企业社会责任促进公共债务融资吗?

IF 1.9 Q2 BUSINESS, FINANCE
Xin Chang, Bin Xu, Yung Chiang Yang
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引用次数: 0

摘要

我们发现,企业社会责任(CSR)绩效越强的企业,其公共债务在其总债务中所占的份额越大,特别是当它们受到更高的信息不对称或更大的财务约束时。此外,企业社会责任对公共债务的影响在新兴行业或低信任度地区的企业中较弱,因为企业社会责任不太可能被视为一种真正的承诺。利用BP漏油事件对投资者社会责任意识的冲击,我们证明了社会责任对公共债务的积极影响在冲击之后更为明显,特别是对于石油和天然气行业以外的公司。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Does Corporate Social Responsibility Facilitate Public Debt Financing?

Does Corporate Social Responsibility Facilitate Public Debt Financing?

We find that firms with stronger corporate social responsibility (CSR) performance have a larger share of public debt in their total debt, particularly when they are subject to higher information asymmetry or greater financial constraints. Moreover, the CSR effect on public debt is weaker for firms in sin industries or low-trust regions where CSR is less likely to be viewed as a genuine commitment. Utilizing the BP oil spill event as a shock to investors’ CSR awareness, we document that the positive effect of CSR on public debt is more evident after the shock, particularly for firms outside the oil and gas industries.

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来源期刊
FINANCIAL REVIEW
FINANCIAL REVIEW BUSINESS, FINANCE-
CiteScore
3.30
自引率
28.10%
发文量
39
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