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sample of 9,276 large U.S. companies from 1987 through 2011 and the reputation rankings from Fortune's “America's Most … Admired Companies List”, we find strong evidence that companies with higher reputation scores enjoy a lower cost of equity … reputation on the cost of equity increases with the degree of information asymmetry, consistent with the reputation rankings …
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In 2010, Maryland became the first state to allow firms to incorporate as “benefit corporations,” which are for-profit entities with a social purpose. Since then, nineteen other states have followed. Using survey data from the population of 94 benefit corporations existent at the time of the...
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This paper investigates the impact of corporate social responsibility (CSR) performance by listed companies on the cost of equity capital from the perspectives of enterprise risk management and capital market risk pricing and discusses the mediating effects of operating risk. Using the causal...
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Using the Million Dollar List dataset containing major corporate philanthropic gifts, we examine whether corporate philanthropy is associated with a firm's cost of equity capital. On one hand, philanthropy is an allocation of shareholder returns to a third party with uncertain returns, thereby...
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