This research examines how the credibility and accuracy of corporate social responsibility (CSR) disclosures enhance market confidence by exploring their effect on the cost of capital. How do capital markets react to higher-quality assurance of CSR reporting? Can the hypothetical reduction in the cost of capital that assurance quality produces be explained by restatements of previous information given in these CSR reports? We explore the relationship between assurance quality, as a proxy for credibility and market confidence, and the mediating effect of CSR restatements as indicators of accuracy. We propose regression models with a sample of CSR reports issued by European companies. Building upon the signalling and legitimacy theories, the results support the positive effect of higher assurance quality statements on market confidence by confirming a decrease in the cost of capital; assurance quality gives an indication of credibility to the capital market and restatements related to methodological updates signal accuracy. The reduction in the cost of capital brought on by higher assurance quality appears to be determined by the issuance of CSR restatements, which create legitimacy for both client companies and assurance providers. CSR reporting and assurance have reached a greater level of maturity as demonstrated by the evolution of these practices and financial market perceptions.

中文翻译：

---

资本市场如何评估企业社会责任报告的可信度和准确性：探索保证质量和企业社会责任重述发布的影响

本研究通过探讨企业社会责任 (CSR) 披露的可信度和准确性对资本成本的影响来检验它们如何增强市场信心。资本市场如何对更高质量的企业社会责任报告做出反应？是否可以通过重述这些 CSR 报告中提供的先前信息来解释保证质量产生的资本成本的假设降低？我们探讨了保证质量（作为可信度和市场信心的代表）与作为准确性指标的 CSR 重述的中介效应之间的关系。我们以欧洲公司发布的企业社会责任报告为样本提出回归模型。建立在信号和合法性理论的基础上，结果证实了资本成本的降低，从而支持更高的保证质量声明对市场信心的积极影响；保证质量表明资本市场的可信度，与方法更新相关的重述表明准确性。更高保证质量带来的资本成本降低似乎取决于 CSR 重述的发布，这为客户公司和保证提供者创造了合法性。正如这些实践和金融市场认知的演变所证明的那样，企业社会责任报告和保证已经达到了更高的成熟度。更高保证质量带来的资本成本降低似乎取决于 CSR 重述的发布，这为客户公司和保证提供者创造了合法性。正如这些实践和金融市场认知的演变所证明的那样，企业社会责任报告和保证已经达到了更高的成熟度。更高保证质量带来的资本成本降低似乎取决于 CSR 重述的发布，这为客户公司和保证提供者创造了合法性。正如这些实践和金融市场认知的演变所证明的那样，企业社会责任报告和保证已经达到了更高的成熟度。