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PurposeThe objective of this paper is to analyze in an international setting the relationship between environmental disclosures, carbon emissions and gender equality on the board of directors with the cost of equity (CoE) in the food and beverage sector.Design/methodology/approachThe study sample includes 142 listed firms and 1,562 firm-observations from 35 developed and developing countries between 2009 and 2019. The authors implement a fixed-effects regression model to contrast the impact of the three sustainable variables of interest on the CoE.FindingsThe results of this study indicate that firms in the food and beverage industry benefit from a lower CoE due to better environmental disclosures and gender equality. On the other hand, carbon intensive firms are penalized with higher equity costs.Originality/valueThis study expands prior research on the effects of sustainable behavior on the CoE in the food and beverage industry by taking into account additional sustainability variables and a greater number of observations, both from developed and from developing countries. |
