Abstract
This paper examines whether the performance of corporate social responsibility (CSR) affects the cost of equity capital for the tourism industry, and whether there are any regional and cultural differences in this respect. Using data from a global sample of tourism-related firms, the authors find that, on average, CSR performance is associated with a lower cost of equity for firms in Western countries, but not for firms in Asian countries. The results suggest that there are different concerns with regard to CSR investment for tourism-related firms in different regions, due to the variations in investors' perceptions, culture, institutional environment and managerial beliefs.
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