Earticle

초록

영어

This paper examines how corporate environmental responsibility (CER) affects the cost of equity capital for manufacturing firms in 30 countries. Using several approaches to estimate firms’ ex ante equity financing costs, we find that the cost of equity capital is likely to cheaper when firms have a higher level of CER. The results are consistent even after controlling for the endogeneity problem. Our results suggest that improving environmental responsibility would reduce firms’ equity financing costs and the negative relationship between CER and financing costs is at work in around the world.

목차

Abstract
 1. Introduction
 2. Literature review and developed hypotheses
  2.1. Related Literature
  2.2. Hypothesis
 3. Research design
  3.1 Sample construction
  3.2 Cost of equity estimates
  3.3 External environmental costs
  3.4 Empirical model and variables
 4. Empirical results
  4.1. Univariate tests
  4.2. Multivariate regression analysis
  4.3. Robustness tests
 5. Concluding Remarks
 APPENDIX
 References
 Table

키워드

저자

• Hakkon Kim [ Korea Advanced Institute of Science and Technology (KAIST), South Korea ]
• Kwangwoo Park [ Korea Advanced Institute of Science and Technology (KAIST), South Korea ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330