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.

引用

页码：285 / 303

页数：18

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