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Accounting and Business Research Volume 39, 2009 - Issue 2
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Original Articles

Does graph disclosure bias reduce the cost of equity capital?

Flora Muiño Departamento de Economía de la Empresa, Universidad Carlos III de Madrid
&
Marco Trombetta Department of Accounting and Management Control, Instituto de Empresa Business School, Calle Pinar 15 – 1B, Madrid, 28006, Spain Phone: +34 917451369 Fax: +34 917451369 E-mail: [email protected]
Pages 83-102 | Accepted 01 Nov 2008, Published online: 04 Jan 2011

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Andson Braga de Aguiar & Ricardo Suave. (2022) Managers’ presentation preferences for aggregation: the role of internal reporting outcome, purpose, and Machiavellianism. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad 51:1, pages 21-49.
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Francesco Mazzi, Paul André, Dionysia Dionysiou & Ioannis Tsalavoutas. (2017) Compliance with goodwill-related mandatory disclosure requirements and the cost of equity capital. Accounting and Business Research 47:3, pages 268-312.
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Laivi Laidroo. (2016) Reliability of Graphs Disclosed in Annual Reports of Central and Eastern European Banks. Eastern European Economics 54:4, pages 319-350.
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Mariarosaria Agostino & Maria Mazzuca. (2011) Empirical investigation of securitisation drivers: the case of Italian banks. The European Journal of Finance 17:8, pages 623-648.
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Asad Ali Rind, Aitzaz Ahsan Alias Sarang, Ameet Kumar & Muhammad Shahbaz. (2022) Does financial fraud affect implied cost of equity?. International Journal of Finance & Economics 28:4, pages 4139-4155.
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Anne Marie Gosselin & Antonello Callimaci. (2023) Graphs Usage for Impression Management Purposes: The Case of Canadian Oil and Gas Corporations. Business and Professional Communication Quarterly.
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Martin Altenburger. (2023) The Hidden Effect of Historical Information on Managerial Honesty in Participative Budgeting. SSRN Electronic Journal.
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Xiaomeng Charlene Chen, Andreas Hellmann & Suresh Sood. (2022) A framework for analyst economic incentives and cognitive biases: Origination of the walk-down in earnings forecasts. Journal of Behavioral and Experimental Finance 36, pages 100759.
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Antonio Salvi, Nicola Raimo, Felice Petruzzella & Filippo Vitolla. (2021) The financial consequences of human capital disclosure as part of integrated reporting. Journal of Intellectual Capital 23:6, pages 1221-1245.
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Aitzaz Ahsan Alias Sarang, Asad Ali Rind, Mamdouh Abdulaziz Saleh Al-Faryan & Asif Saeed. (2022) Women on board and the cost of equity: the mediating role of information asymmetry. Journal of Financial Reporting and Accounting.
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Kevin Riehl, A. Sai Kiran & Narendra Miryala. (2022) Capturing GreenTech-related Commercial Activities of Listed Companies. Global Business Review, pages 097215092210853.
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Nicola Raimo, Alessandra Caragnano, Marianna Zito, Filippo Vitolla & Massimo Mariani. (2021) Extending the benefits of ESG disclosure: The effect on the cost of debt financing . Corporate Social Responsibility and Environmental Management 28:4, pages 1412-1421.
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Ade Imam Muslim & Doddy Setiawan. (2021) Information Asymmetry, Ownership Structure and Cost of Equity Capital: The Formation for Open Innovation. Journal of Open Innovation: Technology, Market, and Complexity 7:1, pages 48.
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Dalia Hussein El-Sayed, Eman Adel, Omar Elmougy, Nadeen Fawzy, Nada Hatem & Farida Elhakey. (2020) The influence of narrative disclosure readability, information ordering and graphical representations on non-professional investors' judgment: evidence from an emerging market. Journal of Applied Accounting Research 22:1, pages 138-167.
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Nicola Raimo, Elbano de Nuccio, Anastasia Giakoumelou, Felice Petruzzella & Filippo Vitolla. (2020) Non-financial information and cost of equity capital: an empirical analysis in the food and beverage industry. British Food Journal 123:1, pages 49-65.
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Michael John Jones, Andrea Melis, Silvia Gaia & Simone Aresu. (2017) Impression Management and Retrospective Sense-Making in Corporate Annual Reports: Banks’ Graphical Reporting During the Global Financial Crisis. International Journal of Business Communication 57:4, pages 474-496.
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Dini Rosdini, Prima Yusi Sari, Gia Kardina Prima Amrania & Pera Yulianingsih. (2020) Decision making biased: How visual illusion, mood, and information presentation plays a role. Journal of Behavioral and Experimental Finance 27, pages 100347.
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Isabel‐María García‐Sánchez & Cristina‐Andrea Araújo‐Bernardo. (2019) What colour is the corporate social responsibility report? Structural visual rhetoric, impression management strategies, and stakeholder engagement. Corporate Social Responsibility and Environmental Management 27:2, pages 1117-1142.
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Tuvana Cüre, Emel Esen & Arzu Özsözgün Çalışkan. (2020) Impression Management in Graphical Representation of Economic, Social, and Environmental Issues: An Empirical Study. Sustainability 12:1, pages 379.
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Laivi Laidroo. (2016) Are Annual Report Graphs Being Used for Making Performance Attributions?. International Journal of Business Communication 56:4, pages 476-504.
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Andrea Melis & Simone Aresu. (2019) Analyst Following, Country’s Financial Development, and the Selective Use of Graphical Information in Corporate Annual Reports. International Journal of Business Communication, pages 232948841982988.
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Max Schreder. (2018) Idiosyncratic information and the cost of equity capital: A meta-analytic review of the literature. Journal of Accounting Literature 41:1, pages 142-172.
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Beatriz Garcia Osma, Jacobo Gomez-Conde & Elena de las Heras. (2018) Debt pressure and interactive use of control systems: Effects on cost of debt. Management Accounting Research 40, pages 27-46.
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Francisco Bravo, Nuria Reguera-Alvarado & María del Pilar Pérez. (2018) The role of directors: unravelling the effects of boards on corporate outcomes. International Journal of Managerial Finance 14:4, pages 399-413.
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Uthai Tanlamai. (2018) What Graphs do International Investors See in the ASEAN Capital Markets?. What Graphs do International Investors See in the ASEAN Capital Markets?.
Michael Jones, Andrea Melis, Silvia Gaia & Simone Aresu. (2018) Does graphical reporting improve risk disclosure? Evidence from European banks. Journal of Applied Accounting Research 19:1, pages 161-180.
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Yike Ding, Andreas Hellmann & Lurion De Mello. (2017) Factors driving memory fallibility: A conceptual framework for accounting and finance studies. Journal of Behavioral and Experimental Finance 14, pages 14-22.
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Roberto Di Pietra & Andrea Melis. (2015) “Governance and corruption: is history repeating itself?” Fostering a debate and inviting contributions from a multidisciplinary perspective. Journal of Management & Governance 20:4, pages 689-701.
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Tao Chen. (2016) Logo Colour, Earnings Management and Firm Value. Prague Economic Papers 25:4, pages 459-475.
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Musa Mangena, Jing Li & Venancio Tauringana. (2014) Disentangling the Effects of Corporate Disclosure on the Cost of Equity Capital. Journal of Accounting, Auditing & Finance 31:1, pages 3-27.
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Laivi Laidroo & Nele Tamme. 2016. Business Challenges in the Changing Economic Landscape - Vol. 1. Business Challenges in the Changing Economic Landscape - Vol. 1 147 166 .
Shaio Yan Huang, Tung-Hsien Wu, An-An Chiu & David C. Yen. (2014) Measurements of mislead threshold of company graph distortion. Information Systems Frontiers 17:5, pages 1111-1132.
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Simone Aresu. (2015) Graphical Reporting in Italian Annual Reports during the Financial Crisis: Impression Management or Incremental Information?. FINANCIAL REPORTING:1, pages 77-106.
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Luc Paugam & Olivier Ramond. (2015) Effect of Impairment‐Testing Disclosures on the Cost of Equity Capital. Journal of Business Finance & Accounting 42:5-6, pages 583-618.
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Azhar Abdul Rahman, Mohd Diah Hamdan & Mohd Azhar Ibrahim. (2014) The Use of Graphs in Malaysian Companies’ Corporate Reports: A Longitudinal Study. Procedia - Social and Behavioral Sciences 164, pages 653-666.
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Jing Li & Musa Mangena. (2014) Capital market pressures and the format of intellectual capital disclosure in intellectual capital intensive firms. Journal of Applied Accounting Research 15:3, pages 339-354.
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Zilu Shang, Chris Brooks & Rachel McCloy. (2014) Are investors guided by the news disclosed by companies or by journalists?. Journal of Behavioral and Experimental Finance 1, pages 45-60.
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Francesca Battaglia & Angela Gallo. (2013) Securitization and systemic risk: An empirical investigation on Italian banks over the financial crisis. International Review of Financial Analysis 30, pages 274-286.
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Charles H. Cho, Giovanna Michelon & Dennis M. Patten. (2012) Enhancement and obfuscation through the use of graphs in sustainability reports. Sustainability Accounting, Management and Policy Journal 3:1, pages 74-88.
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Brady Twedt & Lynn Rees. (2012) Reading between the lines: An empirical examination of qualitative attributes of financial analysts’ reports. Journal of Accounting and Public Policy 31:1, pages 1-21.
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Divya Anantharaman, Disen Huang & Keyi Zhao. (2020) Is a Picture Worth a Thousand Words? Image Usage in CSR Reports. SSRN Electronic Journal.
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Beatriz Garcia Osma, Jacobo Gomez-Conde & Elena de las Heras. (2016) Debt Pressure and the Choice of Interactive Control Systems: Effects on Cost of Debt. SSRN Electronic Journal.
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Francesco Mazzi, Paul Andrr, Dionysia Dionysiou & Ioannis Tsalavoutas. (2014) Goodwill Related Mandatory Disclosure and the Cost of Equity Capital. SSRN Electronic Journal.
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Zilu Shang, Chris Brooks & Rachel McCloy. (2013) Are Investors Guided by the News Disclosed by Companies or by Journalists?. SSRN Electronic Journal.
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