Relationship between cost of equity capital and voluntary corporate disclosuresPetrova, E.; Georgakopoulos, G.; Sotiropoulos, I.; Vasileiou, K.Z. Published in:International Journal of Economics and Finance DOI:10.5539/ijef.v4n3p83 Link to publication Citation for published version (APA):Petrova, E., Georgakopoulos, G., Sotiropoulos, I., & Vasileiou, K. Z. (2012). Relationship between cost of equity capital and voluntary corporate disclosures. International Journal of Economics and Finance, 4(3), 83-96. DOI: 10.5539/ijef.v4n3p83 General rightsIt is not permitted to download or to forward/distribute the text or part of it without the consent of the author(s) and/or copyright holder(s), other than for strictly personal, individual use, unless the work is under an open content license (like Creative Commons). Disclaimer/Complaints regulationsIf you believe that digital publication of certain material infringes any of your rights or (privacy) interests, please let the Library know, stating your reasons. In case of a legitimate complaint, the Library will make the material inaccessible and/or remove it from the website. Please Ask the Library: http://uba.uva.nl/en/contact, or a letter to: Library of the University of Amsterdam, Secretariat, Singel 425, 1012 WP Amsterdam, The Netherlands. You will be contacted as soon as possible. AbstractThe relationship between disclosure and cost of equity capital has always been interesting not only for managers, but for investors as well. Economic theory suggests that by increasing the level of corporate reporting firms not only increase their stock market liquidity, but they also decrease the investors' estimation risk, arising from uncertainty about future returns and payout distributions. Utilizing the Residual Income Valuation Model, the implied cost of capital is estimated for a sample of 121 Swiss listed, non-financial companies adopting a finite horizon version of the residual income valuation model. The results show that firms on the Swiss market can reduce their cost of equity capital by increasing the level of their voluntary corporate disclosures. The results persist even after controlling for various firm specific risks, such as firm size or financial leverage and regardless of company's reporting strategy (conservative or aggressive).

Smart and sustainable mobility have recently emerged as a solution to the problems incurred by the intensive use of motorised transport modes. For many decades, cities have been planned based on the needs of vehicle traffic, neglecting basic human needs for active mobility and the adverse effects of motorised traffic on the natural environment. However, walking is an environmentally friendly transport mode and a healthy form of making physical activity. Thus, walking becomes an essential component of the transport and urban policies for achieving a more sustainable development process. This paper presents the research project Smart Pedestrian Network (SPN) that aims at promoting walkability as one of the critical dimensions of smart and sustainable mobility in cities. The paper analyses the various components linked to SPN that can make a pedestrian network "smart" and, therefore, a feasible alternative to motorised transport modes. Three integrated components are analysed: i) an urban planning component supported in a GIS-based multi-criteria model to assess the conditions provided to pedestrians and to support the adoption of planning policies; ii) a smartphone app for pedestrian navigation, displaying optional routes according to the pedestrian preferences and needs; and iii) a business component to estimate and disseminate the multiple benefits of walking as well as the market potential of SPN. By promoting an innovative linkage of these three components, SPN has a great potential for improving walkability and, therefore, for creating more sustainable and liveable urban spaces.

Abstract. The article describes factors of environmental change that cause the need to form new forms of interaction between economically active market subjects for sustainable development of territories. The authors of the article analyze franchising as one of the most flexible forms of interaction in small business. Modern trends in small business show a gradual merger of the production of goods and their trade with the provision of services. It leads to the necessity to create a fundamentally new mechanism that meets the needs of the modern market. The article proposes a new complex model of franchising which combines all the specified forms.

Strategic diagnostics of an organization’s development is based on an assessment of its effectiveness. The developed methods of analysis of the assessment of the development strategy are based on the definition of indicators that, in accordance with certain strategic plans, include the entire range of target indicators. The methodology is based on the calculation of integral indicators characterizing the achievement of the set strategic goals. As these indicators based on certain strategic parameters, evaluation indicators characterizing the potential of sustainable development of the organization are proposed. These indicators are recommended to be used as indicators of achieving strategic goals and implementing a sustainable development strategy.

Определение элементного статуса человека с целью оценки экологической безопасности регионовРассмотрено влияние антропогенных факторов на здоровье и элементный статус человека. Проведены исследования элементного статуса населения г. Томска и Усть-Каменогорска для выявления специфически гипо-и гиперэлементозов техногенной природы. С помощью элементного анализа волос установлены гигиенические показатели, отражающие экологические и климатогеографические факторы. Выявлены и обоснованы индивидуальные особенности дисбаланса некоторых элементов в Усть-Каменогорске и Томске.