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Effects of carbon emissions, environmental disclosures and csr assurance on cost of equity in emerging markets

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Effects of carbon emissions, environmental disclosures and csr assurance on cost of equity in emerging markets

dc.contributor.author	Garzón Jiménez, Renato
dc.contributor.author	Zorio Grima, Ana
dc.date.accessioned	2022-04-29T11:56:32Z
dc.date.available	2022-04-30T04:45:06Z
dc.date.issued	2021	es_ES
dc.identifier.uri	https://hdl.handle.net/10550/82463
dc.description.abstract	The objective of the paper is to empirically test the relation between carbon emissions, environmental disclosures, assurance of sustainability reports and firms’ Cost of Equity (COE) measured by an Ex-Ante proxy model. The methodological approach uses the Generalized Method of Moments (GMM) required to control endogeneity problems using a sample of 929 firms that are included in the Morgan Stanley Emerging Market Index. The data panel includes 5328 observations from 30 emerging countries covering the period 2014 to 2019. Our results indicate that firms with higher carbon emissions have higher COE, which implies that capital providers penalize highly polluting firms. Contrarily, evidence shows that firms with greater environmental disclosures, and the those who externally assure their corporate social responsibility reports decrease their COE. Our study expands the literature regarding carbon emissions and its relation with firms’ COE from an emerging market perspective covering a multi-country sample, with findings that confirm that higher emitters are penalized in terms of COE. Moreover, our research confirms in this setting the negative relation between environmental, social and governance disclosure scores and COE. Moreover, we evidence as well that the assurance of sustainability reports also promotes legitimacy and decreases information asymmetries, in the sense of reducing COE. The value of our findings is especially relevant as it may encourage listed companies in emerging countries to engage in more sustainable practices—e.g., reduce carbon emissions.	es_ES
dc.language.iso	en	es_ES
dc.source	Garzón-Jiménez R, Zorio-Grima A. Effects of Carbon Emissions, Environmental Disclosures and CSR Assurance on Cost of Equity in Emerging Markets. Sustainability. 2021; 13(2):696.	es_ES
dc.subject	co2 emissions	es_ES
dc.subject	cost of equity	es_ES
dc.subject	assurance	es_ES
dc.subject	environmental disclosure	es_ES
dc.subject	emerging markets	es_ES
dc.title	Effects of carbon emissions, environmental disclosures and csr assurance on cost of equity in emerging markets	es_ES
dc.type	info:eu-repo/semantics/article	es_ES
dc.subject.unesco	UNESCO::CIENCIAS ECONÓMICAS	es_ES
dc.identifier.doi	https://doi.org/10.3390/su13020696	es_ES
dc.accrualmethod	S	es_ES
dc.embargo.terms	0 days	es_ES