講演情報
[1-C2-03]Does financial materiality matter to investors: a cross-national analysis
*沈 思語1、藤井 秀道1 (1. 九州大学)
キーワード：
financial materiality、environmental performance、cost of capital、SASB
This study explores the negative relationship between corporate environmental performance (CEP) and the cost of capital (CoC). Furthermore, we determine overall and materiality-based CEP scores using SASB standards, then find the difference between these scores using 2015–2022 company data from 32 countries. Our study highlights the moderating effect on the CEP–CoC relationship. The findings reveal that when a country's environmental level exceeds a certain threshold, engaging in material environmental activities can reduce the CoC, whereas engaging in overall environmental activities may increase it. This study provides insights for investors and companies, emphasizing the consideration of the environmental and economic status of a country when conducting environmental activities and evaluating CEP.