Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/288562 
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Erscheinungsjahr: 
2020
Quellenangabe: 
[Journal:] Review of Managerial Science [ISSN:] 1863-6691 [Volume:] 15 [Issue:] 6 [Publisher:] Springer [Place:] Berlin, Heidelberg [Year:] 2020 [Pages:] 1611-1643
Verlag: 
Springer, Berlin, Heidelberg
Zusammenfassung: 
This article investigates the association between CSR and marginal credit costs of European companies. We provide instance for a negative association based on a variety of model specifications and fine-grained measures for CSR. These results can be explained in light of the increasing relevance of socially responsible investors for financing costs of companies. We further apply the risk management perspective on CSR to the credit market and show that the insurance-like property of CSR is especially relevant for companies in relative financial distress as measured by the interest coverage ratio. This study also examines the association between CSR assurance and credit costs and provides evidence that creditors reward non-financial insurance by reduced required rate of returns. Finally, we contribute to the corporate governance literature by modelling the association between different board characteristics and credit costs.
Schlagwörter: 
Cost of debt
Corporate social responsibility
Corporate governance
Risk mitigation
JEL: 
M14
G30
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Dokumentart: 
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Dokumentversion: 
Published Version

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