Article2020

Non-financial information and cost of equity capital: an empirical analysis in the food and beverage industry

Nicola Raimo · Elbano de Nuccio · Anastasia Giakoumelou · Felice Petruzzella · Filippo Vitolla

105 citations0/0 files storedBritish Food Journal

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Corporate Social Responsibility Reporting Auditing, Earnings Management, Governance Corporate Governance and Financial Management

Abstract

Purpose This study examines the effect that environmental, social and governance (ESG) disclosure generates on the cost of equity capital in the food and beverage (F&B) sector. Design/methodology/approach This study analyses a sample of 171 international listed firms pertaining to the F&B sector and headquartered in North America, Western Europe and Asia Pacific (developed), forming an unbalanced panel of 1,316 observations, spanning the period 2010–2019. We run a fixed-effects panel regression model to test the relationship between ESG disclosure and the cost of equity capital. Findings Our empirical outcomes suggest a significant negative relationship between ESG disclosure and the cost of equity capital. We find support for the notion that increased levels of ESG disclosure are linked to an improved access to financial resources for firms. Originality/value This is the first study that analyses the impact of ESG disclosure on the cost of equity capital in the F&B sector, taking existing literature a step further into more detailed and specific aspects of the relationship of focus.

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References

1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1992The Cross-Section of Expected Stock Returns 2001Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature 1987A Simple Model of Capital Market Equilibrium with Incomplete Information 1995Earnings, Book Values, and Dividends in Equity Valuation*2010Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting 1997The Company and the Product: Corporate Associations and Consumer Product Responses 1991Disclosure, Liquidity, and the Cost of Capital

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2021ESG Disclosure in an Emerging Market: An Empirical Analysis of the Influence of Board Characteristics and Ownership Structure 2021Effects of Carbon Emissions, Environmental Disclosures and CSR Assurance on Cost of Equity in Emerging Markets 2021Corporate Social Responsibility in the COVID-19 Pandemic Period: A Traditional Way to Address New Social Issues 2021Are Environmentally Innovative Companies Inclined towards Integrated Environmental Disclosure Policies?

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