Does Corporate Social Responsibility (CSR) Improve Credit Ratings? Evidence from Geographic Identification

被引：388

作者：

Jiraporn, Pornsit ^{[1
]}

Jiraporn, Napatsorn ^{[2
]}

Boeprasert, Adisak ^{[3
,4
]}

Chang, Kiyoung ^{[5
]}

机构：

[1] Penn State Univ, Sch Grad Profess Studies, Malvern, PA USA

[2] SUNY Coll Oswego, Oswego, NY 13126 USA

[3] NIDA, Bangkok, Thailand

[4] Petr Author Thailand, Bangkok, Thailand

[5] Univ South Florida Sarasota Manatee, Sarasota, FL 34243 USA

来源：

FINANCIAL MANAGEMENT | 2014年 / 43卷 / 03期

关键词：

HEADQUARTERS LOCATION MATTER; RISK-MANAGEMENT; FINANCIAL PERFORMANCE; BOND RATINGS; GOVERNANCE; INVESTORS; CONFLICT;

D O I：

10.1111/fima.12044

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We show that a firm's CSR policy is significantly influenced by the CSR policies of firms in the same three-digit zip code, an effect possibly due to investor clienteles, local competition, and/or social interactions. We then exploit the variation in CSR across the zip codes to estimate the effect of CSR on credit ratings under the assumption that zip code assignments are exogenous. We find that more socially responsible firms enjoy more favorable credit ratings. In particular, an increase in CSR by one standard deviation improves the firm's credit rating by as much as 4.5%.

引用

页码：505 / 531

页数：27