Considerando a relevância das cooperativas agropecuárias no agronegócio e, consequentemente, na economia brasileira e a importância dessas organizações aos produtores rurais, propõe-se, com base na abordagem da Gestão baseada em valor (VBM), identificar os direcionadores de valor mais adequados para as cooperativas agropecuárias brasileiras, além de mensurar a criação de valor econômico dessas organizações e formas de maximizá-la. Assim, motivado pela literatura de VBM e pelos poucos estudos empíricos sobre direcionadores de valor em cooperativas, o presente estudo defende a TESE de que a Gestão baseada em valor pode ser aplicada às organizações econômicas sem finalidade lucrativa, especificamente, as cooperativas agropecuárias, visando adequada mensuração da criação de valor econômico e de seus direcionadores de valor. Para tanto, utilizou-se a variável criação de valor econômico (EVA®) como proxy para valor econômico das cooperativas agropecuárias, sendo estimado Ke com base no CAPM, utilizando beta a partir da abordagem dos fundamentos. Foram propostos 19 potenciais direcionadores de valor limitados a análise das estratégias financeiras, os quais foram agrupados nas categorias de decisão operacional, de financiamento e de investimentos da gestão, além do tamanho das cooperativas. Para tanto, foram aplicadas as técnicas análise fatorial e regressão de dados em painel em uma amostra composta pelas cooperativas agropecuárias singulares dos estados do Paraná e do Rio Grande do Sul, durante o período de 2008 a 2016, totalizando 739 observações. Os resultados evidenciaram que todos os fatores extraídos (Financimaneto, Tamanho, Retorno, Giro e Investimento) dos 19 potenciais direcionadores de valor possuem relação estatisticamente significante a 10% com a criação de valor econômico das cooperativas agropecuárias. Quando da análise da relação entre os 19 potenciais direcionadores de valor e a criação de valor das cooperativas agropecuárias, os resultados evidenciaram as variáveis margem líquida (ML) , giro do ativo (G_AT), rotatividade do estoque (G_EST) e custo médio ponderado de capital (WACC) como os principais direcionadores de valor, sendo a ML e o WACC os de maior influência sobre a geração de valor econômico das cooperativas. Adicionalmente, as variáveis endividamento de longo prazo (END_LP), investimentos em ativos fixos (IMOB), receita (REC) e poder aquisitivo básico (PAB) foram identificadas como direcionadores de valor somente para as cooperativas criadoras de valor e as variáveis crescimento de vendas (CV) e alavancagem financeira (AF) foram identificadas como direcionadores de valor para as cooperativas destruidoras de valor. Esses resultados são importantes para que gestores e associados possam gerir a cooperativa voltando seus esforços e decisões para a maximização da criação de valor e/ou minimização da destruição de valor ao produtor rural associado. Além disso, os resultados contribuem para a análise de avaliação de desempenho econômico-financeira e, ainda, os direcionadores podem ser utilizados no processo de definição do retorno (remuneração e incentivos) aos gestores, alinhando os interesses desses aos interesses dos associados (proprietários), direcionando os esforços dos gestores à criação de valor aos associados. / Agricultural cooperatives are relevant to their members and to economy in Brazil. This research, based on Value-based Management (VBM) approach, identifies the most appropriate value drivers for Brazilian agricultural cooperatives and measures economic value of these organizations and how it could be maximized. This research was motivated by the literature on VBM and the lack of empirical studies about value drivers in cooperatives, so, the present study defends the thesis of VBM could be applied to non-profit economic organizations, specifically, agricultural cooperatives, as a wat to measure adequately economic value and their value drivers. For this purpose, the economic value added (EVA®) was used as a proxy for economic value of agricultural cooperatives. CAPM was used to determine the cost of equity capital, based on beta from fundamentalist approach. This research defined 19 variables as potential value drivers of financial strategies into categories, as operational, financing and investment decisions, and, lastly, the cooperative\'s size. The research methods were factorial analysis and panel data regression. Final sample was composed by singular agricultural cooperatives of Paraná and Rio Grande do Sul, during 2008 to 2016, totalizing a final sample of 739 observations. The results showed that all the factors extracted (Financial, Size, Return, Turn and Investment) of the 19 potential value drivers are statistically significant at 10% with the economic value of the agricultural cooperatives. When analyzing the relationship between the 19 potential value drivers and the economic value added. When analyzing the relation between the 19 potential value drivers and the value of agricultural cooperatives, the results show net profit margin (ML), asset turnover (G_AT), inventory turnover (G_EST) and weighted average cost of capital (WACC) as the key value drivers. It should be noted that ML and WACC have greater influence on the value of cooperatives. In addition, the variables long-term debt (END_LP), Fixed assets turnover (IMOB), revenue (REC) and basic earning power (PAB) were identified as value drivers only for cooperatives that created value in the period, instead of sales growth (CV) and financial leverage (AF) variables were identified as value drivers only for cooperatives that destroyed value in the period. These results are important for managers and members to manage the cooperative, so they can focus their efforts and decisions to maximize member\'s value added and/or minimize member\'s destruction of value. These results also contribute to the analysis of the economic and financial performance of cooperatives and could be used in the process of defining the return (remuneration and incentives) to the managers, aligning their interests with the interests of the members (owners), as a way to orientate managers\' efforts to create value for members.

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.

Considerando a relevância das cooperativas agropecuárias no agronegócio e, consequentemente, na economia brasileira e a importância dessas organizações aos produtores rurais, propõe-se, com base na abordagem da Gestão baseada em valor (VBM), identificar os direcionadores de valor mais adequados para as cooperativas agropecuárias brasileiras, além de mensurar a criação de valor econômico dessas organizações e formas de maximizá-la. Assim, motivado pela literatura de VBM e pelos poucos estudos empíricos sobre direcionadores de valor em cooperativas, o presente estudo defende a TESE de que a Gestão baseada em valor pode ser aplicada às organizações econômicas sem finalidade lucrativa, especificamente, as cooperativas agropecuárias, visando adequada mensuração da criação de valor econômico e de seus direcionadores de valor. Para tanto, utilizou-se a variável criação de valor econômico (EVA®) como proxy para valor econômico das cooperativas agropecuárias, sendo estimado Ke com base no CAPM, utilizando beta a partir da abordagem dos fundamentos. Foram propostos 19 potenciais direcionadores de valor limitados a análise das estratégias financeiras, os quais foram agrupados nas categorias de decisão operacional, de financiamento e de investimentos da gestão, além do tamanho das cooperativas. Para tanto, foram aplicadas as técnicas análise fatorial e regressão de dados em painel em uma amostra composta pelas cooperativas agropecuárias singulares dos estados do Paraná e do Rio Grande do Sul, durante o período de 2008 a 2016, totalizando 739 observações. Os resultados evidenciaram que todos os fatores extraídos (Financimaneto, Tamanho, Retorno, Giro e Investimento) dos 19 potenciais direcionadores de valor possuem relação estatisticamente significante a 10% com a criação de valor econômico das cooperativas agropecuárias. Quando da análise da relação entre os 19 potenciais direcionadores de valor e a criação de valor das cooperativas agropecuárias, os resultados evidenciaram as variáveis margem líquida (ML) , giro do ativo (G_AT), rotatividade do estoque (G_EST) e custo médio ponderado de capital (WACC) como os principais direcionadores de valor, sendo a ML e o WACC os de maior influência sobre a geração de valor econômico das cooperativas. Adicionalmente, as variáveis endividamento de longo prazo (END_LP), investimentos em ativos fixos (IMOB), receita (REC) e poder aquisitivo básico (PAB) foram identificadas como direcionadores de valor somente para as cooperativas criadoras de valor e as variáveis crescimento de vendas (CV) e alavancagem financeira (AF) foram identificadas como direcionadores de valor para as cooperativas destruidoras de valor. Esses resultados são importantes para que gestores e associados possam gerir a cooperativa voltando seus esforços e decisões para a maximização da criação de valor e/ou minimização da destruição de valor ao produtor rural associado. Além disso, os resultados contribuem para a análise de avaliação de desempenho econômico-financeira e, ainda, os direcionadores podem ser utilizados no processo de definição do retorno (remuneração e incentivos) aos gestores, alinhando os interesses desses aos interesses dos associados (proprietários), direcionando os esforços dos gestores à criação de valor aos associados. / Agricultural cooperatives are relevant to their members and to economy in Brazil. This research, based on Value-based Management (VBM) approach, identifies the most appropriate value drivers for Brazilian agricultural cooperatives and measures economic value of these organizations and how it could be maximized. This research was motivated by the literature on VBM and the lack of empirical studies about value drivers in cooperatives, so, the present study defends the thesis of VBM could be applied to non-profit economic organizations, specifically, agricultural cooperatives, as a wat to measure adequately economic value and their value drivers. For this purpose, the economic value added (EVA®) was used as a proxy for economic value of agricultural cooperatives. CAPM was used to determine the cost of equity capital, based on beta from fundamentalist approach. This research defined 19 variables as potential value drivers of financial strategies into categories, as operational, financing and investment decisions, and, lastly, the cooperative\'s size. The research methods were factorial analysis and panel data regression. Final sample was composed by singular agricultural cooperatives of Paraná and Rio Grande do Sul, during 2008 to 2016, totalizing a final sample of 739 observations. The results showed that all the factors extracted (Financial, Size, Return, Turn and Investment) of the 19 potential value drivers are statistically significant at 10% with the economic value of the agricultural cooperatives. When analyzing the relationship between the 19 potential value drivers and the economic value added. When analyzing the relation between the 19 potential value drivers and the value of agricultural cooperatives, the results show net profit margin (ML), asset turnover (G_AT), inventory turnover (G_EST) and weighted average cost of capital (WACC) as the key value drivers. It should be noted that ML and WACC have greater influence on the value of cooperatives. In addition, the variables long-term debt (END_LP), Fixed assets turnover (IMOB), revenue (REC) and basic earning power (PAB) were identified as value drivers only for cooperatives that created value in the period, instead of sales growth (CV) and financial leverage (AF) variables were identified as value drivers only for cooperatives that destroyed value in the period. These results are important for managers and members to manage the cooperative, so they can focus their efforts and decisions to maximize member\'s value added and/or minimize member\'s destruction of value. These results also contribute to the analysis of the economic and financial performance of cooperatives and could be used in the process of defining the return (remuneration and incentives) to the managers, aligning their interests with the interests of the members (owners), as a way to orientate managers\' efforts to create value for members.

本研究探討盈餘品質、風險因子與權益資金成本之關係，主要研究盈餘品質是否會因為其他風險因子而降低對權益資金成本的影響。本研究之盈餘品質採用四種不同的衡量方式，先探討三種衡量盈餘品質的方式與風險因子對權益資金成本的影響，再將三種衡量盈餘品質的方式計算出一個綜合分數，探討綜合分數與風險因子對權益資金成本的影響，並將變數標準化來排序所有影響權益資金成本的因素。 實證結果顯示異常應計項目及盈餘品質綜合分數在其他風險因子納入模型後，仍然是權益資金成本的顯著影響因素。三種盈餘品質衡量方式與風險因子進行標準化後，對權益資金成本的影響順序，依序為淨值市值比、負債市值比、非系統風險、企業規模、股票週轉率、動能效果、系統性風險、異常應計項目及負債淨值比。而綜合分數與風險因子標準化之排序結果為負債市值比、非系統性風險、企業規模、股票週轉率、動能效果、淨值市值比、系統性風險、負債淨值比及綜合分數。統計上，即使考量了各種風險因子，盈餘品質仍是權益資金成本顯著的影響因子。 / This study investigates the relation among earnings quality, risk factors and cost of equity, especially, the existence of the effect of earnings quality on cost of equity while risk factors are considered, and the impact order of determinants of cost of equity. Fur measures of earnings quality are examined in the study of determinants of cost equity. We investigate how three individual measures of earnings quality and risk factors affect cost of equity. Then, we use the common factor score of these three individual measures of earnings quality as a composite of earnings quality to examine the impact of earnings quality and risk factors on cost of equity. Furthermore, we standardize variables to order the effects of determinants of cost of equity. The empirical result shows that both the absolute value of abnormal accruals and the composite factor score of earnings quality have positive effect on cost of equity. With three individual measures of earnings quality and risk factors as determinants of cost of equity, the effects in order the ratio of book value of equity to market value of equity, are the ratio of debt to market value of equity, unsystematic risk, firm size, shares turnover, momentum effect, systematic risk, absolute value of abnormal accruals and the ratio of debt to book value of equity. While with the composite common factor score and risk factors as determinants of cost of equity, the effect in order are the ratio of debt to market value of equity, unsystematic risk, firm size, shares turnover, momentum effect, the ratio of book value of equity to market value of equity, systematic risk, the ratio of debt to book value of equity and common factor. As a conclusion, the earnings quality is statistically a significant determinant of cost of equity after considering a variety of risk factors.

本研究採用Dhaliwal, Krull, Li, and Moser (2005)之實證模型研究投資相關稅負對企業權益資金成本的影響。Dhaliwal et al. (2005)利用股利所得與資本利得最高級距稅率計算股利稅租稅罰，然而，使用最高級距稅率計算而得知代理變數恐無法完全捕捉稅負對資金成本的影響，因此本研究參考許崇源、俞洪昭、洪盈斌與戚務君 （2000），假設在個人董監事等大股東之所得稅率較一般散戶為高的前提下，以個人董監事持股比例做為個人股東邊際稅率之替代變數，再計算股利稅租稅罰之代理變數。 本研究利用台灣經濟新報資料庫（簡稱TEJ資料庫）取得台灣上市櫃公司2000年至2009年之財務資料，進行迴歸分析。實證結果顯示，因股利所得稅率與證券交易所得稅率差異造成的股利稅租稅罰，會使得權益資金成本上升；而且因為機構投資人較一般投資人享有較多租稅優惠，造成其適用稅率較低；而公司的邊際投資人又多為機構投資人，因此機構投資人持股可減輕股利稅租稅罰造成權益資金成本上升的情形。 / This study uses the empirical model proposed by Dhaliwal, Krull, Li, and Moser (2005) to examine the effect of investment tax on the cost of equity capital. Dhaliwal et al. (2005) used the top statutory tax rates on dividends and capital gains to get the variable “penalty”; however, it may not perfectly capture the dividend tax penalty. We follow the assumption that individual directors and supervisors may adopt higher tax rate than other individual stockholders (Hsu, Yu, Hung, and ,Chi 2000), then derive the variable “penalty” by using the rate of shares owned by individual directors and supervisors as the proxy variable of individual stockholder‟s marginal tax rate. This study uses the financial data of listed companies in Taiwan via Taiwan Economic Journal database (TEJ database) from 2000 to 2009 for regression analysis. The empirical results show that the dividend tax penalty resulting from the difference between the tax rate on dividend and capital gain increase the cost of equity capital. Furthermore, institutional investors always receive more favorable tax treatment than individual investors, making them adopt lower tax rate, and a firm‟s marginal investor is more likely to be an institutional investor, therefore the aggregate institutional ownership mitigates the increase of cost of equity capital.

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.

本研究旨在探討不同的市場參與者是否會視公司自願性採用Clawback條款與否，而給予不同的回應。以2007至2011年間納入Russel 3000指數之公司(排除金融服務與保險業)為樣本，本研究發現，與未採用Clawback條款之公司相比，自願性採用Clawback條款之公司，其權益資金成本較低，且信用評等較佳，顯示投資人及信用評等機構皆認為Clawback條款有助於提升公司之財務報導品質，進而降低其所承受之資訊風險。本研究進一步以F-score (Dechow et al. 2011)來衡量公司的事前舞弊風險，並將樣本區分為高舞弊風險組與低舞弊風險組。本研究發現，Clawback條款僅在低舞弊風險組與權益資金成本呈顯著負相關，顯示財務品質較佳之公司確實會透過自願性採用Clawback條款來向資本市場彰顯其信心，而投資人亦會以較低之要求報酬做出回應。然而，本研究亦發現，Clawback條款僅在高舞弊風險組與信用評等呈顯著正相關，這意味著信用評等機構能夠區別Clawback條款對於高舞弊風險公司及低舞弊風險公司的效益，並針對尋求實質改善的公司做出正面回應。最後，本研究使用機構投資人持股比例，將樣本區分為高外部監督與低外部監督(亦即低代理問題與高代理問題)兩組。迴歸結果顯示，僅有在公司所受到的外部監督程度較低時，Clawback條款方會與權益資金成本及信用評等呈顯著相關。 / This study examines whether different market participants react differently to voluntary adopters and non-adopters of clawback provisions. Based on the sample of non-financial firms included in the Russel 3000 index from year 2007 to 2011, the empirical results show that, comparing to non-adopters, firms who voluntarily adopt the clawback provisons have lower cost of equity capital and higher credit rating, suggesting that both investors and credit rating agency regard clawback provisions as a means to reduce information risk and, therefore, enhance firms’ financial reporting quality. This study further uses the F-score (Dechow et al. 2011) to separate the sample into high versus low risk of occuring fraudulent financial reporting groups. The regression results from both groups indicate that the adoption of clawback provisions is negatively related to cost of equity capital only when firms have lower fraud risk. This finding implies that firms with good financial reporting quality tend to adopt clawback provisions to signal their confidence on financial reporting, and investors respond by requiring lower returns. In contrast, the results report that the adoption of clawback provisions is positively related to credit rating only when firms are more likely to incur fraudulent financial reporting, implying that credit rating agency appears to consider the effect of clawback provisions and responds to firms who seek real improvement in their financial reporting quality. Finally, this study adopts institutional investors’ ownership to seperate the sample into high versus low external monitoring (i.e., low versus high agency problem) groups. The regression results from both groups show that the effects of clawback provisions on cost of equity capital and credit rating remain only for firms that are subjected to low external monitoring.

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.

Submitted by Osmar Martins Hiroki (osmar.hiroki@gmail.com) on 2016-08-24T15:07:05Z No. of bitstreams: 1 Dissertação - Osmar Hiroki - v.Final.pdf: 1203903 bytes, checksum: c6d32e3329714df32d91ead2ba03868e (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2016-08-25T23:19:23Z (GMT) No. of bitstreams: 1 Dissertação - Osmar Hiroki - v.Final.pdf: 1203903 bytes, checksum: c6d32e3329714df32d91ead2ba03868e (MD5) / Made available in DSpace on 2016-08-26T12:59:43Z (GMT). No. of bitstreams: 1 Dissertação - Osmar Hiroki - v.Final.pdf: 1203903 bytes, checksum: c6d32e3329714df32d91ead2ba03868e (MD5) Previous issue date: 2016-07-26 / The equity risk premium is an essential variable to assets valuation and corporate finance as a component to estimate the cost of equity. Thus, this study aimed to estimate the equity risk premium in Brazil during the period from 1996 to 2015. To this purpose, we used three different approaches to estimate the equity risk premium in Brazil, as follows: retrospective, prospective and indirect. From the results, it was concluded a equity risk premium of 3.14% per year by the prospective approach based on the return of 74 stocks and by the indirect approach the results were not significant based on the return of 60 stocks. In addition, by the retrospective approach the result was not conclusive because the equity risk premium estimated resulted in negative values that go against the corporate finance theory. / O prêmio de mercado é uma variável essencial tanto na avaliação de ativos quanto para as finanças corporativas como um dos componentes para estimação do custo do capital próprio. Desse modo, o presente trabalho teve como objetivo estimar o prêmio de mercado no Brasil no período de 1996 a 2015. Para tanto, utilizou-se de três abordagens distintas para estimar o prêmio de mercado brasileiro, sendo elas: a retrospectiva, a prospectiva e a indireta. Através dos resultados, concluiu-se um prêmio de mercado de 3,14% ao ano pela abordagem prospectiva com base no retorno de 74 ações e na abordagem indireta os resultados não apresentaram significância com base no retorno de 60 ações. Adicionalmente, pela abordagem retrospectiva o resultado não foi conclusivo devido ao fato de que os prêmios de mercado estimados resultaram em valores negativos o que vai contra a teoria de finanças corporativas.