Quality of Corporate Social Responsibility Disclosure and Cost of Equity Capital: Lessons from China

被引：35

作者：

Li, Shaofang ^{[1
]}

Liu, Chao ^{[2
]}

机构：

[1] Southeast Univ, Fac Econ & Management, Nanjing, Jiangsu, Peoples R China

[2] Southeast Univ, Fac Int Studies, Nanjing, Jiangsu, Peoples R China

来源：

EMERGING MARKETS FINANCE AND TRADE | 2018年 / 54卷 / 11期

基金：

中国国家自然科学基金;

关键词：

corporate social responsibility (CSR) disclosure; cost of equity capital; environmentally sensitive industries; ownership; size; VOLUNTARY ENVIRONMENTAL DISCLOSURES; IMPLIED COST; BANKING INDUSTRY; INFORMATION; PERFORMANCE; FORECASTS; EARNINGS; RETURN; RISK; SPECIFICATION;

D O I：

10.1080/1540496X.2018.1443441

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article explores the relationship between the quality of corporate social responsibility (CSR) disclosure and the cost of equity capital by analyzing the financial data and CSR reports of A-share listed firms in China from 2008 to 2014. The quality of the CSR disclosure is shown to be negatively related to the cost of equity capital of the listed firms. This negative correlation proves to be more prominent among firms of environmentally sensitive industries. Taking the ownership of the listed firms into consideration, it is further confirmed that the negative relationship between the CSR disclosure and the cost of equity capital is of higher significance for state-owned enterprises. Our findings also empirically demonstrate that the quality of CSR disclosure is more negatively related to the cost of equity capital among the large listed firms than the smaller ones.

引用

页码：2472 / 2494

页数：23

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