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Flotation costs of seasoned equity offerings: Does corporate social responsibility matter?

Zhe Li Orcid Logo, Ping Wang

European Financial Management, Volume: 28, Issue: 3

Swansea University Author: Zhe Li Orcid Logo

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DOI (Published version): 10.1111/eufm.12327

Abstract

This paper investigates the effect of corporate social responsibility (CSR) on flotation costs in seasoned equity offerings (SEOs). Based on an international sample covering 38 countries during the period 2002-2018, we find that CSR performance is negatively associated with SEO flotation costs, and...

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Published in: European Financial Management
ISSN: 1354-7798 1468-036X
Published: Wiley 2021
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URI: https://cronfa.swan.ac.uk/Record/cronfa57127
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corporate social responsibility 1
environmental and social performance 1
flotation costs 1
market-based costs in seasoned equity offerings (seos) 1
seasoned equity offerings 1
first_indexed 2021-06-15T14:59:02Z
last_indexed 2022-06-14T03:14:01Z
id cronfa57127
recordtype SURis
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spelling 2022-06-13T14:59:21.1840254 v2 57127 2021-06-15 Flotation costs of seasoned equity offerings: Does corporate social responsibility matter? c597db9f314a168667e3e40d5778db9c 0000-0003-1442-4499 Zhe Li Zhe Li true false 2021-06-15 BAF This paper investigates the effect of corporate social responsibility (CSR) on flotation costs in seasoned equity offerings (SEOs). Based on an international sample covering 38 countries during the period 2002-2018, we find that CSR performance is negatively associated with SEO flotation costs, and this negative impact is mainly attributable to issuers' engagement in CSR, particularly in environmental and social activities. We further reveal that the CSR strategies of SEO issuers are successful in reducing market-based costs as well. Overall, this paper offers critical insights for understanding the role of stakeholder-oriented practices in adding value to shareholders through equity offerings. Journal Article European Financial Management 28 3 Wiley 1354-7798 1468-036X Corporate social responsibility; flotation costs; market-based costs; seasoned equity offerings 1 7 2021 2021-07-01 10.1111/eufm.12327 COLLEGE NANME Accounting and Finance COLLEGE CODE BAF Swansea University Another institution paid the OA fee The University of Birmingham paid the OA fee. 2022-06-13T14:59:21.1840254 2021-06-15T15:53:44.6521481 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance Zhe Li 0000-0003-1442-4499 1 Ping Wang 2 57127__20331__a7600bd46a254f78ababf815199d8cf2.pdf 57127.pdf 2021-07-05T10:15:54.2842671 Output 1868582 application/pdf Version of Record true © 2021 The Authors. This is an open access article under the terms of the Creative Commons Attribution‐NonCommercial License true eng http://creativecommons.org/licenses/by-nc/4.0/
title Flotation costs of seasoned equity offerings: Does corporate social responsibility matter?
spellingShingle Flotation costs of seasoned equity offerings: Does corporate social responsibility matter?
Zhe Li
title_short Flotation costs of seasoned equity offerings: Does corporate social responsibility matter?
title_full Flotation costs of seasoned equity offerings: Does corporate social responsibility matter?
title_fullStr Flotation costs of seasoned equity offerings: Does corporate social responsibility matter?
title_full_unstemmed Flotation costs of seasoned equity offerings: Does corporate social responsibility matter?
title_sort Flotation costs of seasoned equity offerings: Does corporate social responsibility matter?
author_id_str_mv c597db9f314a168667e3e40d5778db9c
author_id_fullname_str_mv c597db9f314a168667e3e40d5778db9c_***_Zhe Li
author Zhe Li
author2 Zhe Li
Ping Wang
format Journal article
container_title European Financial Management
container_volume 28
container_issue 3
publishDate 2021
institution Swansea University
issn 1354-7798
1468-036X
doi_str_mv 10.1111/eufm.12327
publisher Wiley
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Accounting and Finance{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Accounting and Finance
document_store_str 1
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description This paper investigates the effect of corporate social responsibility (CSR) on flotation costs in seasoned equity offerings (SEOs). Based on an international sample covering 38 countries during the period 2002-2018, we find that CSR performance is negatively associated with SEO flotation costs, and this negative impact is mainly attributable to issuers' engagement in CSR, particularly in environmental and social activities. We further reveal that the CSR strategies of SEO issuers are successful in reducing market-based costs as well. Overall, this paper offers critical insights for understanding the role of stakeholder-oriented practices in adding value to shareholders through equity offerings.
published_date 2021-07-01T04:12:38Z
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score 11.013148

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