Izvorni znanstveni članak
https://doi.org/10.37741/t.73.3.11
Effects of Environmental Profile and CSR Reporting on the Cost of Capital of Firms in the Tourism Sector
Renato Garzón-Jiménez
; Faculty of Economics and Business, Universidad Católica de Santiago de Guayaquil, Ecuador
*
Ana Zorio-Grima
; Department of Accounting, University of Valencia, Valencia, Spain;
Teresa Knezevich-Pilay
; Faculty of Economics and Business, Universidad Católica de Santiago de Guayaquil, Ecuador
* Dopisni autor.
Sažetak
The Hotel and Tourism industry contributes substantially to the global Gross Domestic Product, which increases economic growth through tax revenues, employment opportunities, and private capital investments. However, this industry is also responsible for depleting natural resources and contaminating water and waste. Hence, this study contributes to the extant research by examining the relationship between sustainable behavior (measured using three proxies —i.e., environmental performance scores, carbon emissions, and the issuance of a corporate social responsibility report) and the cost of equity of a sample of global firms, using data from 2011 to 2022. Our results confirm that sustainable companies in this industry benefit from lower cost of capital. The contribution of this paper is valuable, as it may raise awareness in the industry about the positive financial outcomes that can be achieved when companies align their strategies with the UN Agenda 2030 and the Sustainable Development Goals.
Ključne riječi
cost of equity; CSR; carbon emissions; environmental performance; SDG; hotel and tourism industry sector
Hrčak ID:
333746
URI
Datum izdavanja:
15.7.2025.
Posjeta: 811 *