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Can Investing in Corporate Social Responsibility Lower a Company’s Cost of Capital?

Cajias, Marcelo ; Bienert, Sven ; Fürst, Franz


Purpose – This paper aims to investigate the effect of corporate social responsibility (CSR) ratings on the ex ante cost of capital of more than 2,300 listed US companies in a panel from 2003 to 2010. It examines whether financial markets value continuous investment in CSR activities through higher market capitalization and lower cost of capital. Design/methodology/approach – The measure of ...


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