Note(s): The table presents the relation between corporate integrity culture and the expected cost of equity capital. The dependent variable is the expected cost of equity capital estimated using the Fama-French and momentum factors. The independent variables of interest are Corporate Integrity in Column (1) and Corporate Integrity Dummy in Column (2). Other variables are defined in Appendix A. The regressions also include year fixed effects and industry fixed effects. t-statistics is based on standard errors adjusted for heteroscedasticity and clustered at the firm level. *, ** and *** denote significance at the 10%, 5% and 1% levels, respectively