Corporate Bond Covenants and Social Responsibility Investment

被引：0
|
作者：
Guifeng Shi
Jianfei Sun
机构：
[1] Shanghai Jiao Tong University,Antai College of Economics and Management
来源：
Journal of Business Ethics | 2015年 / 131卷
关键词：
Bond covenants; Corporate social responsibility investment; G32; G24; G12;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
This paper examines the effect of corporate social responsibility (CSR) on the number of bond covenants. We find that a high CSR score has a negative association with the number of bond covenants. Moreover, our results are more pronounced for firms with a high bid-ask spread and high agency costs. Our analysis highlights the effect of the good stakeholder relationship on the bond contracts.
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收藏
页码：285 / 303
页数：18
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