Does corporate social responsibility affect the cost of capital

By Sadok El Ghoul, Omrane Guedhami, C. Kwok, Dev R. Mishra. 2011

3,067 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/5e759f835323ee767cb01a9486e31fde36314378

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Citations in the corpus

Corporate Social Responsibility as a Strategic Shield Against Costs of Earnings Management Practices (2014, methodology): “We use the Price-Earnings-Growth (PEG) ratio as a measure of cost of equity capital based on the Easton (2004) model in a similar way as in Botosan and Plumlee (2005), Francis et al. (2008a), Blanco et al. (2009) and El Ghoul et al. (2011).”
Corporate social responsibility and corporate cash holdings (2016, background): “, 2014), the cost of debt/bank loans (Menz, 2010; Goss and Roberts, 2011), the cost of equity (Dhaliwal et al., 2011; Ghoul et al., 2011), the cost of capital (Hart and Ahuja, 1996; Sharfman and Fernando, 2008), mergers and”
CSR related management practices and Firm Performance: An Empirical Analysis of the Quantity-Quality Trade-off on French Data (2015, result): “In this sense, our results are also consistent with studies showing that firms with better ESG performance tend to face significantly lower capital constraints, and that the relation is primarily driven by social and environmental performance (El Ghoul et al., 2011).”
The Sustainability Footprint of Institutional Investors (2018, positive): “…7 Other studies have examined issues such as the relation between systematic and idiosyncratic risk on the one hand and sustainability on the other (see, for instance, El Ghoul et al. (2011), and Albuquerque, Durnev, and Koskinen (2016)).”
Dissecting Green Returns (2021, neutral): “In the stock market, Chava (2014) and El Ghoul et al. (2011) compare implied costs of capital estimated for green firms versus brown.”
On the Value of Corporate Social Responsibility Disclosure: An Empirical Investigation of Corporate Bond Issues in China (2018, methodology): “El Ghoul et al. (2011) and Dhaliwal et al. (2011) find that firms with better CSR scores exhibit less expensive equity financing.”
Do Markets Punish or Reward Corporate Social Responsibility Decoupling? (2020, background): “…studies that examine the relationship between CSR reporting or performance and cost of capital (see, e.g., Botosan & Plumlee, 2002; Dhaliwal et al., 2011; Diamond & Verrecchia, 1991; El Ghoul et al., 2011) and between CSR and access to finance (see, for instance, Cheng et al., 2014; Flammer, 2013).”
How Media Coverage of Corporate Social Irresponsibility Increases Financial Risk (2017, neutral): “From this initial sample, we excluded the financial sector as well as all government-owned enterprises: in both cases, there is concern that the backing of a sovereign state distorts the true level of risk that the firm is exposed to (El Ghoul et al. , 2011; Oikonomou and Pavelin, 2014).”
A decade's debate on the nexus between corporate social and corporate financial performance: a critical review of empirical studies 2002–2011 (2014, background): “…2008; Lee and Park, 2009; Paul and Barbara, 2009; Zhang and Rezaee, 2009; Peters and Mullen, 2009; Choi et al., 2010; Moneva and Ortas, 2010; El Ghoul et al., 2011 66123 0.786 0.210 Positive Not significant Moneva et al., 2007; Becchetti et al., 2008; Scholtens, 2008; May and Khare, 2008;…”
An Efficiency Perspective on Carbon Emissions and Financial Performance (2020, background): “Systematic risk reflects the sensitivity of stock returns to macroeconomic fluctuations; it provides a measure of risk which investors require to be compensated for with higher returns, and therefore—from the perspective of the firm—drives financing costs (Albuquerque et al., 2019; Elton et al., 201”