The Impact of Corporate Social Responsibility Events Disclosure on the Cost of Equity Capital

• Main Authors: I-Hsun Lin, 林宜勳
• Other Authors: Wen-Hsiang Lin
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/g4h3ed

碩士 === 義守大學 === 管理碩博士班 === 103 === In recent years, because of maximum profit-making orient, it resulted in many serious lacking of conscience food problems, which is difficult to estimate the social costs. The interested parties are more difficult to know the inside information from the corporate financial statements. The financial statements cannot satisfy investors to understand the quality of corporation governance; investors will focus more concern on nonfinancial information. The corporation’s report will from financial statements to financial reporting which include financial and nonfinancial information. We use Taiwan’s listing companies as samples, from 1991 to 2013 as ample period, to analyze the impact of corporate social responsibility disclosure on the cost of equity capital and corporation governance. The empirical results show:  The cost of equity capital is negative with environmental pollution and labor disputes, but not significant with Information disclosure.  The cost of equity capital is negative with information transparency.  For corporation governance, credit rating, the deviation between cash flow right and control right are positive with cost of equity capital.