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Exploring the impact of sustainability disclosure on the cost of equity capital in the hospitality and tourism industry

Author

Listed:
  • Antonio Salvi
  • Felice Petruzzella
  • Nicola Raimo
  • Filippo Vitolla

Abstract

Environmental, social and governance (ESG) disclosure has gained increasing importance in recent years due to its ability to provide an overview of sustainable business behaviour. However, despite the attention paid by investors and stakeholders to sustainability information, the hospitality and tourism (H&T) industry is not characterised by a propensity towards ESG disclosure. This circumstance may be related to the lack of awareness regarding the benefits associated with a wide dissemination of ESG information, resulting from the limited presence of academic contributions on the topic. This study aims to fill this important gap by analysing the impact of ESG disclosure on the cost of equity capital in the H&T industry. The regression analysis, conducted on a sample of 1,750 firm-year observations from 2010 to 2019, demonstrates the existence of a negative relationship between ESG disclosure and the cost of equity capital.

Suggested Citation

  • Antonio Salvi & Felice Petruzzella & Nicola Raimo & Filippo Vitolla, 2024. "Exploring the impact of sustainability disclosure on the cost of equity capital in the hospitality and tourism industry," International Journal of Managerial and Financial Accounting, Inderscience Enterprises Ltd, vol. 16(2), pages 139-158.
    • Handle: RePEc:ids:injmfa:v:16:y:2024:i:2:p:139-158
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