Corporate Bond Covenants and Social Responsibility Investment
Abstract
This paper examines the effect of corporate social responsibility 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 contractsOther Versions
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On the Value of Corporate Social Responsibility Disclosure: An Empirical Investigation of Corporate Bond Issues in China.Guangming Gong,Si Xu &Xun Gong -2018 -Journal of Business Ethics 150 (1):227-258.
Do Firms Adjust Corporate Social Responsibility Engagement After a Focal Change in Credit Ratings?Alexander Witkowski,Nihat Aktas &Nikolaos Karampatsas -2022 -Business and Society 61 (6):1684-1722.
References found in this work
Measurement of Corporate Social Action.James E. Mattingly &Shawn L. Berman -2006 -Business and Society 45 (1):20-46.
Corporate Social Performance and Firm Risk: A Meta-Analytic Review.Marc Orlitzky &John D. Benjamin -2001 -Business and Society 40 (4):369-396.
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