In recent years, the exploration of the quantifiable effects of market-based intangible assets on firm performance has become increasingly important in marketing and management literature. Corporate reputation, considered as a one of the key marketing metrics for maintaining and enhancing companies’ competitiveness in the globalized economy, plays an essential part in this context. Numerous studies show the impact of reputation on measures of financial performance, justifying companies’ endeavors to install and dedicate effort towards systematic reputation management and tracking. A possible consequence of a good reputation that has so far been neglected in academic research is a decrease in a company’s cost of equity capital, a measure that constitutes an important basis for the decision to invest in future projects, thus playing a vital part in the creation and preservation of strategic competitive advantages. A firm’s cost of equity is defined as the required rate of return, given the market’s perception of the firm’s riskiness. It is based on investors’ expectations about future returns and estimated by means of residual income models with varying assumptions and restrictions (in this study: Claus and Thomas 200, Gebhardt et al. 2001, Ohlson and Juettner-Nauroth 2005, and Easton 2004), equating the current stock price to future cash flows that are discounted with the firm’s implied cost of equity. To account for industry-specific idiosyncrasies, each firm’s cost of equity is adjusted by the monthly industry median. Corporate reputation is defined as an attitudinal mindset towards a company. Following the model of Schwaiger (2004), it is conceptualized as a two-dimensional construct comprising a cognitive (competence) and an affective (likeability) component; reputation is the linear combination of these two dimensions. Corporate reputation data was collected in 13 semi-annual waves from large-scale samples representing the general public in Germany. By applying panel data analysis on a set of the 30 largest publicly listed German companies during a seven-year time-span (2005-2011) and controlling for commonly known factors, I show that corporate reputation significantly reduces a firm’s cost of equity. This relationship holds when reputation is corrected for prior financial performance and industry affiliation. My results should help managers to further strengthen their argument that reputation management is value-relevant. This study should be seen as a starting point for further research to gain a deeper understanding of the reputation-cost of capital-interface.

비용편익분석은 어떤 사업으로 인하여 자연배분의 변화가 생길 때 그에 따른 경제적 편익을 측정하게 되며 사업을 시행하여 생기는 편익과 비용을 비교하여 경제성을 평가하고 대안 중에서 우선순위를 결정할 때 유용하다. 따라서, 본 논문은 자본에 관한 투자기준을 마련하기 위해서 분석용 모델인 “비용편익분석”을 활용 하여 제조기업의 어떤 사업계획에 의하여 생겨나는 자본요소가 어떻게 투자되어야 생산비용을 최소화 할 수 있는지를 자본투자에서 가장 핵심적인 생산설비 투자와 기술개발투자 에 대한 비용편익분석을 통하여 그 방법론을 제시함으로써, 자본투자에 있어서 “비용효과분석”의 활용성을 확인하고자 한다.

The capital cost of the company is one that must be paid to the money owner as the price by using the money. The capital cost according to the source of money supply can be estimated by the expected profit rate undertaken by the use of the capital. But in the area of pre-existent economic evaluation, the evaluation of the company investment has been treated by the profit rate of the capital after considering the repayment conditions of the other's money or the interest. Thus in this study, in case the company makes an investment on various kinds of the capital at the same time, not make use of the capital as a one source, the economic evaluation of an investment should be handled by taking the weighted average cost of capital into consideration in proportion to the constitution of the capital cost by the sources of money supply, Especially, as the cost of the private money is very much connected with the profit rate through the stock market, the Capital Asset Pricing Model (CAPM) will be applied. This kind of economic evaluation method can be said to have much to do with the Economic Value Added : EVA) as well as to be highly thought as a standard to estimate the company' value recently To certify the usefulness of this approach, the case study of the output of the capital cost will be made for the purse of the economic evaluation of the alternative investment by using the financial statements of a motor company H.

This study extends research into whether disclosure of corporate and financial information is associated with firms’ costs of equity capital. This study sets out to examine empirically the determinants of corporate disclosure in the annual reports of 37 largest and most liquid firms listed on Kazakhstan Stock Exchange (KASE) in Kazakhstan. It also reports the results of the association between company-specific characteristics and disclosure of the sample companies. Based on the analysis of existing empirical research, the disclosure index has been constructed and regression analysis of the influence of the disclosure index on the cost of equity capital has been conducted. The obtained results show that the received findings correlate with foreign empirical studies, and the disclosure index in this sample has a negative impact on the cost of equity capital. Using cost of equity capital estimates derived from capital asset pricing model, we find that firms with higher levels of financial transparency are associated with significantly lower costs of equity capital. Economic theory assumes that by increasing the level of corporate reporting, firms not only increase their stock market liquidity, but also decrease the investors’ estimation risk, arising from uncertainty about future returns and payout distributions. The results show that firms on the Kazakhstan market can reduce their cost of equity capital by increasing the level of their voluntary corporate disclosures.

This research is aimed the furthest development of the conception of Human capital formation. The study made on the base of methods of scientific classification and systematization; dialectical method and the method of scientific abstraction, systematic and comparative analysis; expert assessment and ratings. Formation of the competitive human capital is one of the most important goals of modern development of Kazakhstan in condition of the innovative economy construction. In this context the necessity of formation and development of the effective human capital considerably increases. Realization of this requires definition of a technique of measurement of its cost as well. The authors attempt to calculate the value of human capital for Kazakhstan during independency time. In order to determine the methods of its quantitative and qualitative assessment different methodological ways for human capital research are studied. On the basis of the study, it was revealed that formation of the competitive human capital can't be considered in a separation from development and modernization of system of quality education, improvement of the employment sphere, worthy payment for work.

Capital cost of ships for advanced maritime countries is generally regarded as an international cost, which is, or can be, irrelevant with respect to the nationality of shipowners. However, Korean shipowners have been not only forced by national laws and regulations to build their ships at Korean shipyards, but also restricted to access to foreign financial markets. Having said that, as far as Korean shipowners are concerned, the capital cost has become a national cost. Consequently, it causes them to lower International competitiveness. This paper aims to identify the causes deteriorating international competitiveness of Korean shipping with reference to capital costs and suggest constructive proposals.