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Voluntary carbon assurance and the cost of equity capital: International evidence

Author

Listed:
  • Rina Datt

    (Western Sydney University, Parramatta, NSW, Australia)

  • Le Luo

    (Macquarie University, Sydney, NSW, Australia)

  • Reuben Segara

    (The University of Sydney Business School, Sydney, NSW, Australia)

Abstract

We examine the impact of voluntary carbon assurance on a firm’s cost of equity capital (COE). Based on 6500 firm-year observations across 44 countries covering a period of 8 years (2010–2017), we find that the adoption of carbon assurance is negatively associated with the COE. Cross-sectional analyses show that the negative relationship is stronger for firms with poor emissions reduction performance and for firms that do not participate in an emissions trading scheme. We also find that a country’s legal institutions and economic development have significant moderating effects on this relationship. Furthermore, the scope and the percentage of carbon emissions assured, the level of carbon assurance, and the auditing standards adopted have varied effects on the COE. These findings should be useful to regulators, managers, and investors looking to improve the credibility of voluntarily reported information. JEL Classification: M41, M42, Q56, G32

Suggested Citation

  • Rina Datt & Le Luo & Reuben Segara, 2025. "Voluntary carbon assurance and the cost of equity capital: International evidence," Australian Journal of Management, Australian School of Business, vol. 50(4), pages 1129-1165, November.
    • Handle: RePEc:sae:ausman:v:50:y:2025:i:4:p:1129-1165
    DOI: 10.1177/03128962241251498
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    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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