Journal
JOURNAL OF ACCOUNTING AND PUBLIC POLICY
Volume 33, Issue 4, Pages 328-355Publisher
ELSEVIER SCIENCE INC
DOI: 10.1016/j.jaccpubpol.2014.04.006
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We examine the benefits associated with corporate social responsibility (CSR) disclosure in an international setting covering 31 countries. Using variables such as the legal status of labor protection, CSR disclosure requirements, and public awareness of and attitudes toward CSR issues, we divide countries into more and less stakeholder-oriented groups. We find a negative association between CSR disclosure and the cost of equity capital; this relationship is more pronounced in stakeholder-oriented countries. We also find evidence that financial and CSR disclosures act as substitutes for each other in reducing the cost of equity capital. This study furthers our understanding of CSR disclosure and its consequences. (C) 2014 Elsevier Inc. All rights reserved.
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