کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
10147132 1646440 2018 58 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Corporate social responsibility, investor protection, and cost of equity: A cross-country comparison
ترجمه فارسی عنوان
مسئولیت اجتماعی شرکت، حفاظت از سرمایه گذاران و هزینه حقوق صاحبان سهام: مقایسه بین کشور
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
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.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 96, November 2018, Pages 34-55
نویسندگان
, , , ,