Voluntary disclosure frequency and cost of debt: an analysis in the Tunisian context

The aim of this paper is to study the impact of voluntary information disclosure on cost of debt capital. Our survey has been achieved on a sample of 22 firms listed in the Tunis stock exchange over a period spanning from 1998 to 2004. The results confirm the existence of a negative and significant relationship between the frequencies of voluntary disclosure on cost of debt. This study's survey shows that the information disclosure mitigate the asymmetric information between manager and lenders which would consequently decrease the cost of capital.