We examine the impact of poor corporate social responsibility engagement signalled through negative environmental and social (E&S) incidents on equity financing via seasoned equity offerings (SEOs) across 25 countries. The results show that negative E&S incidents significantly aggravate SEO underpricing, thereby increasing the cost of raising equity capital. Managers appear to take the adverse effects into consideration as reflected in the reduced likelihood of issuing equity following the experience of negative E&S incidents. Further analysis shows that such adverse pricing effects are stronger for firms that are subject to significant social and regulatory penalties for their E&S misconducts, suggesting that negative E&S incidents increase corporate reputational losses and elevate regulatory risk. Finally, there are rich cross-country variations in the SEO pricing effects of E&S risks with legal investor protection and national culture playing an important role in influencing the pricing of E&S risk.

中文翻译：

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经验丰富的股票发行中企业社会不负责任的代价：国际证据

我们通过 25 个国家的经验丰富的股票发行 (SEO) 来研究负面环境和社会 (E&S) 事件所表明的企业社会责任参与度不佳对股权融资的影响。结果表明，负面的E&S事件显着加剧了SEO抑价，从而增加了筹集股本的成本。管理人员似乎考虑到了不利影响，这反映在经历负面环境与社会事件后发行股票的可能性降低。进一步分析表明，对于因环境和社会不当行为而受到重大社会和监管处罚的公司来说，这种不利的定价效应更为强烈，这表明负面的环境和社会事件会增加企业声誉损失并提高监管风险。最后，E&S 风险的 SEO 定价效果存在丰富的跨国差异，合法的投资者保护和国家文化在影响 E&S 风险的定价方面发挥着重要作用。