Unravelling the intertwined nexus of firm performance, ESG practices, and capital cost in the Chinese business landscape

References

• Aboud, A., & Diab, A. (2019). The financial and market consequences of environmental, social and governance ratings: The implications of recent political volatility in Egypt. Sustainability Accounting, Management and Policy Journal, 10(3), 498–36. https://doi.org/10.1108/SAMPJ-06-2018-0167
   Web of Science ®Google Scholar
• Abu Alia, M., Abdeljawad, I., Jallad, S. E., & Rashid, M. (2022). Voluntary disclosure-cost of equity nexus and the moderating role of corporate governance: Evidence from an extremely politically unstable context. International Journal of Islamic & Middle Eastern Finance & Management, 15(6), 1035–1052. https://doi.org/10.1108/IMEFM-02-2021-0069
   Web of Science ®Google Scholar
• Aerts, W., Cormier, D., & Magnan, M. (2008). Corporate environmental disclosure, financial markets and the media: An international perspective. Ecological Economics: The Journal of the International Society for Ecological Economics, 64(3), 643–659. https://doi.org/10.1016/j.ecolecon.2007.04.012
   Web of Science ®Google Scholar
• Aintablian, S., Mcgraw, P. A., & Roberts, G. S. (2007). Bank monitoring and environmental risk. Journal of Business Finance & Accounting, 34(1–2), 389–401. https://doi.org/10.1111/j.1468-5957.2006.00644.x
   Web of Science ®Google Scholar
• Al Amosh, H., & Khatib, S. F. A. (2021). Ownership structure and environmental, social and governance performance disclosure: The moderating role of the board independence. Journal of Business and Socio-Economic Development, 2(1), 49–66. https://doi.org/10.1108/JBSED-07-2021-0094
   Google Scholar
• Albarrak, M. S., Elnahass, M., & Salama, A. (2019). The effect of carbon dissemination on cost of equity. Business Strategy and the Environment, 28(6), 1179–1198. https://doi.org/10.1002/bse.2310
   Web of Science ®Google Scholar
• Albring, S., Banyi, M., Dhaliwal, D., & Pereira, R. (2016). Does the firm information environment influence financing decisions? A test using disclosure regulation. Management Science, 62(2), 456–478. https://doi.org/10.1287/mnsc.2014.2123
   Web of Science ®Google Scholar
• Alduais, F. (2016). An empirical study on capital structure and corporate performance of Chinese listed companies. Journal of Commerce and Accounting Research, 5(3), 18–21. https://doi.org/10.21863/jcar/2016.5.3.032
   Google Scholar
• Alduais, F. (2019). Readability of firms disclosure and cost of equity capital: An empirical study of Chinese listed companies. Research Result Economic Research, 5(2), 10–21. https://doi.org/10.18413/2409-1634-2019-5-2-0-2
   Google Scholar
• Alduais, F. (2022). Textual analysis of the annual report and corporate performance: Evidence from China. Journal of Financial Reporting and Accounting. ahead-of-p(ahead-of-print). https://doi.org/10.1108/JFRA-04-2022-0129
   Web of Science ®Google Scholar
• Alduais, F., Almasria, N. A., & Airout, R. (2022). The moderating effect of corporate governance on corporate social responsibility and information asymmetry: An empirical study of Chinese listed companies. Economies, 10(11), 280. https://doi.org/10.3390/economies10110280
   Web of Science ®Google Scholar
• Alduais, F., Almasria, N. A., Samara, A., & Masadeh, A. (2022). Conciseness, financial disclosure, and market reaction: A textual analysis of Annual reports in listed Chinese companies. International Journal of Financial Studies, 10(4), 104. https://doi.org/10.3390/IJFS10040104
   Web of Science ®Google Scholar
• Alduais, F., Alsawalhah, J., & Almasria, N. A. (2023). Examining the impact of corporate governance on investors and investee companies: Evidence from Yemen. Economies, 11(1), 13–25. https://doi.org/10.3390/economies11010013
   Web of Science ®Google Scholar
• Allen, P., Bonazzi, C., & Gee, D. (2017). Global reporting initiative. Metaphors for change: Partnerships, tools and civic action for sustainability (pp. 238–239). https://doi.org/10.4324/9781351282444
   Google Scholar
• Almeyda, R., & Darmansyah, A. (2019). The influence of environmental, social, and governance (ESG) disclosure on firm financial performance. IPTEK Journal of Proceedings Series, 0(5), 278–290. https://doi.org/10.12962/J23546026.Y2019I5.6340
   Google Scholar
• Alsayegh, M. F., Abdul Rahman, R., & Homayoun, S. (2020). Corporate Economic, environmental, and social sustainability performance Transformation through ESG disclosure. Sustainability, 12(9), 3910. https://doi.org/10.3390/su12093910
   Web of Science ®Google Scholar
• Al-Tuwaijri, S. A., Christensen, T. E., & Hughes, K. E. (2004). The relations among environmental disclosure, environmental performance, and economic performance: A simultaneous equations approach. Accounting, Organizations & Society, 29(5–6), 447–471. https://doi.org/10.1016/S0361-3682(03)00032-1
   Web of Science ®Google Scholar
• Atan, R., Alam, M. M., Said, J., & Zamri, M. (2018). The impacts of environmental, social, and governance factors on firm performance: Panel study of Malaysian companies. Management of Environmental Quality: An International Journal, 29(2), 182–194. https://doi.org/10.1108/MEQ-03-2017-0033
   Google Scholar
• Bauer, R., & Hann, D. (2010). Corporate environmental Management and credit risk. SSRN Electronic Journal. https://doi.org/10.2139/SSRN.1660470
   Google Scholar
• Beattie, V., Goodacre, A., & Thomson, S. J. (2006). Corporate financing decisions: UK survey evidence. Journal of Business Finance and Accounting, 33(9–10), 1402–1434. https://doi.org/10.1111/j.1468-5957.2006.00640.x
   Web of Science ®Google Scholar
• Bekaert, G., Engstrom, E., & Xing, Y. (2009). Risk, uncertainty, and asset prices. Journal of Financial Economics, 91(1), 59–82. https://doi.org/10.1016/j.jfineco.2008.01.005
   Web of Science ®Google Scholar
• Bhaskaran, R. K., Ting, I. W. K., Sukumaran, S. K., & Sumod, S. D. (2020). Environmental, social and governance initiatives and wealth creation for firms: An empirical examination. Managerial and Decision Economics, 41(5), 710–729. https://doi.org/10.1002/mde.3131
   Web of Science ®Google Scholar
• Bhattacharya, U., Daouk, H., & Welker, M. (2003). The world price of earnings opacity. The Accounting Review, 78(3), 641–678. https://doi.org/10.2308/accr.2003.78.3.641
   Web of Science ®Google Scholar
• Bocken, N. M. P., & Short, S. W. (2021). Unsustainable business models – Recognising and resolving institutionalised social and environmental harm. Journal of Cleaner Production, 312, 127828. https://doi.org/10.1016/J.JCLEPRO.2021.127828
   Web of Science ®Google Scholar
• Brogi, M., & Lagasio, V. (2019). Environmental, social, and governance and company profitability: Are financial intermediaries different? Corporate Social Responsibility and Environmental Management, 26(3), 576–587. https://doi.org/10.1002/CSR.1704
   Web of Science ®Google Scholar
• Brooks, C., & Oikonomou, I. (2018). The effects of environmental, social and governance disclosures and performance on firm value: A review of the literature in accounting and finance. The British Accounting Review, 50(1), 1–15. https://doi.org/10.1016/j.bar.2017.11.005
   Web of Science ®Google Scholar
• Buertey, S., Sun, E. J., Lee, J. S., & Hwang, J. (2020). Corporate social responsibility and earnings management: The moderating effect of corporate governance mechanisms. Corporate Social Responsibility and Environmental Management, 27(1), 256–271. https://doi.org/10.1002/CSR.1803
   Web of Science ®Google Scholar
• Cek, K., & Eyupoglu, S. (2020). Does environmental, social and governance performance influence economic performance? Journal of Business Economics and Management, 21(4), 1165–1184. https://doi.org/10.3846/jbem.2020.12725
   Web of Science ®Google Scholar
• Cesarone, F., Martino, M. L., & Carleo, A. (2022). Does ESG impact really enhance portfolio profitability? Sustainability, 14(4), 2050. https://doi.org/10.3390/su14042050
   Web of Science ®Google Scholar
• Changar, M., & Atan, T. (2021). The role of transformational and transactional leadership approaches on environmental and ethical aspects of CSR. Sustainability, 13(3), 1411. https://doi.org/10.3390/SU13031411
   Web of Science ®Google Scholar
• Chen, J. C., Cho, C. H., & Patten, D. M. (2014). Initiating disclosure of environmental liability information: An empirical analysis of firm choice. Journal of Business Ethics: JBE, 125(4), 681–692. https://doi.org/10.1007/s10551-013-1939-0
   Web of Science ®Google Scholar
• Cheng, S., Lin, K. Z., & Wong, W. (2016). Corporate social responsibility reporting and firm performance: Evidence from China. Journal of Management & Governance, 20(3), 503–523. https://doi.org/10.1007/s10997-015-9309-1
   Google Scholar
• Chen, Y., Li, T., Zeng, Q., & Zhu, B. (2023). Effect of ESG performance on the cost of equity capital: Evidence from China. International Review of Economics & Finance, 83, 348–364. https://doi.org/10.1016/j.iref.2022.09.001
   Web of Science ®Google Scholar
• Chouaibi, Y., & Zouari, G. (2022). The mediating role of real earnings management in the relationship between CSR practices and cost of equity: Evidence from European ESG data. EuroMed Journal of Business. https://doi.org/10.1108/EMJB-12-2021-0183
   Web of Science ®Google Scholar
• Clementino, E., & Perkins, R. (2021). How do companies respond to environmental, social and governance (ESG) ratings? Evidence from Italy. Journal of Business Ethics, 171(2), 379–397. https://doi.org/10.1007/s10551-020-04441-4
   Web of Science ®Google Scholar
• Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
   Web of Science ®Google Scholar
• Dahiya, M., & Singh, S. (2020). The linkage between CSR and cost of equity: An Indian perspective. Sustainability Accounting, Management and Policy Journal, 12(3), 499–521. https://doi.org/10.1108/SAMPJ-10-2019-0379
   Web of Science ®Google Scholar
• Dahlsrud, A. (2008). How corporate social responsibility is defined: An analysis of 37 definitions. Corporate Social Responsibility and Environmental Management, 15(1), 1–13. https://doi.org/10.1002/csr.132
   Web of Science ®Google Scholar
• Deegan, C., Rankin, M., & Tobin, J. (2002). An examination of the corporate social and environmental disclosures of BHP from 1983-1997: A test of legitimacy theory. Accounting Auditing & Accountability Journal, 15(3), 312–343. https://doi.org/10.1108/09513570210435861
   Google Scholar
• Dhaliwal, D. S., Khurana, I. K., & Pereira, R. (2011). Firm disclosure policy and the choice between private and public debt. Contemporary Accounting Research, 28(1), 293–330. https://doi.org/10.1111/j.1911-3846.2010.01039.x
   Web of Science ®Google Scholar
• Dhaliwal, D., Li, O. Z., Tsang, A., & Yang, Y. G. (2014). Corporate social responsibility disclosure and the cost of equity capital: The roles of stakeholder orientation and financial transparency. Journal of Accounting and Public Policy, 33(4), 328–355. https://doi.org/10.1016/j.jaccpubpol.2014.04.006
   Web of Science ®Google Scholar
• Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59–100. https://doi.org/10.2308/accr.00000005
   Web of Science ®Google Scholar
• Easton, P. D. (2004). PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. The Accounting Review, 79(1), 73–95. https://doi.org/10.2308/ACCR.2004.79.1.73
   Web of Science ®Google Scholar
• Eichholtz, P., Holtermans, R., Kok, N., & Yönder, E. (2019). Environmental performance and the cost of debt: Evidence from commercial mortgages and REIT bonds. Journal of Banking and Finance, 102, 19–32. https://doi.org/10.1016/j.jbankfin.2019.02.015
   Web of Science ®Google Scholar
• El Ghoul, S., Guedhami, O., Kim, H., & Park, K. (2018). Corporate environmental responsibility and the cost of capital: International evidence. Journal of Business Ethics, 149(2), 335–361. https://doi.org/10.1007/s10551-015-3005-6
   Web of Science ®Google Scholar
• El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking and Finance, 35(9), 2388–2406. https://doi.org/10.1016/j.jbankfin.2011.02.007
   Web of Science ®Google Scholar
• Engle, R. (2018). Systemic risk 10 years later. Annual Review of Financial Economics, 10(1), 125–152. https://doi.org/10.1146/ANNUREV-FINANCIAL-110217-023056
   Google Scholar
• Erragragui, E. (2018). Do creditors price firms’ environmental, social and governance risks? Research in International Business and Finance, 45, 197–207. https://doi.org/10.1016/j.ribaf.2017.07.151
   Web of Science ®Google Scholar
• Fandella, P., Sergi, B. S., & Sironi, E. (2023). Corporate social responsibility performance and the cost of capital in BRICS countries. The problem of selectivity using environmental, social and governance scores. Corporate Social Responsibility and Environmental Management, 30(4), 1712–1722. https://doi.org/10.1002/CSR.2447
   Web of Science ®Google Scholar
• Fang, Y., & Guo, J. (2018). Is the environmental violation disclosure policy effective in China?——evidence from capital market reactions. Economics Research of Journal, 53(10), 160–176.
   Google Scholar
• Fazzini, M., & Dal Maso, L. (2016). The value relevance of “assured” environmental disclosure: The Italian experience. Sustainability Accounting, Management and Policy Journal, 7(2), 225–245. https://doi.org/10.1108/SAMPJ-10-2014-0060
   Web of Science ®Google Scholar
• Franceschelli, M. V., Santoro, G., Giacosa, E., & Quaglia, R. (2019). Assessing the determinants of performance in the recycling business: Evidence from the Italian context. Corporate Social Responsibility and Environmental Management, 26(5), 1086–1099. https://doi.org/10.1002/csr.1788
   Web of Science ®Google Scholar
• Francis, J., LaFond, R., Olsson, P. M., & Schipper, K. (2004). Cost of equity and earnings attributes. The Accounting Review, 79(4), 967–1010. https://doi.org/10.2308/accr.2004.79.4.967
   Web of Science ®Google Scholar
• Freeman, R. E. (1984). Strategic management: A stakeholder approach (Pitman series in business and public policy). https://scholar.google.com/scholar?hl=en&as_sdt=0%252C5&q=Strategic+management+%2528Pitman+series+in+business+and+public+policy%2529.+A+stakeholder+approach&btnG=
   Google Scholar
• Garzón-Jiménez, R., & Zorio-Grima, A. (2021). Effects of carbon emissions, environmental disclosures and CSR assurance on cost of equity in emerging markets. Sustainability, 13(2), 696. https://doi.org/10.3390/SU13020696
   Web of Science ®Google Scholar
• Gerged, A. M., Albitar, K., & Al-Haddad, L. (2021). Corporate environmental disclosure and earnings management—The moderating role of corporate governance structures. International Journal of Finance and Economics, 28(3), 2789–2810. https://doi.org/10.1002/ijfe.2564
   Web of Science ®Google Scholar
• Gode, D., & Mohanram, P. (2003). Inferring the cost of capital using the Ohlson – Juettner model. Review of Accounting Studies, 8(4), 399–431. https://doi.org/10.1023/A:1027378728141
   Web of Science ®Google Scholar
• Gonçalves, T. C., Dias, J., & Barros, V. (2022). Sustainability performance and the cost of capital. International Journal of Financial Studies, 10(3), 63. https://doi.org/10.3390/IJFS10030063
   Web of Science ®Google Scholar
• Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(7), 1794–1810. https://doi.org/10.1016/j.jbankfin.2010.12.002
   Web of Science ®Google Scholar
• Gregurec, I., Tomiči´, M., Furjan, T., & Tomiči´tomiči´c-Pupek, K. (2021). The impact of COVID-19 on sustainable business models in SMEs. Sustainability, 13(3), 1098. https://doi.org/10.3390/SU13031098
   Web of Science ®Google Scholar
• Guo, Y., & Liu, Y. (2022). Sustainable poverty alleviation and green development in China’s underdeveloped areas. Journal of Geographical Sciences, 32(1), 23–43. https://doi.org/10.1007/s11442-021-1932-y
   Web of Science ®Google Scholar
• Gupta, K. (2018). Environmental sustainability and implied cost of equity: International evidence. Journal of Business Ethics, 147(2), 343–365. https://doi.org/10.1007/S10551-015-2971-Z
   Web of Science ®Google Scholar
• Hail, L., & Leuz, C. (2006). International differences in the cost of equity capital: Do legal institutions and securities regulation matter? Journal of Accounting Research, 44(3), 485–531. https://doi.org/10.1111/J.1475-679X.2006.00209.X
   Web of Science ®Google Scholar
• Hamrouni, A., Boussaada, R., & Ben Farhat Toumi, N. (2019). Corporate social responsibility disclosure and debt financing. Journal of Applied Accounting Research, 20(4), 394–415. https://doi.org/10.1108/JAAR-01-2018-0020
   Web of Science ®Google Scholar
• Heflin, F., Moon, J. R., & Wallace, D. (2016). A re-examination of the cost of capital benefits from higher-quality disclosures. Journal of Financial Reporting, 1(1), 65–95. https://doi.org/10.2308/jfir-51322
   Web of Science ®Google Scholar
• Huang, S. Z., Chien, F., & Sadiq, M. (2022). A gateway towards a sustainable environment in emerging countries: The nexus between green energy and human capital. Economic Research-Ekonomska Istrazivanja, 35(1), 4159–4176. https://doi.org/10.1080/1331677X.2021.2012218
   Web of Science ®Google Scholar
• Iatridis, G. E. (2013). Environmental disclosure quality: Evidence on environmental performance, corporate governance and value relevance. Emerging Markets Review, 14(1), 55–75. https://doi.org/10.1016/J.EMEMAR.2012.11.003
   Google Scholar
• Ionescu, G. H., Firoiu, D., Pirvu, R., & Vilag, R. D. (2019). The impact of ESG factors on market value of companies from travel and tourism industry. Technological and Economic Development of Economy, 25(5), 820–849. https://doi.org/10.3846/TEDE.2019.10294
   Web of Science ®Google Scholar
• Jiang, H., Habib, A., & Hu, B. (2011). Ownership concentration, voluntary disclosures and information asymmetry in New Zealand. The British Accounting Review, 43(1), 39–53. https://doi.org/10.1016/j.bar.2010.10.005
   Web of Science ®Google Scholar
• Khanchel, I., & Lassoued, N. (2022). ESG disclosure and the cost of capital: Is there a ratcheting effect over time? Sustainability (Switzerland), 14(15), 9237. https://doi.org/10.3390/su14159237
   Web of Science ®Google Scholar
• Kim, S., Kim, S., Lee, D., & Yoo, S. (2019). How investors perceive mandatory audit firm rotation in Korea. Sustainability, 11(4), 1089. https://doi.org/10.3390/su11041089
   Web of Science ®Google Scholar
• Kock, C. J., Santaló, J., & Diestre, L. (2012). Corporate governance and the environment: What type of governance creates greener companies? Journal of Management Studies, 49(3), 492–514. https://doi.org/10.1111/j.1467-6486.2010.00993.x
   Web of Science ®Google Scholar
• Kothari, S. P., Li, X., & Short, J. E. (2009). The effect of disclosures by management, analysts, and business press on cost of capital, return volatility, and analyst forecasts: A study using content analysis. The Accounting Review, 84(5), 1639–1670. https://doi.org/10.2308/accr.2009.84.5.1639
   Web of Science ®Google Scholar
• Kuo, L., Kuo, P.-W., Chen, C.-C., Ramkissoon, H., & Tsai, W.-H. (2021). Mandatory CSR disclosure, CSR assurance, and the cost of debt capital: Evidence from Taiwan. Sustainability, 13(4), 1768. https://doi.org/10.3390/SU13041768
   Web of Science ®Google Scholar
• Lambert, R., Leuz, C., & Verrecchia, R. E. (2007). Accounting information, disclosure, and the cost of capital. Journal of Accounting Research, 45(2), 385–420. https://doi.org/10.1111/j.1475-679X.2007.00238.x
   Web of Science ®Google Scholar
• Landi, G., & Sciarelli, M. (2019). Towards a more ethical market: The impact of ESG rating on corporate financial performance. Social Responsibility Journal, 15(1), 11–27. https://doi.org/10.1108/SRJ-11-2017-0254
   Web of Science ®Google Scholar
• Larcker, D., & Rusticus, T. (2010). On the use of instrumental variables in accounting research. Journal of Accounting and Economics, 49(3), 186–205. https://doi.org/10.1016/j.jacceco.2009.11.004
   Web of Science ®Google Scholar
• Leuz, C., Lins, K. V., & Warnock, F. E. (2009). Do foreigners invest less in poorly governed firms? Review of Financial Studies, 22(8), 3245–3285. https://doi.org/10.1093/rfs/hhn089
   Web of Science ®Google Scholar
• Li, Y., Foo, C. T., Li, Y., & John Ferguson, P. (2015). A sociological theory of corporate finance: Societal responsibility and cost of equity in China. Chinese Management Studies, 9(3), 269–294. https://doi.org/10.1108/cms-12-2014-0232
   Web of Science ®Google Scholar
• Li, Y., Gong, M., Zhang, X. Y., & Koh, L. (2018). The impact of environmental, social, and governance disclosure on firm value: The role of CEO power. The British Accounting Review, 50(1), 60–75. https://doi.org/10.1016/J.BAR.2017.09.007
   Web of Science ®Google Scholar
• Li, L., Liu, Q., Tang, D., & Xiong, J. (2017). Media reporting, carbon information disclosure, and the cost of equity financing: Evidence from China. Environmental Science and Pollution Research, 24(10), 9447–9459. https://doi.org/10.1007/s11356-017-8614-4
   PubMed Web of Science ®Google Scholar
• Linnenluecke, M. K. (2022). Environmental, social and governance (ESG) performance in the context of multinational business research. Multinational Business Review, 30(1), 1–16. https://doi.org/10.1108/MBR-11-2021-0148
   Web of Science ®Google Scholar
• Lopez, B., Rangel, C., & Fernández, M. (2022). The impact of corporate social responsibility strategy on the management and governance axis for sustainable growth. Journal of Business Research, 150, 690–698. https://doi.org/10.1016/j.jbusres.2022.06.025
   Web of Science ®Google Scholar
• Luo, L., & Tang, Q. (2014). Does voluntary carbon disclosure reflect underlying carbon performance? Journal of Contemporary Accounting & Economics, 10(3), 191–205. https://doi.org/10.1016/j.jcae.2014.08.003
   Google Scholar
• Maaloul, A., Zéghal, D., Ben Amar, W., & Mansour, S. (2021). The effect of environmental, social, and governance (ESG) performance and disclosure on cost of debt: The mediating effect of corporate reputation. Corporate Reputation Review, 1–18. https://doi.org/10.1057/S41299-021-00130-8/METRICS
   Web of Science ®Google Scholar
• Nazir, M., Akbar, M., Akbar, A., Poulovo, P., Hussain, A., & Qureshi, M. A. (2022). The nexus between corporate environment, social, and governance performance and cost of capital: Evidence from top global tech leaders. Environmental Science and Pollution Research, 29(15), 22623–22636. https://doi.org/10.1007/s11356-021-17362-0
   PubMed Web of Science ®Google Scholar
• Ng, A. C., & Rezaee, Z. (2015). Business sustainability performance and cost of equity capital. Journal of Corporate Finance, 34, 128–149. https://doi.org/10.1016/j.jcorpfin.2015.08.003
   Web of Science ®Google Scholar
• Nirino, N., Miglietta, N., & Salvi, A. (2020). The impact of corporate social responsibility on firms’ financial performance, evidence from the food and beverage industry. British Food Journal, 122(1), 1–13. https://doi.org/10.1108/BFJ-07-2019-0503
   Web of Science ®Google Scholar
• Nirino, N., Santoro, G., Miglietta, N., & Quaglia, R. (2021). Corporate controversies and company’s financial performance: Exploring the moderating role of ESG practices. Technological Forecasting and Social Change, 162, 120341. https://doi.org/10.1016/J.TECHFORE.2020.120341
   Web of Science ®Google Scholar
• Ohlson, J. A., & Juettner-Nauroth, B. E. (2005). Expected EPS and EPS growth as determinants of value. Review of Accounting Studies, 10(2–3), 349–365. https://doi.org/10.1007/s11142-005-1535-3
   Web of Science ®Google Scholar
• Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403–441. https://doi.org/10.1177/0170840603024003910
   Web of Science ®Google Scholar
• Paolone, F., Cucari, N., Wu, J., & Tiscini, R. (2022). How do ESG pillars impact firms’ marketing performance? A configurational analysis in the pharmaceutical sector. Journal of Business & Industrial Marketing, 37(8), 1594–1606. https://doi.org/10.1108/JBIM-07-2020-0356
   Web of Science ®Google Scholar
• Pindyck, R. S. (1988). Capital risk and models of investment behaviour. In Economic modelling in the OECD countries (pp. 103–117). Springer. https://doi.org/10.1007/978-94-009-1213-7_6
   Google Scholar
• Plumlee, M., Brown, D., Hayes, R. M., & Marshall, R. S. (2015). Voluntary environmental disclosure quality and firm value: Further evidence. Journal of Accounting and Public Policy, 34(4), 336–361. https://doi.org/10.1016/j.jaccpubpol.2015.04.004
   Web of Science ®Google Scholar
• Poshakwale, S., & Courtis, J. K. (2005). Disclosure level and cost of equity capital: Evidence from the banking industry. Managerial and Decision Economics, 26(7), 431–444. https://doi.org/10.1002/mde.1256
   Google Scholar
• Prasad, K., Kumar, S., Devji, S., Lim, W. M., Prabhu, N., & Moodbidri, S. (2022). Corporate social responsibility and cost of capital: The moderating role of policy intervention. Research in International Business and Finance, 60, 101620. https://doi.org/10.1016/J.RIBAF.2022.101620
   Web of Science ®Google Scholar
• Raimo, N., Caragnano, A., Zito, M., Vitolla, F., & Mariani, M. (2021). Extending the benefits of ESG disclosure: The effect on the cost of debt financing. Corporate Social Responsibility & Environmental Management, 28(4), 1412–1421. https://doi.org/10.1002/csr.2134
   Web of Science ®Google Scholar
• Ramirez, A. G. ;, Monsalve, J. ;, González-Ruiz, J. D. ;, Almonacid, P. ;, Ramirez, A. G., Monsalve, J., David González-Ruiz, J., Almonacid, P., & Peña, A. (2022). Relationship between the cost of capital and environmental, social, and governance scores: Evidence from Latin America. Sustainability, 14(9), 5012. https://doi.org/10.3390/SU14095012
   Web of Science ®Google Scholar
• Reverte, C. (2009). Do better governed firms enjoy a lower cost of equity capital?: Evidence from Spanish firms. Corporate Governance the International Journal of Business in Society, 9(2), 133–145. https://doi.org/10.1108/14720700910946587
   Google Scholar
• Reverte, C. (2012). The impact of better corporate social responsibility disclosure on the cost of equity capital. Corporate Social Responsibility & Environmental Management, 19(5), 253–272. https://doi.org/10.1002/csr.273
   Web of Science ®Google Scholar
• Richardson, A. J., & Welker, M. (2001). Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organizations & Society, 26(7–8), 597–616. https://doi.org/10.1016/S0361-3682(01)00025-3
   Web of Science ®Google Scholar
• Ross, S. A. (1973). The Economic theory of agency: The principal’s problem. The American Economic Review, 63(2), 134–139. https://www.jstor.org/stable/1817064
   Web of Science ®Google Scholar
• Serrano, A., Oliva, R., & Kraiselburd, S. (2017). On the cost of capital in inventory models with deterministic demand. International Journal of Production Economics, 183, 14–20. https://doi.org/10.1016/j.ijpe.2016.10.007
   Web of Science ®Google Scholar
• Shanyu, L. (2022). Corporate social responsibilities (CSR) and sustainable business performance: Evidence from BRICS countries. Economic Research-Ekonomska Istraživanja, 35(1), 6105–6120. https://doi.org/10.1080/1331677X.2022.2047085
   Web of Science ®Google Scholar
• Sila, I., & Cek, K. (2017). The impact of environmental, social and governance dimensions of corporate social responsibility on Economic performance: Australian evidence. Procedia Computer Science, 120, 797–804. https://doi.org/10.1016/J.PROCS.2017.11.310
   Google Scholar
• Snihur, Y., & Bocken, N. (2022). A call for action: The impact of business model innovation on business ecosystems, society and planet. Long Range Planning, 55(6), 102182. https://doi.org/10.1016/J.LRP.2022.102182
   Web of Science ®Google Scholar
• Taliento, M., Favino, C., & Netti, A. (2019). Impact of environmental, social, and governance information on economic performance: Evidence of a corporate “sustainability advantage” from Europe. Sustainability (Switzerland), 11(6). https://doi.org/10.3390/SU11061738
   Google Scholar
• Tamimi, N., & Sebastianelli, R. (2017). Transparency among S&P 500 companies: An analysis of ESG disclosure scores. Management Decision, 55(8), 1660–1680. https://doi.org/10.1108/MD-01-2017-0018
   Web of Science ®Google Scholar
• Tang, H. (2022a). The effect of ESG performance on corporate innovation in China: The mediating role of financial constraints and agency cost. Sustainability, 14(7), 3769. https://doi.org/10.3390/su14073769
   Web of Science ®Google Scholar
• Tang, H. (2022b). ESG performance, investors’ heterogeneous beliefs, and cost of equity capital in China. Frontiers in Environmental Science, 10, 2421. https://doi.org/10.3389/fenvs.2022.992559
   Web of Science ®Google Scholar
• Wu, H. (2014). Disclosure of environmental information, environmental performance and cost of equity capital. Journal of Xiamen University (Arts & Social Science), 3, 129–138 Accessed 09 02 2023 https://scholar.google.com/scholar_lookup?title=Disclosure%20of%20environmental%20information%2C%20environmental%20performance%20and%20cost%20of%20equity%20capital&publication_year=2014&author=H.J.%20Wu.
   Google Scholar
• Wu, S., Li, X., Du, X., & Li, Z. (2022). The impact of ESG performance on firm value: The moderating role of ownership structure. Sustainability, 14(21), 14507. https://doi.org/10.3390/SU142114507
   Web of Science ®Google Scholar
• Xu, S., Liu, D., & Huang, J. (2015). Corporate social responsibility, the cost of equity capital and ownership structure: An analysis of Chinese listed firms. Australian Journal of Management, 40(2), 245–276. https://doi.org/10.1177/0312896213517894
   Web of Science ®Google Scholar
• Yan, S., Na, W., Yu, X., & Zhang, X. (2022). Regulation intensity, environmental disclosure, and cost of capital: Evidence from listed firms in China. Environmental Science and Pollution Research, 30(5), 12283–12306. https://doi.org/10.1007/s11356-022-22845-9
   PubMed Web of Science ®Google Scholar
• Yesuf, A. J., & Aassouli, D. (2020). Exploring synergies and performance evaluation between Islamic funds and socially responsible investment (SRIs) in light of the sustainable development goals (SDGs). Heliyon, 6(8), e04562. https://doi.org/10.1016/j.heliyon.2020.e04562
   PubMedGoogle Scholar
• Yi, Y., Xie, B., Zhou, L., Wei, Y., & Gherghina, S. C. (2020). Does CSR affect the cost of equity capital: Empirical evidence from the targeted poverty alleviation of listed companies in China. PLOS ONE, 15(2), e0227952. https://doi.org/10.1371/journal.pone.0227952
   PubMed Web of Science ®Google Scholar
• Zhai, Y., Cai, Z., Lin, H., Yuan, M., Mao, Y., & Yu, M. (2022). Does better environmental, social, and governance induce better corporate green innovation: The mediating role of financing constraints. Corporate Social Responsibility and Environmental Management, 29(5), 1513–1526. https://doi.org/10.1002/CSR.2288
   Web of Science ®Google Scholar
• Zsóka, Á., & Vajkai, É. (2018). Corporate sustainability reporting: Scrutinising the requirements of comparability, transparency and reflection of sustainability performance. Society and Economy, 40(1), 19–44. https://doi.org/10.1556/204.2018.40.1.3
   Google Scholar