Impact of esg disclosures on the cost of capital with the moderating role of gender diversity
| dc.contributor.author | Neha Hussain | |
| dc.date.accessioned | 2026-01-15T15:41:05Z | |
| dc.date.available | 2026-01-15T15:41:05Z | |
| dc.date.issued | 2025 | |
| dc.description.abstract | The current study aims to investigate how Environmental, Social, and Governance (ESG) disclosures affect the Cost of Capital (COC) for non-financial firms listed on the Pakistan Stock Exchange, with a focus on the moderating role of Board Gender Diversity (BGD). The research is based on secondary data from 100 firms covering the period from 2017 to 2023. ESG scores and financial data were collected from annual reports and public sources. The analysis was conducted using the Generalized Method of Moments (GMM) to handle panel data and endogeneity concerns. Findings show that ESG disclosures reduce the cost of debt but increase the cost of equity. The overall effect on the weighted average cost of capital (WACC) is slightly negative and statistically significant. Board gender diversity strengthens the positive impact of ESGD on COD and WACC, while reducing its negative effect on COE, confirming its role as a positive moderator. The model’s reliability was confirmed through diagnostic tests, including the Sargan and Arellano-Bond tests. The study highlights the importance of ESG transparency and gender-diverse boards in improving financial outcomes and recommends stronger ESG reporting and inclusive governance practices in emerging markets. | |
| dc.identifier.uri | https://escholar.umt.edu.pk/handle/123456789/18297 | |
| dc.language.iso | en | |
| dc.publisher | UMT.Lahore | |
| dc.title | Impact of esg disclosures on the cost of capital with the moderating role of gender diversity | |
| dc.type | Thesis |