The Effects of Corporate Social Performance on the Cost of Corporate Debt and Credit Ratings

被引：418

作者：

Oikonomou, Ioannis ^{[1
]}

Brooks, Chris ^{[1
]}

Pavelin, Stephen ^{[2
]}

机构：

[1] Univ Reading, ICMA Ctr, Reading, Berks, England

[2] Univ Bath, Sch Management, Bath, Avon, England

来源：

FINANCIAL REVIEW | 2014年 / 49卷 / 01期

关键词：

corporate social responsibility; CSP; socially responsible investing; credit ratings; cost of debt; credit spreads; corporate bonds;

D O I：

10.1111/fire.12025

中图分类号：

F8 [财政、金融];

学科分类号：

0202 [应用经济学];

摘要：

This study investigates the differential impact that various dimensions of corporate social performance have on the pricing of corporate debt as well as the assessment of the credit quality of specific bond issues. The empirical analysis, based on an extensive longitudinal data set, suggests that overall, good performance is rewarded and corporate social transgressions are penalized through lower and higher corporate bond yield spreads, respectively. Similar conclusions can be drawn when focusing on either the bond rating assigned to a specific debt issue or the probability of it being considered to be an asset of speculative grade.

引用

页码：49 / 75

页数：27

共 49 条

[1]

FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND PREDICTION OF CORPORATE BANKRUPTCY [J].