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Corporate social responsibility disclosure and the cost of equity capital: The roles of stakeholder orientation and financial transparency
Abstract We examine the benefits associated with corporate social responsibility (CSR) disclosure in an international setting covering 31 countries. Using variables such as the legal status of laborExpand
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Customer Concentration Risk and the Cost of Equity Capital
This study investigates the relation between customer concentration and a supplier׳s cost of equity capital. We hypothesize that a more concentrated customer base increases a supplier׳s risk, whichExpand
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Does investment efficiency improve after the disclosure of material weaknesses in internal control over financial reporting
We provide more direct evidence on the causal relation between the quality of financial reporting and investment efficiency. We examine the investment behavior of a sample of firms that disclosedExpand
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Did the 2003 Tax Act Reduce the Cost of Equity Capital
The Jobs and Growth Tax Relief Reconciliation Act of 2003 (the 2003 Tax Act) drastically reduced shareholder level taxes on equity income. If shareholder level taxation is an important component ofExpand
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Audit Committee Financial Expertise, Corporate Governance and Accruals Quality: An Empirical Analysis
Following the enactment of the Sarbanes Oxley Act 2002, US stock exchanges strongly advocate the presence of financial experts on audit committees. However, the ideal definition of financialExpand
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Internal Control Disclosures, Monitoring, and the Cost of Debt
ABSTRACT:  We test the relationship between the change in a firm's cost of debt and the disclosure of a material weakness in an initial Section 404 report. We find that, on average, a firm's creditExpand
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Shared Auditors in Mergers and Acquisitions
We examine the impact of shared auditors, defined as audit firms that provide audit services to a target and its acquirer firm prior to an acquisition, on transaction outcomes. We find sharedExpand
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Top Management Conservatism and Corporate Risk Strategies: Evidence from Managers' Personal Political Orientation and Corporate Tax Avoidance
We investigate whether managers' personal political orientation helps explain tax avoidance at the firms they manage. Results reveal the intriguing finding that, on average, firms with top executivesExpand
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Corporate Tax Avoidance and the Level and Valuation of Firm Cash Holdings
This paper examines the relation between corporate tax avoidance and firm cash holdings. Corporate tax avoidance limits payments made to the tax authorities. However, recent research notes that taxExpand
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Are Shareholder Dividend Taxes on Corporate Retained Earnings Impounded in Equity Prices?: Additional Evidence and Analysis
Recently, several studies have concluded that individual investor level dividend taxes on corporate retained earnings are impounded in common stock prices, independent of the timing of dividendExpand
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