Corporate Environmental Responsibility and Cost of Equity Capital: A Meta‐Analytical Review
通过元分析整合75项研究、1139个效应量，发现企业环境责任与权益资本成本存在统计显著但经济上微弱的负相关（r=-0.041），并考察了经济条件、监管框架等调节因素。
ABSTRACT Despite extensive research on the relationship between corporate environmental responsibility (CER) and cost of equity capital (COEC), empirical evidence remains inconsistent. This study addresses these inconsistencies through a comprehensive meta‐analysis of 1139 effect sizes from 75 studies. The analysis establishes a statistically significant but economically weak negative association ( r = −0.041, p < 0.001), indicating that enhanced environmental practices reduce financing costs, though the magnitude is practically negligible by conventional standards. This relationship proves robust across multiple tests. The analysis also examines previously under‐explored moderators, finding significant effects of economic conditions (economic development and crises) and regulatory frameworks (disclosure and performance regulations), whereas the sociocultural background shows inconclusive results. Moreover, the analysis detects limited publication bias, which does not, however, alter the main conclusions. These findings provide the first meta‐analytical benchmark estimate of the CER–COEC relationship and highlight the need to shift research focus from establishing the relationship's existence to investigating its economic relevance, offering valuable insights for researchers, managers, policymakers, and investors.