A rela？？o entre o nível voluntário de transparência e o custo de capital próprio das empresas brasileiras n？o-financeiras

the main objective of this research is to examine empirically the existence of a significant relationship between the level of voluntary disclosure of information and the cost of equity capital of brazilian non-financial companies. it is expected that a greater level of disclosure is related to a lower cost of capital by reducing the risk perceived by investors. in order to measure the level of voluntary disclosure of the companies, a questionnaire developed for this purpose was used. the cost of equity capital was obtained from publicly available information. a negative and significant relationship between the variables of interest was found, indicating that companies that disclose more information voluntarily has a lower cost of equity capital.