Articlehybrid2019

The effect of carbon dissemination on cost of equity

Mohammed S. Albarrak · Marwa Elnahass · Aly Salama

142 citations0/0 files storedBusiness Strategy and the Environment

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Corporate Social Responsibility Reporting Auditing, Earnings Management, Governance Environmental Sustainability in Business

Abstract

Abstract This study examines whether firms can influence their cost of equity (COE) by broadly disseminating their carbon information over Twitter. We study firms' dissemination decisions of carbon information by developing a comprehensive measure of carbon information that a firm makes on Twitter, referred to as iCarbon . Using a sample of 1,737 firm‐year observations for 584 nonfinancial firms with a Twitter account and listed on the U.S. NASDAQ stock exchange over the period 2009–2015, we find that iCarbon is significantly and negatively associated with COE. Our results are consistent after determining the effect of Bloomberg's environmental and environmental, social, and governance disclosure. The findings also hold when using alternative measures of COE and iCarbon .

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References

1995Managing Legitimacy: Strategic and Institutional Approaches 1992The Cross-Section of Expected Stock Returns 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches 2003Corporate Social and Financial Performance: A Meta-Analysis 1987A Simple Model of Capital Market Equilibrium with Incomplete Information 1997Industry costs of equity 2003Misery Loves Companies: Rethinking Social Initiatives by Business 2010Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting

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