What question did this study set out to answer?

To examine how CEO power, female leadership, ownership structure, and board competence influence corporate information asymmetry and the resulting cost of equity.

August 20, 2026International Journal of Disclosure and GovernanceOpen Access

Information asymmetry and cost of equity: the roles of CEO power, ownership structure, and board competence

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Authors

SMSupawadee Moss INIngorn Nachailit IKIsari Keeyangrungrueang

Discussion

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Overview

Observational study reveals corporate governance and CEO power shape information asymmetry in Thai listed firms, indicating direct effects on equity financing costs.

Key Points

To examine how CEO power, female leadership, ownership structure, and board competence influence corporate information asymmetry and the resulting cost of equity.
Evaluated corporate governance indicators, information asymmetry measures, and financial metrics across Thai listed firms from 2019 to 2022.
Developed a composite CEO power index capturing multidimensional executive leadership based on professional connections and experience.
CEO power is negatively and significantly associated with information asymmetry, while managerial ownership and female CEO leadership correlate with increased information asymmetry.
Board industry and financial competence enhance oversight and transparency, reducing information asymmetry.
Elevated information asymmetry significantly increases the cost of equity as investors require higher risk premiums.

Cite This Study

Moss et al. (2026) studied this question.

synapsesocial.com/papers/6a86b5ff8a91293e6a1cda53 https://doi.org/10.1057/s41310-026-00415-6

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August 20, 2026International Journal of Disclosure and GovernanceOpen Access

Information asymmetry and cost of equity: the roles of CEO power, ownership structure, and board competence

View Full Paper

Ask AI

Bookmark

Authors

SMSupawadee Moss INIngorn Nachailit IKIsari Keeyangrungrueang

Discussion

Member takes

Overview

Observational study reveals corporate governance and CEO power shape information asymmetry in Thai listed firms, indicating direct effects on equity financing costs.

Key Points

To examine how CEO power, female leadership, ownership structure, and board competence influence corporate information asymmetry and the resulting cost of equity.
Evaluated corporate governance indicators, information asymmetry measures, and financial metrics across Thai listed firms from 2019 to 2022.
Developed a composite CEO power index capturing multidimensional executive leadership based on professional connections and experience.
CEO power is negatively and significantly associated with information asymmetry, while managerial ownership and female CEO leadership correlate with increased information asymmetry.
Board industry and financial competence enhance oversight and transparency, reducing information asymmetry.
Elevated information asymmetry significantly increases the cost of equity as investors require higher risk premiums.

Cite This Study

Moss et al. (2026) studied this question.

synapsesocial.com/papers/6a86b5ff8a91293e6a1cda53 https://doi.org/10.1057/s41310-026-00415-6

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