Semantic Scholar Open Access 2012 3334 sitasi

Corporate Social Responsibility and Access to Finance

Beiting Cheng I. Ioannou G. Serafeim

Lihat Sumber DOI

Abstrak

We investigate whether superior performance on corporate social responsibility (CSR) strategies leads to better access to finance. We hypothesize that better access to finance can be attributed to (1) reduced agency costs due to enhanced stakeholder engagement and (2) reduced informational asymmetry due to increased transparency. Using a large cross-section of firms, we find that firms with better CSR performance face significantly lower capital constraints. We provide evidence that both better stakeholder engagement and transparency around CSR performance are important in reducing capital constraints. The results are further confirmed using several alternative measures of capital constraints, a paired analysis based on a ratings shock to CSR performance, an instrumental variables approach, and a simultaneous equations approach. Finally, we show that the relation is driven by both the social and environmental dimension of CSR. Copyright © 2013 John Wiley & Sons, Ltd.

Topik & Kata Kunci

Business Economics

Penulis (3)

Beiting Cheng

I. Ioannou

G. Serafeim

Format Sitasi

APA MLA BibTeX

Cheng, B., Ioannou, I., Serafeim, G. (2012). Corporate Social Responsibility and Access to Finance. https://doi.org/10.1002/SMJ.2131

Akses Cepat

Lihat di Sumber doi.org/10.1002/SMJ.2131

Informasi Jurnal

Tahun Terbit: 2012
Bahasa: en
Total Sitasi: 3334×
Sumber Database: Semantic Scholar
DOI: 10.1002/SMJ.2131
Akses: Open Access ✓