Abstract
The paper examines the impact of corporate targeted poverty alleviation (TPA) on corporate cost of equity. We find that: (1) TPA can reduce the cost of equity and integrated TPA has a more significant effect than charitable TPA; (2) The role of TPA is more pronounced in polluting companies; (3) Possible channels include signal effect, agency cost, and social investment preference. Our findings indicate that poverty could be alleviated by engaging companies seeking lower cost of equity in TPA.
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