Abstract
AbstractIn the long term, the relationship between corporate social responsibility (CSR) and ex‐ante cost of equity capital is inconsistent. This study explores the association with corporate social responsibility, ex‐ante cost of equity capital, and operating performance forecasting with analysts. We also separate the research period into introductory period and maturity period to examine this study. The results find that sound corporate social responsibility policy, more information transparency of CSR, and creating interaction with stakeholders are reduced ex‐ante cost of equity capital to increase operating performance, and analysts give more positive forecast or better evaluation. On the other hand, we also find that the engagement on CSR is motivational factors in introductory period to become the hygiene factors on firms' management in maturity period.
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