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The impact of corporate social and environmental practices on the cost of equity capital: UK evidence
16 references·4 citing·43 second hop
The impact of corporate social and environmental practices on the cost of equity capital: UK evidence (2019)The impact of corporate social and enviro…Corporate social responsibility and access to finance (2013)Corporate social responsibili…Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility (2011)Corporate Governance and Firm…Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting (2010)Voluntary Nonfinancial Disclo…Does Corporate Social Responsibility Affect the Cost of Capital? (2010)Does Corporate Social Respons…The market pricing of accruals quality (2005)The market pricing of accrual…PE Ratios, PEG Ratios, and Estimating the Implied Expected Rate of Return on Equity Capital (2004)PE Ratios, PEG Ratios, and Es…Information and the Cost of Capital (2004)Information and the Cost of C…Earnings management and investor protection: an international comparison (2003)Earnings management and inves…Toward an Implied Cost of Capital (2001)Toward an Implied Cost of Cap…Corporate social responsibility and financial performance: correlation or misspecification? (2000)Corporate social responsibili…The Impact of Environmental Management on Firm Performance (1996)The Impact of Environmental M…Disclosure, Liquidity, and the Cost of Capital (1991)Disclosure, Liquidity, and th…CORPORATE SOCIAL RESPONSIBILITY AND FIRM FINANCIAL PERFORMANCE. (1988)CORPORATE SOCIAL RESPONSIBILI…Asset pricing and the bid-ask spread (1986)Asset pricing and the bid-ask…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…How the interaction between board gender diversity and ESG shapes dividend policy (2024)How the interaction between b…Exploring the asymmetric impact of sustainability reporting on financial performance in the utilities sector: A longitudinal comparative analysis (2023)Exploring the asymmetric impa…The “Six Ws” of sustainable development risks (2021)The “Six Ws” of sustainable d…Sustainability engagement in Latin America firms and cost of equity (2021)Sustainability engagement in …Job Market Signaling (1973)Corporate financing and investment decisions when firms have information that investors do not have (1984)Econometric Analysis of Cross Section and Panel Data (2001)The Impact of Corporate Sustainability on Organizational Processes and Performance (2014)Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence (2018)Corporate green bonds (2021)R&D, Patents, and Productivity (1987)AGENCY CONFLICT AND CORPORATE STRATEGY: THE EFFECT OF DIVESTMENT ON CORPORATE VALUE (1997)THE CORPORATE SOCIAL PERFORMANCE-FINANCIAL PERFORMANCE LINK (1997)Corporate Social Responsibility: A Theory of the Firm Perspective (2001)Corporate Social and Financial Performance: A Meta-Analysis (2003)Misery Loves Companies: Rethinking Social Initiatives by Business (2003)The relationship between return and market value of common stocks (1981)The theory and practice of econometrics (1986)Illiquidity and stock returns: cross-section and time-series effects (2002)Liquidity Risk and Expected Stock Returns (2003)Investor Sentiment and the Cross‐Section of Stock Returns (2006)The External Control of Organizations. (1978)AN EMPIRICAL EXAMINATION OF THE RELATIONSHIP BETWEEN CORPORATE SOCIAL RESPONSIBILITY AND PROFITABILITY. (1985)Data in Search of a Theory: A Critical Examination of the Relationships Among Social Performance, Social Disclosure, and Economic Performance of U.S. Firms (1985)Determinants of corporate social responsibility disclosure: An application of stakeholder theory (1992)The Corporate Social Performance and Corporate Financial Performance Debate (1997)Corporate Social Responsibility: Strategic Implications* (2006)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)On Persistence in Mutual Fund Performance (1997)The Nature of the Firm (1937)The Pricing of Options and Corporate Liabilities (1973)Separation of Ownership and Control (1983)Common risk factors in the returns on stocks and bonds (1993)Initial conditions and moment restrictions in dynamic panel data models (1998)Firms and social responsibility: A review of ESG and CSR research in corporate finance (2021)Large Shareholders and Corporate Control (1986)The Cross-Section of Expected Stock Returns (1992)Corporate Sustainability: First Evidence on Materiality (2016)A Survey of Corporate Governance (1997)Law and Finance (1998)Corporate Ownership Around the World (1999)International Accounting Standards and Accounting Quality (2008)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)The economic implications of corporate financial reporting (2005)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2003Earnings management and investor protection: an international comparison5,395 cited
  • 1986Asset pricing and the bid-ask spread5,087 cited
  • 2010Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting4,332 cited
  • 2013Corporate social responsibility and access to finance3,892 cited
  • 1991Disclosure, Liquidity, and the Cost of Capital3,828 cited
  • 2000Corporate social responsibility and financial performance: correlation or misspecification?3,818 cited
  • 2010Does Corporate Social Responsibility Affect the Cost of Capital?3,461 cited
  • 1988CORPORATE SOCIAL RESPONSIBILITY AND FIRM FINANCIAL PERFORMANCE.3,148 cited
  • 2005The market pricing of accruals quality3,101 cited
  • 2004Information and the Cost of Capital3,057 cited
  • 1996The Impact of Environmental Management on Firm Performance2,729 cited
  • 2001Toward an Implied Cost of Capital2,004 cited
  • 2004PE Ratios, PEG Ratios, and Estimating the Implied Expected Rate of Return on Equity Capital

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1,749 cited
  • 2011Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility1,605 cited
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    • 2023Exploring the asymmetric impact of sustainability reporting on financial performance in the utilities sector: A longitudinal comparative analysis35 cited
    • 2021The “Six Ws” of sustainable development risks35 cited
    • 2021Sustainability engagement in Latin America firms and cost of equity33 cited
    • 2024How the interaction between board gender diversity and ESG shapes dividend policy21 cited