Corporate social responsibility disclosure and the cost of equity capital: The roles of stakeholder orientation and financial transparency

摘要: Abstract We examine the benefits associated with corporate social responsibility (CSR) disclosure in an international setting covering 31 countries. Using variables such as legal status of labor protection, CSR requirements, and public awareness attitudes toward issues, we divide countries into more less stakeholder-oriented groups. find a negative association between cost equity capital; this relationship is pronounced also evidence that financial disclosures act substitutes for each other reducing capital. This study furthers our understanding its consequences.