The Disclosure of Corporate Social Responsibility Information Influencing Cost of Capital of Companies Listed on the Stock Exchange of Thailand

Abstract

This study is conducted about corporate social responsibility disclosure according to guidelines to corporate social responsibility reporting of Global Reporting Initiative (GRI) through annual report (Form 56-1), annual financial statement, footnotes to financial statement, corporate social responsibility report, and corporate sustainability report in 2016 of 220 companies listed in the Stock Exchange of Thailand with path analysis method. The findings from the study can be described below. Causal factors in total assets value (TAS) and corporate liquidity had significant positive influence on corporate social responsibility disclosure on environment (ENV), economic (ECO), and social (SOC) with a path coefficient of 0.12*, 0.17**, 0.13**, 0.12*, 0.12** and 0.09* respectively. Casual factors in profitability (PRO) had significant negative influence on corporate social responsibility disclosure on environment (ENV) with a path coefficient of -0.13*. Meanwhile, casual factors in ownership structure (OWN) had significant negative influence on corporate social responsibility disclosure on environment (ENV), economic (ECO), and social (SOC) with a path coefficient of -0.13*, -0.12* and -0.16** and the research study results also found that corporate social responsibility disclosure on environment (ENV) had direct positive influence on cost of debt (COD) with a path coefficient of 0.40* and had negative influence on cost of equity (COE) with a path coefficient of -0.13* and a statistical significance level of 0.05.