Flotation costs of seasoned equity offerings: Does corporate social responsibility matter?
研究了企业社会责任（CSR）对增发股票（SEO）发行成本的影响，发现CSR表现越好，发行成本越低，主要源于环境和社会活动，对理解利益相关者导向如何为股东创造价值有参考价值。
Abstract This paper investigates the effect of corporate social responsibility (CSR) on flotation costs in seasoned equity offerings (SEOs). On the basis of 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.