دانلود رایگان مقاله انگلیسی تأثیر عملکرد اجتماعی شرکت ها بر هزینه بدهی و دسترسی به تامین مالی بدهی برای شرکت های غیرمالی - الزویر 2018

عنوان فارسی
تأثیر عملکرد اجتماعی شرکت ها بر هزینه بدهی و دسترسی به تامین مالی بدهی برای شرکت های غیرمالی اروپایی ذکر شده
عنوان انگلیسی
The impact of corporate social performance on the cost of debt and access to debt financing for listed European non-financial firms
صفحات مقاله فارسی
0
صفحات مقاله انگلیسی
11
سال انتشار
2018
نشریه
الزویر - Elsevier
فرمت مقاله انگلیسی
PDF
نوع مقاله
ISI
نوع نگارش
مقالات پژوهشی (تحقیقاتی)
رفرنس
دارد
پایگاه
اسکوپوس
کد محصول
E9320
رشته های مرتبط با این مقاله
مدیریت، اقتصاد
گرایش های مرتبط با این مقاله
مدیریت کسب و کار، مدیریت مالی، اقتصاد مالی
مجله
مجله مدیریت اروپایی - European Management Journal
دانشگاه
Kore University of Enna - Faculty of Economics and Law - Cittadella Universitaria - Italy
کلمات کلیدی
عملکرد غیر مالی، مسئولیت اجتماعی شرکت، عملکرد اجتماعی، هزینه بدهی، دسترسی به تامین مالی بدهی
doi یا شناسه دیجیتال
https://doi.org/10.1016/j.emj.2017.09.007
چکیده

abstract


This study addresses the controversial issue of how non-financial performance affects the cost of debt capital and access to it. The relationship between corporate social performance and two measures of debt cost (accounting-based and market-based) and the measure of debt access are analysed by means of a multi-theoretical framework combining economics with social theories. By observing a sample of listed European non-financial firms over an 8-year period from 2005 to 2012, we find a negative relationship between corporate social performance and interest rate. Consistent with this result, we find a positive relationship between corporate social performance and debt rating. Thus, corporate social performance has a positive role in reducing the cost of debt capital. Moreover, firms with better corporate social performance are more attractive to lenders in terms of leverage allowance. Overall, our findings provide deeper insight into the reasons why companies should improve their corporate social performance.

نتیجه گیری

7. Concluding remarks


Our study has implications for business managers, who should be more aware of the impact of social performance on both the cost of debt and access to debt financing. Managers of high-risk companies can use CSP as a strategic project and complementary tool to appear more reliable and pay less interest on debt. In times of crisis, CSP no longer plays the beneficial roles it generally plays in times of stability, and lenders tend to disregard CSP by focusing exclusively on financial performance. Our findings suggest that firms should devote more resources to CSP in times of economic stability rather than during a crisis. These results highlight the importance of considering the moderating effects of the external environment in social studies (Donaldson, 2002; Lawrence & Lorsch, 1967; Muller, 2006). In addition, the results of this study provide managers of small companies with deeper insight into the advantages of CSP for small firms, which are traditionally less creditworthy and, consequently, more constrained by capital than big companies are (Kestens, Van Cauwenberge, & Vander Bauwhede, 2012). By investing in strategic CSP, managers of small firms could increase both the reputation and financial returns of their companies. Furthermore, the results of this study have implications for investors, who will be discouraged to invest in companies with low levels of social performance.


بدون دیدگاه