Corporate social responsibility and credit risk

被引：54

作者：

Barmier, Christina E. ^{[1
]}

Bofinger, Yannik ^{[2
]}

Rock, Bjoern ^{[1
]}

机构：

[1] Justus Liebig Univ Giessen, Chair Banking & Finance, Licher Str 62, D-35394 Giessen, Germany

[2] Justus Liebig Univ Giessen, Res Network Behav & Social Finance & Accounting, Licher Str 62, D-35394 Giessen, Germany

来源：

FINANCE RESEARCH LETTERS | 2022年 / 44卷

关键词：

Corporate social responsibility; ESG; Sustainability; Credit risk; Credit rating; PANEL-DATA; PERFORMANCE; COST;

D O I：

10.1016/j.frl.2021.102052

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study the relationship between corporate social responsibility and credit risk for U.S. and European firms over the period 2003 to 2018. Differentiating between the various facets of corporate social responsibility shows that only environmental aspects are negatively related with various measures of credit risk for U.S. firms. For European firms, both environmental and social aspects are negatively associated with credit risk. Surprisingly, we find that credit ratings do not reflect the same contemporaneous relationship with corporate social responsibility. Our results are robust against different estimation methods.

引用

页数：8

共 34 条

[1] Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence [J].