Influence of Firm Size on Cost of Capital through Corporate Social Responsibility Disclosure of the Listed Companies in the Stock Exchange of Thailand

Abstract

The aim of this research is to investigate the relationship between corporate social responsibility disclosure and cost of capital of different firm sizes listed on the stock exchange of Thailand. This was achieved through the multiple indicator and multiple cases model (MIMIC) of 370 companies listed on the stock exchange of Thailand. The analysis of firm size in this study indicates that small-sized (SIZES) medium (SIZEM) and large-sized (SIZEL) firms have effect on the cost of capital in terms of debts (COD) only with through corporate social responsibility disclosure. The statistical result indicates that the effect of size on corporate social responsibility disclosure and cost of capital in small companies has an indirect, positive effect on the cost of capital in terms of debts (COD) through corporate social responsibility disclosure, with a significance level of .01 and correlation coefficient of 0.17. In comparison the medium and large companies has a negative effect, with a significance level of .05 and correlation coefficient of 0.05 of the medium companies and large companies has a negative with a significance level of .01 and correlation coefficient of 0.09