The Effect of Corporate Social Responsibility Disclosure on the Cost of Equity of Firms and the Moderating Role of Ownership

Rezaul Kabir, H¿nh Thái Minh

    Research output: Contribution to conferencePaperpeer-review

    Abstract

    The empirical relationship between corporate social responsibility (CSR) disclosure and the cost of equity is conflicting. Various corporate governance mechanisms may moderate this relationship. However, the moderating effect of foreign ownership - a key corporate governance mechanism in many emerging countries – has not yet been examined. Our research fills this gap by analyzing a large sample of Vietnamese listed firms for the period of 2008-2013. We find that although CSR disclosure does not directly affect the cost of equity, foreign ownership plays an important moderating role by reducing the cost of equity. We also analyze state ownership and find that it neither strengthens nor weakens the relationship between CSR and the cost of equity.
    Original languageEnglish
    Pages1-27
    Publication statusPublished - 10 Nov 2017
    EventInternational Conference "CSR, the Economy and Financial Markets" 2017 - Development Bank of Japan, Tokyo, Japan
    Duration: 11 Oct 201711 Oct 2017

    Conference

    ConferenceInternational Conference "CSR, the Economy and Financial Markets" 2017
    Country/TerritoryJapan
    CityTokyo
    Period11/10/1711/10/17

    Keywords

    • Corporate social responsibility
    • Cost of equity
    • Ownership
    • Emerging countries

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