This paper investigates the effect of corporate social responsibility (CSR) on flotation costs in seasoned equity offerings (SEOs). On the basis of an international sample covering 38 countries during the period 2002–2018, we find that CSR performance is negatively associated with SEO flotation costs and this negative impact is mainly attributable to issuers' engagement in CSR, particularly in environmental and social activities. We further reveal that the CSR strategies of SEO issuers are successful in reducing market-based costs as well. Overall, this paper offers critical insights for understanding the role of stakeholder-oriented practices in adding value to shareholders through equity offerings.

中文翻译：

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经验丰富的股票发行的发行成本：企业社会责任重要吗？

本文研究了企业社会责任 (CSR) 对经验丰富的股票发行 (SEO) 的上市成本的影响。基于 2002-2018 年期间覆盖 38 个国家的国际样本，我们发现企业社会责任绩效与 SEO 上市成本呈负相关，这种负面影响主要归因于发行人参与企业社会责任，特别是在环境和社会活动方面。我们进一步揭示了 SEO 发行人的 CSR 策略也成功地降低了基于市场的成本。总体而言，本文为了解以利益相关者为导向的做法在通过股票发行为股东增加价值方面的作用提供了重要见解。