Trust, social capital, and the bond market benefits of ESG performance

被引：74

作者：

Amiraslani, Hami ^{[1
]}

Lins, Karl V. ^{[2
]}

Servaes, Henri ^{[3
,4
]}

Tamayo, Ane ^{[5
,6
]}

机构：

[1] INSEAD, 1 Ayer Rajah Ave, Singapore 138676, Singapore

[2] Univ Utah, David Eccles Sch Business, 1655 Campus Ctr Dr, Salt Lake City, UT 84112 USA

[3] London Business Sch, CEPR, Regents Pk, London NW1 4SA, England

[4] ECGI, Regents Pk, London NW1 4SA, England

[5] London Sch Econ, Houghton St, London WC2A 2AE, England

[6] CEPR, Houghton St, London WC2A 2AE, England

来源：

REVIEW OF ACCOUNTING STUDIES | 2023年 / 28卷 / 02期

基金：

英国经济与社会研究理事会;

关键词：

ESG; CSR; Sustainability; Social capital; Trust; Corporate bonds; Bond spreads; Agency costs of debt; Financial crisis; CORPORATE YIELD SPREADS; DEBT MATURITY; INSTITUTIONAL INVESTORS; GROWTH OPPORTUNITIES; LIQUIDITY RISK; GOVERNANCE; FIRM; RESPONSIBILITY; AGENCY; MATTER;

D O I：

10.1007/s11142-021-09646-0

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate whether a firm's social capital and the trust that it engenders are viewed favorably by bondholders. Using firms' environmental and social (E&S) performance to proxy for social capital, we find no relation between social capital and bond spreads over the period 2006-2019. However, during the 2008-2009 financial crisis, which represents a shock to trust and default risk, high-social-capital firms benefited from lower bond spreads. These effects are stronger for firms with higher expected agency costs of debt and firms whose E&S efforts are more salient. During the crisis, high-social-capital firms were also able to raise more debt, at lower spreads, and for longer maturities. We find no evidence that the governance element of ESG is related to bond spreads. The gap between E&S performance of firms in the bottom and top E&S terciles has narrowed since the financial crisis, especially in the year prior to accessing the bond market.

引用

页码：421 / 462

页数：42