Exploring the relationship between CSR performance and financial constraints: empirical evidence from European firms

被引：12
|
作者：
Samet, Marwa [1 ]
Mouakhar, Khaireddine [2 ]
Jarboui, Anis [3 ]
机构：
[1] Univ Sfax, Sfax, Tunisia
[2] EM Normandie, Metis Lab France, Le Havre, France
[3] Univ Sfax, F-6000 Nice, France
来源：
REVIEW OF SOCIAL ECONOMY | 2018年 / 76卷 / 04期
关键词：
Corporate social responsibility; financial constraints; free cash flow; information asymmetry; STOXX Europe 600;
D O I：
10.1080/00346764.2018.1480795
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper investigates the relationship between corporate social responsibility (CSR) activities and financial constraints. Our panel dataset consists of 397 European companies listed in the STOXX Europe 600 during 2009-2014. The findings reveal that firms with higher CSR performance exhibit lower degree of financial constraints. In addition, the link between CSR performance and financial constraints is a fully mediated relationship. The negative effect of CSR performance on financial constraints follows the path through mitigating agency conflicts of free cash flow and information asymmetry. The findings suggest that one mechanism linking CSR performance and financial constraints is a reduction of capital-market imperfections.
引用
收藏
页码：480 / 508
页数：29
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