Note(s): This table presents the fixed-effects regression results of Equation (1). Dependent variables are Weighted average cost of capital (WACC), Cost of Equity (COE) and Cost of Debt (COD), reported in columns (1)–(3), correspondingly. Nature_dep captures firm-level exposure to nature dependence. All specifications include industry, country, and year fixed effects. Standard errors, reported in parentheses, are heteroskedasticity-robust and clustered at the firm level. *, **, and *** denote statistical significance at the 10%, 5%, and 1% levels, respectively