Corporate social responsibility and credit rating around the world: The role of societal trust

被引：5

作者：

Chang, Kiyoung ^{[1
]}

Li, Ying ^{[2
]}

Shim, Hyeongsop ^{[3
]}

机构：

[1] Univ S Florida, Sarasota, FL USA

[2] Univ Washington Bothell, Sch Business, Bothell, WA 98011 USA

[3] Gachon Univ, Coll Business & Econ, Seongnam Si, South Korea

来源：

FINANCIAL REVIEW | 2022年 / 57卷 / 04期

关键词：

corporate sodas responsibility; credit rating; credit risk; moral hazard; societal trust; SHAREHOLDER VALUE; CAPITAL STRUCTURE; MANAGEMENT; STOCK; DEBT; COST; INFRASTRUCTURE; PERFORMANCE; AGENCIES; FIRM;

D O I：

10.1111/fire.12314

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We hypothesize that societal trust alleviates moral hazard concerns that undermine credit rating agencies' perceived value of corporate social responsibility (CSR). We test our hypothesis using a large global sample and find a more salient relationship between CSR and credit rating only in countries with high societal trust. Our findings reconcile the mixed empirical worldwide evidence on this relationship. Additional tests provide further evidence that it is societal trust, not other country-level factors, that drives our results.

引用

页码：863 / 891

页数：29

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