Financial reporting conservatism enjoys a long-standing place of prominence in accounting principles and practices. Its prevailing influence justifies the considerable attention conservatism has, and continues to receive in accounting research. A growing body of recent research suggests that, in time series, financial reporting has become more conservative. Whilst this evidence is intuitive on a number of levels, the notion of conservatism appears to be incongruent with the continual spate of corporate collapses that plague our financial world and the outward rejection of conservatism as a desirable qualitative characteristic of financial reporting by Australian and U.S. standard setters. Existing empirical research indicates that conservatism continues to be evident in accounting and serves a positive function in contracting efficiencies with evidence, inter alia, of conservatism mitigating agency conflicts and therefore reducing the cost of debt and improving corporate governance (Watts 2003a). However, little evidence exists regarding its economic consequences in terms of its impact on the cost of equity capital. This thesis empirically examines the relationship between conservatism and the cost of equity capital under a framework supported by Signalling Theory rather than Agency (Contracting) Theory, consistent with the theoretical propositions modelled by Gietzmann and Trombetta (2003) and Bagnoli and Watts (2005). The primary research question of this thesis explores the influence of conservatism on the cost of equity capital and thus asks if the firm’s decision to adopt conservative reporting practices has economic consequences. At the same time, research has seen a plethora of studies that investigate the capital market impacts of the firm’s disclosure policy. Existing empirical research provides evidence in part indicating that the cost of equity capital is reducing in disclosure levels, however, existing empirical research does not provide evidence on how conservatism and disclosure interact. Therefore, the second research question seeks to explore this interaction and investigates the conditional influence of disclosure on the primary relationship between conservatism and the cost of equity capital. Using a sample of U.S. listed entities for the period 1984 to 1994, this thesis investigates the individual (unconditional) and joint (conditional) impact of conservatism and disclosure on the cost of equity capital. The thesis makes several contributions. First, the findings provide considerable new evidence in support of the prediction that the cost of equity capital is decreasing in the level of conservatism. Consistent with the theoretical propositions in Gietzmann and Trombetta (2003) and Bagnoli and Watts (2005), it is argued that by signalling of firm quality through adoption of conservative reporting practices, firms have the ability to reduce non-diversifiable firm-specific information risk and hence will benefit from a resulting decrease in the cost of equity capital. Second, this thesis re-examines the relationship between disclosure and the cost of equity capital with evidence indicating that the cost of equity capital is decreasing in the disclosure level as measured by the comprehensive disclosure score. Third, this thesis explores new ground in its investigation of the interaction between conservatism and disclosure and their joint influence on the cost of equity capital. The findings provide considerable support for the prediction that the value of conservatism is diminished in environments of low information asymmetry (high disclosure). It is conjectured that because there is little private information in environments of low information asymmetry, there are no signalling benefits to be gained. Finally, the results provide consistent evidence of an inverse relationship between conservatism and disclosure. The findings suggest that conservatism and disclosure are therefore strategy substitutes in the overall reporting strategy. The findings of this thesis provide considerable support for the benefits of conservatism and provide a further explanation for the continued observation of conservatism evidenced in prior empirical research. Further, the findings provide support for the conjecture that conservatism and disclosure each have a role to play in the financial reporting strategy of the firm. Overall, the findings of thesis provide new evidence indicating that the firm’s decision to adopt conservative reporting practices has the potential to reap real economic benefit in terms of reduction in the cost of equity capital and that conservatism has a positive role in accounting principles and practices.

This master thesis's aim is to determine the price of the individual components of the company´s capital and to consider approaches to capital costs including their influence on the scale of the business performance. The thesis is divided into two main parts. In the theoretical part I deal with the capital structure of property, theories of its optimization, approaches to cost calculation of the equity and foreign capital. Also the weighted averages costs of capital were described. Furthermore, the economic value added as a method of an evaluation of busi-ness performance was defined. In the practical part there are several basic information about the rated compa-ny defined in the introduction. In the next part of the thesis I detect the price of the individual components of the company's capital and I judge approaches to capital cost, including their impact on economic value added. As a basis for the evaluation serve the financial statements of the company and information from company's management. To determine the cost of capitals following models were used: capital asset pricing model (CAPM) and the modular model. Overall financial situation of the business can be assessed negatively. In all three variations of calculating economic value added, the company didn´t generate an economic profit within years 2010 2014.

A contabilidade brasileira, a exemplo do que vem acontecendo em muitos países, promoveu recentemente uma histórica mudança na sua estrutura ao institucionalizar os padrões contábeis internacionais (IFRS) como padrões locais. A adoção compulsória das IFRS pelas empresas brasileiras ocorre concomitantemente com expectativas de vantagens econômicas e não econômicas por parte dos agentes que atuam no mercado de capitais e também por parte de outros usuários e atores envolvidos com a produção de informações contábeis. O fenômeno da migração de padrões contábeis brasileiros para padrões internacionais, por esses motivos, se torna singular e propício a pesquisas que se dediquem a analisar os efeitos que a regulamentação contábil seja capaz de promover no mercado e nas decisões dos agentes. Aproveitando-se da oportunidade, esta pesquisa tem a proposta de avaliar de que forma a adoção compulsória das IFRS tem impactado economicamente o custo de capital próprio das empresas brasileiras listadas na BM&FBovespa. As hipóteses elaboradas para a pesquisa pressupõem que a convergência para as IFRS possa ter aumentado a qualidade das informações contábeis das empresas brasileiras, reduzindo assim a assimetria de informação entre os agentes que negociam as ações no mercado de capitais e, consequentemente, promovendo redução nos custos de capital próprio. Como proxies de custo de capital próprio foram utilizados os modelos Easton (RPEG) e de Gordon. O estudo constitui-se de observações de empresas nacionais listadas na BM&FBovespa adotantes compulsórias das IFRS como grupo de tratamento; sendo outro conjunto de observações de empresas brasileiras adotantes voluntárias de IFRS ou USGAAP utilizado como grupo de controle; e um terceiro conjunto de dados de empresas latino-americanas, não adotantes das normas internacionais, utilizado como segundo grupo de controle. Os dados se estruturam em forma de painel e, para possibilitar a análise comparativa, compreendem exercícios financeiros anteriores e posteriores ao momento da adoção compulsória das IFRS pela contabilidade brasileira (2010). Para testar as hipóteses de pesquisa foram realizadas análises utilizando-se de estatísticas inferenciais, mais especificamente regressões multivariadas com estimadores de diferença em diferenças. Os resultados não apresentam indicativos de que a obrigatoriedade da adoção das IFRS, isoladamente, tenha sido condição suficiente para promover aumento na qualidade das informações contábeis das empresas brasileiras que optaram por adotar compulsoriamente tais normas em 2010 a ponto de promover reduções nos custos de capital próprio. Não há indícios suficientemente fortes de que as empresas adotantes voluntárias de IFRS, em período anterior a 2010, tenham auferido reduções nos custos de capital próprio em menor proporção que as empresas brasileiras que optaram por fazê-lo somente na data em que a regulamentação as tornou obrigatória. / Brazilian accounting, as it has been happening in many countries, recently promoted a historic change in its structure to institutionalize the International Financial Reporting Standards (IFRS) as local standards. The mandatory adoption of IFRS by Brazilian companies occurs concomitantly with economic and noneconomic expectations of agents operating in the capital market and of other users and stakeholders involved with the production of accounting information. The phenomenon of migration of Brazilian accounting standards to international standards, for these reasons, becomes singular and conducive to studies engaged to analyze the effects that the accounting rules are able to promote on the market and on agent decisions. Taking advantage of the opportunity, this research has the purpose of evaluating how the mandatory adoption of IFRS economically affects the cost of capital of Brazilian companies listed on the BM&FBovespa. The hypotheses developed for this research assume that the convergence to IFRS may have increased the quality of financial reporting by Brazilian companies, thereby reducing the information asymmetry between the agents who trade shares in the capital market and consequently promoting cost reduction equity. Easton (RPEG) and Gordon models were used as proxies for the cost of capital equity. The study consisted of observations of domestic companies listed on the BM&FBovespa mandatory adopters of IFRS as the treatment group; and another set of observations of Brazilian companies voluntary adopters of IFRS or USGAAP used as a control group; and a third set of Latin American companies, non-adopters of international data standards, used as a second control group. Data are structured in a panel form and, to enable comparative analysis, include preceding and following years of the mandatory adoption of IFRS by Brazilian financial accounting (2010). To test the research hypotheses, analyzes were performed using specifically multivariate regressions with difference in the differences estimators inferential statistics. Results show no indication that the mandatory adoption of IFRS alone was enough to promote an increase in the quality of financial reporting by Brazilian companies that have chosen to compulsorily adopt such standards in 2010 about to promote reductions in the cost of equity condition. There is no enough strong evidence that voluntary IFRS adopters firms in the preceding period of 2010 have obtained reductions in the costs of equity capital to a lesser extent that Brazilian companies that have chosen to do so only on the date on which the regulation has become mandatory.

A contabilidade brasileira, a exemplo do que vem acontecendo em muitos países, promoveu recentemente uma histórica mudança na sua estrutura ao institucionalizar os padrões contábeis internacionais (IFRS) como padrões locais. A adoção compulsória das IFRS pelas empresas brasileiras ocorre concomitantemente com expectativas de vantagens econômicas e não econômicas por parte dos agentes que atuam no mercado de capitais e também por parte de outros usuários e atores envolvidos com a produção de informações contábeis. O fenômeno da migração de padrões contábeis brasileiros para padrões internacionais, por esses motivos, se torna singular e propício a pesquisas que se dediquem a analisar os efeitos que a regulamentação contábil seja capaz de promover no mercado e nas decisões dos agentes. Aproveitando-se da oportunidade, esta pesquisa tem a proposta de avaliar de que forma a adoção compulsória das IFRS tem impactado economicamente o custo de capital próprio das empresas brasileiras listadas na BM&FBovespa. As hipóteses elaboradas para a pesquisa pressupõem que a convergência para as IFRS possa ter aumentado a qualidade das informações contábeis das empresas brasileiras, reduzindo assim a assimetria de informação entre os agentes que negociam as ações no mercado de capitais e, consequentemente, promovendo redução nos custos de capital próprio. Como proxies de custo de capital próprio foram utilizados os modelos Easton (RPEG) e de Gordon. O estudo constitui-se de observações de empresas nacionais listadas na BM&FBovespa adotantes compulsórias das IFRS como grupo de tratamento; sendo outro conjunto de observações de empresas brasileiras adotantes voluntárias de IFRS ou USGAAP utilizado como grupo de controle; e um terceiro conjunto de dados de empresas latino-americanas, não adotantes das normas internacionais, utilizado como segundo grupo de controle. Os dados se estruturam em forma de painel e, para possibilitar a análise comparativa, compreendem exercícios financeiros anteriores e posteriores ao momento da adoção compulsória das IFRS pela contabilidade brasileira (2010). Para testar as hipóteses de pesquisa foram realizadas análises utilizando-se de estatísticas inferenciais, mais especificamente regressões multivariadas com estimadores de diferença em diferenças. Os resultados não apresentam indicativos de que a obrigatoriedade da adoção das IFRS, isoladamente, tenha sido condição suficiente para promover aumento na qualidade das informações contábeis das empresas brasileiras que optaram por adotar compulsoriamente tais normas em 2010 a ponto de promover reduções nos custos de capital próprio. Não há indícios suficientemente fortes de que as empresas adotantes voluntárias de IFRS, em período anterior a 2010, tenham auferido reduções nos custos de capital próprio em menor proporção que as empresas brasileiras que optaram por fazê-lo somente na data em que a regulamentação as tornou obrigatória. / Brazilian accounting, as it has been happening in many countries, recently promoted a historic change in its structure to institutionalize the International Financial Reporting Standards (IFRS) as local standards. The mandatory adoption of IFRS by Brazilian companies occurs concomitantly with economic and noneconomic expectations of agents operating in the capital market and of other users and stakeholders involved with the production of accounting information. The phenomenon of migration of Brazilian accounting standards to international standards, for these reasons, becomes singular and conducive to studies engaged to analyze the effects that the accounting rules are able to promote on the market and on agent decisions. Taking advantage of the opportunity, this research has the purpose of evaluating how the mandatory adoption of IFRS economically affects the cost of capital of Brazilian companies listed on the BM&FBovespa. The hypotheses developed for this research assume that the convergence to IFRS may have increased the quality of financial reporting by Brazilian companies, thereby reducing the information asymmetry between the agents who trade shares in the capital market and consequently promoting cost reduction equity. Easton (RPEG) and Gordon models were used as proxies for the cost of capital equity. The study consisted of observations of domestic companies listed on the BM&FBovespa mandatory adopters of IFRS as the treatment group; and another set of observations of Brazilian companies voluntary adopters of IFRS or USGAAP used as a control group; and a third set of Latin American companies, non-adopters of international data standards, used as a second control group. Data are structured in a panel form and, to enable comparative analysis, include preceding and following years of the mandatory adoption of IFRS by Brazilian financial accounting (2010). To test the research hypotheses, analyzes were performed using specifically multivariate regressions with difference in the differences estimators inferential statistics. Results show no indication that the mandatory adoption of IFRS alone was enough to promote an increase in the quality of financial reporting by Brazilian companies that have chosen to compulsorily adopt such standards in 2010 about to promote reductions in the cost of equity condition. There is no enough strong evidence that voluntary IFRS adopters firms in the preceding period of 2010 have obtained reductions in the costs of equity capital to a lesser extent that Brazilian companies that have chosen to do so only on the date on which the regulation has become mandatory.

A contabilidade brasileira, a exemplo do que vem acontecendo em muitos países, promoveu recentemente uma histórica mudança na sua estrutura ao institucionalizar os padrões contábeis internacionais (IFRS) como padrões locais. A adoção compulsória das IFRS pelas empresas brasileiras ocorre concomitantemente com expectativas de vantagens econômicas e não econômicas por parte dos agentes que atuam no mercado de capitais e também por parte de outros usuários e atores envolvidos com a produção de informações contábeis. O fenômeno da migração de padrões contábeis brasileiros para padrões internacionais, por esses motivos, se torna singular e propício a pesquisas que se dediquem a analisar os efeitos que a regulamentação contábil seja capaz de promover no mercado e nas decisões dos agentes. Aproveitando-se da oportunidade, esta pesquisa tem a proposta de avaliar de que forma a adoção compulsória das IFRS tem impactado economicamente o custo de capital próprio das empresas brasileiras listadas na BM&FBovespa. As hipóteses elaboradas para a pesquisa pressupõem que a convergência para as IFRS possa ter aumentado a qualidade das informações contábeis das empresas brasileiras, reduzindo assim a assimetria de informação entre os agentes que negociam as ações no mercado de capitais e, consequentemente, promovendo redução nos custos de capital próprio. Como proxies de custo de capital próprio foram utilizados os modelos Easton (RPEG) e de Gordon. O estudo constitui-se de observações de empresas nacionais listadas na BM&FBovespa adotantes compulsórias das IFRS como grupo de tratamento; sendo outro conjunto de observações de empresas brasileiras adotantes voluntárias de IFRS ou USGAAP utilizado como grupo de controle; e um terceiro conjunto de dados de empresas latino-americanas, não adotantes das normas internacionais, utilizado como segundo grupo de controle. Os dados se estruturam em forma de painel e, para possibilitar a análise comparativa, compreendem exercícios financeiros anteriores e posteriores ao momento da adoção compulsória das IFRS pela contabilidade brasileira (2010). Para testar as hipóteses de pesquisa foram realizadas análises utilizando-se de estatísticas inferenciais, mais especificamente regressões multivariadas com estimadores de diferença em diferenças. Os resultados não apresentam indicativos de que a obrigatoriedade da adoção das IFRS, isoladamente, tenha sido condição suficiente para promover aumento na qualidade das informações contábeis das empresas brasileiras que optaram por adotar compulsoriamente tais normas em 2010 a ponto de promover reduções nos custos de capital próprio. Não há indícios suficientemente fortes de que as empresas adotantes voluntárias de IFRS, em período anterior a 2010, tenham auferido reduções nos custos de capital próprio em menor proporção que as empresas brasileiras que optaram por fazê-lo somente na data em que a regulamentação as tornou obrigatória. / Brazilian accounting, as it has been happening in many countries, recently promoted a historic change in its structure to institutionalize the International Financial Reporting Standards (IFRS) as local standards. The mandatory adoption of IFRS by Brazilian companies occurs concomitantly with economic and noneconomic expectations of agents operating in the capital market and of other users and stakeholders involved with the production of accounting information. The phenomenon of migration of Brazilian accounting standards to international standards, for these reasons, becomes singular and conducive to studies engaged to analyze the effects that the accounting rules are able to promote on the market and on agent decisions. Taking advantage of the opportunity, this research has the purpose of evaluating how the mandatory adoption of IFRS economically affects the cost of capital of Brazilian companies listed on the BM&FBovespa. The hypotheses developed for this research assume that the convergence to IFRS may have increased the quality of financial reporting by Brazilian companies, thereby reducing the information asymmetry between the agents who trade shares in the capital market and consequently promoting cost reduction equity. Easton (RPEG) and Gordon models were used as proxies for the cost of capital equity. The study consisted of observations of domestic companies listed on the BM&FBovespa mandatory adopters of IFRS as the treatment group; and another set of observations of Brazilian companies voluntary adopters of IFRS or USGAAP used as a control group; and a third set of Latin American companies, non-adopters of international data standards, used as a second control group. Data are structured in a panel form and, to enable comparative analysis, include preceding and following years of the mandatory adoption of IFRS by Brazilian financial accounting (2010). To test the research hypotheses, analyzes were performed using specifically multivariate regressions with difference in the differences estimators inferential statistics. Results show no indication that the mandatory adoption of IFRS alone was enough to promote an increase in the quality of financial reporting by Brazilian companies that have chosen to compulsorily adopt such standards in 2010 about to promote reductions in the cost of equity condition. There is no enough strong evidence that voluntary IFRS adopters firms in the preceding period of 2010 have obtained reductions in the costs of equity capital to a lesser extent that Brazilian companies that have chosen to do so only on the date on which the regulation has become mandatory.

O objetivo principal deste trabalho é analisar o efeito da assimetria da informação no custo de capital próprio das empresas negociadas em bolsa de valores no Brasil. O tema está em constante debate sobre a existência dessa relação e até mesmo sobre sua relação com o custo de capital ser favorável ou não. A assimetria da informação foi estimada através da Probability of informed trading (PIN), mensurando de forma direta a existência de negociações com informação privilegiada para a confrontação com custo de capital das empresas brasileiras. O resultado encontrado não apresentou relação estatisticamente significante a 5% entre a PIN e o custo de capital, de forma que não foi possível verificar a relação entre assimetria da informação e o custo de capital. Adicionalmente, o coeficiente encontrado para a PIN no modelo adotado indica uma possível correlação negativa da variável estudada e o custo de capital, deste modo o estudo corrobora com a conclusão de Lambert et al. (2012), segundo a qual, em mercados líquidos, a assimetria da informação não exerce papel relevante e sim a quantidade e a qualidade da informação disponível, não importando a forma de entrada da informação no mercado. / The main objective of this thesis is to analyze the effect of information asymmetry on the cost of equity of companies traded in stock exchanges in Brazil. It is constantly debated whether this relationship exists and also whether information asymmetry\'s effect on the cost of equity is favorable or not. Information asymmetry has been estimated using the PIN (Probability of Informed Trading), directly measuring the existence of insider trading for confrontation with the cost of equity of Brazilian companies. The result obtained did not show a statistically significant relationship at the 5% level between the PIN and the cost of equity; therefore, it was not possible to ascertain the relationship between information asymmetry and cost of equity. Additionally, the coefficient found for the PIN on the selected model indicates a possible negative correlation between the studied variable and the cost of equity, which indicates that the study corroborates the conclusion of Lambert et al. (2012), according to which information asymmetry does not exert a significant role in liquid markets but rather this role is exerted by the quantity and quality of available information, regardless of how information reaches the market.

This study aims to investigate how legal origin and cultural values can affect the relationship between corporate social responsibility (CSR) and the cost of equity. Specifically, common law and civil law countries (legal origin) and countries with high long-term orientation are compared. The research is conducted by using panel data of 5,533 firm-year observations from 1,492 unique firms during a sample period of 2005 through 2013. The findings suggest that firms with better CSR performance will enjoy lower cost of equity. Furthermore, there is strong evidence in support of the corporate governance practices of CSR performance, which leads to cheaper equity financing. In addition, the findings support previous literature that the negative relationship between CSR and the cost of equity is stronger for civil law countries.

Som en konsekvens av alltmer investeringar inom forskning och utveckling (FoU), och dess betydelse för ekonomisk tillväxt, företagsresultat och välfärd, har denna immateriella tillgång fått ett ökat intresse bland forskare. Samtidigt pågår spekulationer om huruvida informationen om FoU, inte minst i läkemedelsföretag, påverkar kostnaden på eget kapital och hur olikakapitalkostnader påverkas av obligatoriska rapporteringskrav. Trots det har regleringen av FoU-rapportering fått lite uppmärksamhet. Exempelvis leder EU-direktiv till att FoUrapporteringen kan ses som frivillig istället för obligatorisk.Det huvudsakliga syftet med studien var att beskriva och analysera hur större omfattning av FoU-rapportering påverkar läkemedelsföretags kostnader på eget kapital och hur reglerad FoU-rapportering inverkar på läkemedelsföretags omfattning av sådan rapportering och deras kostnader på eget kapital. Urvalsramen bestod av läkemedelsföretag från Sverige, Belgien,Storbritannien, Tyskland, Frankrike, Norge, Schweiz och Danmark. Av 31 läkemedelsföretag uppfyllde 29 kraven för att ingå i studien. Multipla regressionsanalyser visar att reglerad FoUrapportering leder till att läkemedelsföretagens omfattning av FoU-rapportering generellt ökar,men utan att det påverkar deras kostnader på eget kapital. Vidare visar analyserna att större omfattning av FoU-rapportering inte har någon inverkan på läkemedelsföretags kostnader på eget kapital, men att läkemedelsföretagens omfattning av FoU-rapportering påverkas av storleken på läkemedelsföretag i länder som har oreglerad FoU-rapportering. / As a consequence of growing investments in research and development (R&amp;D), and its importance for economic growth, corporate earnings and welfare, the interest among researchers for this intangible asset has increased. At the same time, speculations regarding if the information about R&amp;D activities, not least in pharmaceutical companies, affects the cost of equity, and how different capital costs are affected by mandatory disclosure requirements. However, the regulation of R&amp;D-disclosure has received little attention. For example, the result of some EU directives is that R &amp; D-disclosure can be seen as voluntary rather than mandatory.The main purpose of the study was to describe and analyse how a more extensive R&amp;Ddisclosure affects pharmaceutical companies' cost of equity and how regulated R&amp;Ddisclosure affects the pharmaceutical companies extent of such disclosure and their cost of equity. The selection group consisted of pharmaceutical companies from Sweden, Belgium, Great Britain, Germany, France, Norway, Switzerland and Denmark. Out of 31 pharmaceuticalcompanies, 29 met the requirements to be included in the study. Multiple regression analyses show that regulating R&amp;D-disclosure leads to a general increase in the extent of R&amp;Ddisclosure by pharmaceutical companies, but without affecting their costs of equity. Furthermore, the analyses show that a greater extent of R&amp;D-disclosure has no impact on the pharmaceutical companies' cost of equity, but that the extent of R&amp;D-disclosure bypharmaceutical companies is affected by the size of pharmaceutical companies in countries that have unregulated R&amp;D-disclosure. / <p>Betyg D, 170915</p>

Thesis Ranking of selected soft drinks manufacturers examines the performance of Coca Cola, Pepsi and Kofola through compilation of ranking. Within the thesis there are constucted four rankings based on four different criteria. The supreme criterion of performance is enterprise value obtained using the method of economic value added. Results stemming from compilation of the rankings are formulated as recommendations for potentnial investor in these companies. Results of individual rankings are compared with each other in order to examine the validity of the use of foreign sources of information for evaluation of the selected criteria.

[pt] O tema da Governança Corporativa vem ganhando importância recente para organizações e pesquisadores mundialmente. Nele, as corporações são analisadas como uma estrutura de governança, nas quais destacam-se as relações decorrentes da separação entre propriedade e gestão. No Brasil, a partir das mudanças estruturais ocorridas a partir do início dos anos 90, relacionadas à abertura comercial, aos processos de privatização e estabilização monetária da economia, novos agentes ganharam relevo no cenário nacional, engendrando novas formas de governança corporativa. Observam-se mudanças no controle societário das corporações no país, tendo como acionistas principalmente investidores institucionais e externos. O propósito deste estudo é verificar se a adoção de práticas de governança corporativa traz benefícios concretos para companhias abertas no Brasil, especificamente: a transparência e as características do Conselho de Administração das companhias abertas no Brasil influenciam o valor e o custo de capital próprio destas empresas? Foi realizada uma pesquisa descritiva, documental e bibliográfica, na qual buscou-se verificar se existe uma relação estatística significativa entre variáveis independentes, associadas à transparência e a características de controle atribuídas ao Conselho de Administração, e variáveis dependentes, associadas ao valor e ao custo de capital próprio. Para tal, utilizou-se um modelo estatístico de regressão linear múltipla com 95% de nível de confiança aplicado a uma amostra das companhias abertas no Brasil com liquidez significativa no ano de 2004. Apesar de não serem conclusivos, os resultados apontam no sentido proposto pelos códigos de melhores práticas de governança corporativa existentes. / [en] Corporate Governance has gained greater importance to companies and research worldwide. Through this concept, corporations are understood as governance structures in which relationships become important due to the separation of control and management. In Brazil, with the changes occurring since the early 90s related to increasing foreign trade, privatization and monetary stabilization, new players appeared in the national context, raising new corporate governance models. Changes have been observed in the ownership control of corporations nationwide, making institutional and foreign investors principal stockholders. This study seeks to verify if the implementation of good corporate governance passes on measurable benefits to public traded corporations in Brazil. Specifically, does disclosure or the Supervisory Board structure of listed companies in Brazil affect their market value and equity cost of capital? A descriptive, documental and bibliographical research was done aiming to verify the existence of a statistically significant relation between transparency and nondisclosure independent variables and firm value and their equity cost of capital related variables. A multiple linear regression model was applied to a sample of listed companies in Brazil in 2004 with 95% of statistic confidence level. Although without conclusive results, the analysis is linked to the existing codes of conduct related to corporate governance in Brazil.