This study investigates the mechanisms underlying the relationship between accounting information quality and the cost of equity capital. Information quality is negatively correlated with the cost of equity capital, with the relationship possibly driven by mediators linking the two variables. The empirical results indicate that about 42% of the total effects of information quality on the cost of equity capital is attributable to the indirect effects mediated by information asymmetry, market risk, and liquidity risk in that order, although the relative magnitude of the mediation depends on which mediator is considered first in the model. This study is the first to examine the mediating effect of liquidity risk using path analysis. Furthermore, no previous study has examined and compared the relative impact of the three mediators. In particular, liquidity risk mediates the relationship between information quality and the cost of equity capital, and the mediating effect of liquidity risk is almost as significant as information asymmetry and market risk with a marginal difference when considered individually.

中文翻译：

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调解员将信息质量与股本成本联系起来*

这项研究调查了会计信息质量和股本成本之间的关系的潜在机制。信息质量与股权资本成本呈负相关，这种关系可能是由调解员将两个变量联系在一起而驱动的。实证结果表明，信息质量对股权资本成本的总影响中约有42％归因于信息不对称，市场风险和流动性风险按此顺序介导的间接影响，尽管中介的相对规模取决于在模型中首先考虑哪个调解人。这项研究是首次使用路径分析研究流动性风险的中介效应。此外，以前没有研究检查和比较这三种介体的相对影响。特别是，