衡平法
权益成本
投资者保护
企业社会责任
样品(材料)
业务
股权风险
经济
货币经济学
会计
资本成本
金融经济学
财务
公司治理
私募股权
微观经济学
政治学
生态学
法学
色谱法
化学
利润(经济学)
生物
作者
Wolfgang Breuer,Torbjörn Müller,David Rosenbach,Astrid Juliane Salzmann
标识
DOI:10.1016/j.jbankfin.2018.07.018
摘要
Based on a large international sample, we examine the effects of CSR on the cost of equity under different levels of investor protection. In countries where investor protection is strong (poor), our results show that the cost of equity falls (rises) when a firm invests in CSR. Our findings are robust to alternative variable definitions, sample selection, analyst forecast bias, and various methodological specifications. We also demonstrate that the investor base channel is able to explain different outcomes regarding the relation between CSR and the cost of equity, and we derive implications for both financial practice and public policy.
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