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Business strategy and cost of capital: a mediation analysis
(2025-10-31) Karampinis, Nikolaos; Lessis, Ioannis
We examine the impact of business strategy on the implied cost of capital premium (ICCpremium). We identify three paths of influence, namely, cost stickiness, conditional conservatism, and earnings persistence. We construct a Structural Equation Model (SEM) to evaluate these relationships. The findings suggest that a pure prospector has an ICCpremium of 7.44% relative to 8.01% for a defender. The paths of cost stickiness and conditional conservatism are those that primarily raise the difference. The SEM’s results support that prospectors exhibit stickier costs and less conditional conservatism, while earnings persistence is relatively similar for the two strategic positionings. Our findings remain robust under various tests while we also find that business strategy impacts both systematic and idiosyncratic risk.