Carbon Disclosure and the Cost of Capital

被引：0

作者：

He, Die-Lin ^{[1
]}

机构：

[1] Zhongnan Univ Econ & Law, Sch Accounting, Wuhan, Hubei, Peoples R China

来源：

PROCEEDINGS OF THE 3RD ANNUAL INTERNATIONAL CONFERENCE ON MANAGEMENT, ECONOMICS AND SOCIAL DEVELOPMENT (ICMESD 17) | 2017年 / 21卷

关键词：

Carbon Disclosure; Carbon performance; Cost of capital; Voluntary disclosure; ENVIRONMENTAL DISCLOSURES; INFORMATION;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We examine the relation between carbon disclosure and the cost of capital and explore a potential benefit associated with carbon disclosure: a reduction in firm's cost of capital. Employing a sample of U.S. S&P 500 corporations that present their CDP reporting on the websites of CDP organization, we find that the cost of capital is significantly negative associated with carbon disclosure. However, the negative relation can be mitigated among the firms with superior carbon performance. We also find that the level of carbon disclosure is higher among poor carbon performers than good carbon performers, which can provide some preliminary evidences for legitimacy theory. Our results provide evidence on the rationales behind and the consequences of the recent trend in voluntary carbon disclosure.

引用

页码：429 / 435

页数：7

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