., & Kim, J. (2020). IFRS and accounting quality: Additional evidence from Korea. Journal of International Accounting, Auditing and Taxation, 39, 1-12. doi:10.1016/j.intaccaudtax.2020.100306
Khalifa, M., Othman, H., & Hussainey, K. (2018). The effect of ex ante and ex post conservatism on the cost of equity capital: A quantile regression approach for MENA countries. Research in International Business and Finance, 44(1), 239-255. doi:10.1016/j.ribaf.2017.07.093
Kim, J., Shi, H., & Zhou, J. (2014). International Financial Reporting Standards, institutional infrastructures, and implied cost of equity capital around the world. Review of Quantitative Finance and Accounting, 42(3), 469-507. doi:10.1007/s11156-013-0350-3
Krismiaji, A., & Prabhata, A. (2016). The impact of international financial reporting standards on cost of capital. Corporate Ownership and Control, 14(1), 458-465. doi:10.22495/cocv14i1c3p6
Lambert, R., Leuz, C., & Verrechia, R. (2007). Accounting Information, Disclosure, and the Cost of Capital. Journal of accounting research, 45(2), 385-420. Obtenido de https://www.jstor.org/stable/4622036
Laverde, M., Lezama, J., García, J., Montoya, I., & Pérez, E. (2019). El efecto en el costo de capital de las principales empresas colombianas listadas en el índice bursátil COLCAP, tras la adopción de las Normas Internacionales de Información Financiera. Contaduría Universidad de Antioquia, 153–170. doi:10.17533/udea.rc.n74a07
Levitt, A. (1998). The numbers game. The CPA Journal, 68(12), 1-14. Obtenido de http://archives.cpajournal.com/2001/0500/features/f052401.htm
Li, S. (2010). Does Mandatory Adoption of International Financial Reporting Standards in the European Union Reduce the Cost of Equity Capital? The Accounting Review, 85(2), 607-636. doi:10.2308/accr.2010.85.2.607
Munteanu, L. (2011). Cost of equity, financial information disclosure and IFRS adoption: A literatura review. Internal Auditing & Risk Management, 24(2), 67-80. Obtenido de http://aimr.univath.ro/archive/atharticles/2011-4/2011-4-3.pdf
Muslim, A., & Setiawan, D. (2021). Information Asymmetry, Ownership Structure and Cost of Equity Capital: The Formation for Open Innovation. J. Open Innov. Technol. Mark. Complex, 7(48), 1-17. doi:10.3390/joitmc7010048
Ohlson, J. A., & Juettner-Nauroth, B. (2005). Expected EPS and EPS Growth as Determinants of Value. Review of Accounting Studies, 10(2-3), 349–365.
Opare, S., Nurul, M., & Van, T. (2020). IFRS adoption and seasoned equity offering underperformance. Pacific-Basin Finance Journal, 61, 1-22. doi:10.1016/j.pacfin.2020.101289
Patro, A., & Gupta, V. (2014). Impact of International Financial Reporting Standards on Cost of equity Capital for Asian countries. International Journal of Accounting and Financial Reporting, 4(2), 148-170. doi:10.5296/ ijafr.v4i2.6462
Persakis, A., & Latridis, G. (2017). Cost of capital, audit and earnings quality under financial crisis: A global empirical investigation. Journal of International Financial Markets, Institutions and Money, 46, 3-24. doi:10.1016 / j.intfin.2015.05.011
Rico, C. (2022). La relevancia valorativa de la información financiera en Colombia. Un estudio empírico. Cuadernos de contabilidad, 23. doi:10.11144/Javeriana.cc23.rvif
Saha, A., & Bose, S. (2021). Do IFRS disclosure requirements reduce the cost of capital? Evidence from Australia. Accounting & Finance, 61(3), 4669-4701. doi:10.1111/acfi.12744
Sampieri, R., Fernández, C., & Baptista, M. (2014). Metodología de la investigación (Sexta ed.). Ciudad de México D.F: Mcgraw-hill.
Sharpe, W. (1964). Capital asset prices: A theory of market equilibrium underconditions of risk. The journal of finance, 19(3), 425-442. doi:10.1111/j.1540-6261.1964.tb02865.x
Silva, A., Augusto, J., & Botelho, M. (2016). Custo Do Capital Próprio Em Empresas Brasileiras Do Setor Sucroenergético: Um Estudo Considerando a Adoção Das Normas Internacionais De Contabilidade. Revista Universo Contábil, 12(2), 117-137. Obtenido de https://www.redalyc.org/articulo.oa?id=117046856008
The IFRS Foundation. (2017). Quiénes somos y qué hacemos. Obtenido de https://www.ifrs.org/-/media/feature/about-us/who-we-are/who-we-are-spanish-v2.pdf
Turki, H., Wali, S., & Boujelbene, Y. (2017). IFRS Mandatory Adoption Effect on the Information Asymmetry: Immediate or Delayed? Australasian Accounting, Business and Finance Journal, 11(1), 55-77. doi:10.14453/aabfj.v11i1.5
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Cómo citar
García Carrillo, J. F., Laverde Sarmiento, M. Ángel, & Lezama Palomin, J. C. (2024). Análisis de estudios empíricos sobre el efecto de las NIIF en el costo de capital propio. Cuadernos De Contabilidad, 25. https://doi.org/10.11144/Javeriana.cc25.aeee
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