Ghoul et al., (2010) found that firms with better CSR scores exhibit cheaper equity financing while examining the effect of CSR on the cost of equity capital using several approaches to estimate firms’ ex ante cost of equity. Using a sample of 2,809 unique US firms between 1992 and 2007, analysis showed that CSR investment was improving responsible employee relations, environmental policies and product strategies that contributed substantially towards reducing firms’ cost of equity and involvement in two “sin” industries, namely, tobacco and nuclear power, and in turn increased the firms’ cost of equity.