2021 年 28 巻 p. 79-90
In finance research, the cost of capital is widely recognized as the weighted average cost of equity and the cost of debt. The former cost of equity capital is the rate of return required by capital stock investors and is an important concept. Recently, empirical studies on ESG factors and cost of equity capital have also been seen. However, as far as the authors know, an empirical analysis of the cost of equity capital of SRI fund-adopted stocks has not yet been conducted. In this paper, the authors analyzed the cost of equity capital of SRI fund-adopted stocks and other listed stocks. As a result, it became clear that the companies selected as some SRI fund type have low cost of equity capital. In addition, the results suggest that ESG investment prefers companies that work governance and tackle environmental and social issues. This point is considered to be the contribution of this paper.