ESG Disclosure and Cost of Equity: Do Big 4 Audit Firms Matter?

被引：0

作者：

Mathath, Nidhin ^{[1
]}

Kumar, Vinod ^{[2
]}

Balasubramanian, G. ^{[2
]}

机构：

[1] Mahindra Univ, Sch Management, Hyderabad 500043, Telangana, India

[2] Krea Univ, IFMR Grad Sch Business, Sri City, Andhra Pradesh, India

来源：

JOURNAL OF EMERGING MARKET FINANCE | 2024年

关键词：

Sustainability; information asymmetry; cost of capital; audit quality; CORPORATE SOCIAL-RESPONSIBILITY; INFORMATION ASYMMETRY; ANALYST COVERAGE; PERFORMANCE; QUALITY;

D O I：

10.1177/09726527241280017

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Efficiency in the financial market helps firms and the economy through efficient capital allocation and improved capital productivity. ESG (environmental, social, and governance) disclosure provides nonfinancial information that reduces informational inefficiency in the financial market. India saw a major shift in ESG regulation in 2013-2014. This study examines the impact of ESG disclosure on the cost of equity after new regulation. Analyzing panel data from 586 firms (2015-2022), the key findings are: (a) superior ESG disclosure lowers the cost of equity mainly due to the governance component of ESG; (b) the presence of Big 4 auditors do not have a significant differential impact on the ESG-cost of equity relationship.JEL Codes: G30, M14, Q56

引用

页数：22

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