Research Note: Corporate Social Responsibility and Equity Financing in the Global Tourism Industry

Zhi-Yuan Feng, Ming-Long Wang and Hua-Wei Huang
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Zhi-Yuan Feng: City College, Wenzhou University, 1 Chashan University Town, Wenzhou City, Zhejiang, PR China
Ming-Long Wang: College of Management, National Cheng Kung University, 1 University Road, Tainan City, Taiwan 701-1, ROC
Hua-Wei Huang: College of Management, National Cheng Kung University, 1 University Road, Tainan City, Taiwan 701-1, ROC

Tourism Economics, 2014, vol. 20, issue 4, 869-883

Abstract: This paper examines whether the performance of corporate social responsibility (CSR) affects the cost of equity capital for the tourism industry, and whether there are any regional and cultural differences in this respect. Using data from a global sample of tourism-related firms, the authors find that, on average, CSR performance is associated with a lower cost of equity for firms in Western countries, but not for firms in Asian countries. The results suggest that there are different concerns with regard to CSR investment for tourism-related firms in different regions, due to the variations in investors' perceptions, culture, institutional environment and managerial beliefs.

Keywords: corporate social responsibility; cost of equity capital; tourism industry (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:toueco:v:20:y:2014:i:4:p:869-883

DOI: 10.5367/te.2013.0313

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