The effects of environmental, social and governance disclosure on the cost of capital in small and medium enterprises: The role of family business status
研究发现，意大利上市中小企业的环境披露反而会提高资本成本，但家族企业却能像大公司一样从中受益。
Abstract Environmental, social, and governance (ESG) disclosure has become a critical component of corporate reporting. However, the effectiveness of this type of disclosure remains poorly explored among small and medium enterprises (SMEs), despite the fact that these businesses represent the majority of firms around the world. By leveraging on a dataset of Italian listed SMEs, we fill this gap to shed new light on the effects of nonfinancial disclosure on the cost of capital. The study reveals that, in stark contrast with the evidence on large companies, environmental disclosure for SMEs is bound to provoke an increase in the cost of capital. Yet this pattern is capsized when the company is a family SME, as it benefits from environmental disclosure, as large companies do.