Equity Financing and Social Responsibility: Further International Evidence

Zhi-Yuan Feng, Ming-Long Wang and Hua-Wei Huang

The International Journal of Accounting, 2015, vol. 50, issue 3, 247-280

Abstract: This paper investigates how corporate social responsibility (CSR) influences the cost of equity capital from a global perspective. With a full sample of 10,803 firm-year observations from 25 countries, the study finds that, in general, firms with better CSR scores are significantly associated with a reduced cost of equity capital in North America and Europe. In contrast, the results do not continue to hold in Asian countries.

Keywords: Corporate social responsibility; Cost of equity capital; Global perspective (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (11)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:accoun:v:50:y:2015:i:3:p:247-280

DOI: 10.1016/j.intacc.2015.07.005

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