Corporate Social Responsibility and Unsecured Debt: Evidence from China |
CHEN, Xia
(College of Business Administration, University of the Cordilleras)
MA, Zhe (School of Management, Jiujiang University) SHI, Jiayu (School of Management, Jiujiang University) TU, Bingyan (Jiujiang Vocational University) XU, Songtao (School of Management, Jiujiang University) |
1 | Yoon, B., & Lee, J.-H. (2019). Corporate Social Responsibility and Information Asymmetry in the Korean Market: Implications of Chaebol Affiliates. Journal of Asian Finance, Economics and Business, 6(1), 21-31. http://doi.org/10.13106/jafeb.2019.vol6.no1.21 DOI |
2 | Chan, Y.-S., & Kanatas, G. (1985). Asymmetric valuations and the role of collateral in loan agreements. Journal of Money, Credit and Banking, 17(1), 84-95. DOI |
3 | Collins, M., & Baker, M. (2005). English bank business loans, 1920-1968: Transaction bank characteristics and small firm discrimination. Financial History Review, 12(2), 135-171. DOI |
4 | Dbouk, W., Jin, D., Wang, H., & Wang, J. (2018). Corporate Social Responsibility and Rule 144A Debt Offerings: Empirical Evidence. International Journal of Financial Studies, 6(4), 94. https://doi.org/10.3390/ijfs6040094 DOI |
5 | Degryse, H., Karapetyan, A., & Karmakar, S. (2018). To Ask or Not To Ask? Bank Capital Requirements and Loan Collateralization. Working paper, Available at SSRN: https://ssrn.com/abstract=3290523. |
6 | Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure. Accounting Review, 87(3), 723-759. DOI |
7 | Diamond, D. W. (1991). Monitoring and reputation: The choice between bank loans and directly placed debt. Journal of Political Economy, 99(4), 689-721. DOI |
8 | Diamond, D. W., & Verrecchia, R. E. (1991). Disclosure, liquidity, and the cost of capital. The Journal of Finance, 46(4), 1325-1359. DOI |
9 | Fort, T. C., Haltiwanger, J., Jarmin, R. S., & Miranda, J. (2013). How firms respond to business cycles: The role of firm age and firm size. IMF Economic Review, 61(3), 520-559. DOI |
10 | Ge, W., & Liu, M. (2015). Corporate social responsibility and the cost of corporate bonds. Journal of Accounting and Public Policy, 34(6), 597-624. DOI |
11 | Ge, W. X., Kim, J. B., & Song, B. Y. (2012). Internal governance, legal institutions and bank loan contracting around the world. Journal of Corporate Finance, 18(3), 413-432. DOI |
12 | Jo, H., & Na, H. (2012). Does CSR reduce firm risk? Evidence from controversial industry sectors. Journal of Business Ethics, 110(4), 441-456. DOI |
13 | Gonas, J. S., Highfield, M. J., & Mullineaux, D. J. (2004). When are commercial loans secured? Financial Review, 39(1), 79-99. DOI |
14 | Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(7), 1794-1810. DOI |
15 | Holmstrom, B. (1979). Moral hazard and observability. Bell Journal of Economics, 10(1), 74-91. DOI |
16 | Kim, Y., Park, M. S., & Wier, B. (2012). Is Earnings Quality Associated with Corporate Social Responsibility? Accounting Review, 87(3), 761-796. DOI |
17 | Kolbel, J. F., & Busch, T. (2020). Signaling legitimacy across institutional contexts: The intermediary role of corporate social responsibility rating agencies. Global Strategy Journal. doi:10.1002/gsj.1355 |
18 | Lee, J. W. (2020). CSR Impact on the Firm Market Value: Evidence from Tour and Travel Companies Listed on Chinese Stock Markets. Journal of Asian Finance, Economics and Business, 7(7), 159-167. https://doi.org/10.13106/jafeb.2020.vol7.no7.159 DOI |
19 | Li, M. (2019). Moral Hazard and Internal Discipline: Theory and Evidence. The Accounting Review, 94(4), 365-400. DOI |
20 | Lins, K. V., Servaes, H., & Tamayo, A. (2019). Social capital, trust, and corporate performance: How CSR helped companies during the financial crisis (and why it can keep helping them). Journal of Applied Corporate Finance, 31(2), 59-71. |
21 | Lins, K. V., Servaes, H., & Tamayo, A. N. E. (2017). Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. The Journal of Finance, 72(4), 1785-1824. DOI |
22 | Liu, C. (2018). Are women greener? Corporate gender diversity and environmental violations. Journal of Corporate Finance, 52, 118-142. DOI |
23 | Badoer, D. C., Dudley, E., & James, C. M. (2020). Priority spreading of corporate debt. The Review of Financial Studies, 33(1), 261-308. DOI |
24 | Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science, 65(10), 4451-4469. DOI |
25 | Almeida, H., Campello, M., & Weisbach, M. S. (2004). The cash flow sensitivity of cash. Journal of Finance, 59(4), 1777-1804. DOI |
26 | Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589-609. DOI |
27 | Arnoud, W. A. B., Thakor, A. V., & Udell, G. F. (1991). Secured Lending and Default Risk: Equilibrium Analysis, Policy Implications and Empirical Results. The Economic Journal, 101(406), 458-472. DOI |
28 | Attig, N., El Ghoul, S., Guedhami, O., & Suh, J. (2013). Corporate social responsibility and credit ratings. Journal of Business Ethics, 117(4), 679-694. DOI |
29 | Manove, M., Padilla, A. J., & Pagano, M. (2001). Collateral versus project screening: A model of lazy banks. Rand Journal of Economics, 32(4), 726-744. DOI |
30 | Luk, P., & Zheng, T. (2018). Dynamics of secured and unsecured debt over the business cycle. Retrieved from https://www.imfsfrankfurt.de/fileadmin/user_upload/Events_2018/MMCI_Conference/Papers/01-Paul_Luk-Dynamics_of_Secured_and_Unsecured_Debt_Over_the_Business_Cycle.pdf |
31 | Morgan, D. R., & Kickham, K. (1999). Changing the form of county government: Effects on revenue and expenditure policy. Public Administration Review, 59(4), 315-324. DOI |
32 | Nguyen, S. L., Pham, C. D., Nguyen, A. H., & Dinh, H. T. (2020). Impact of Corporate Social Responsibility Disclosures on Bankruptcy Risk of Vietnamese Firms. Journal of Asian Finance, Economics and Business, 7(5), 81-90. https://doi.org/10.13106/jafeb.2020.vol7.no5.081 DOI |
33 | Rauh, J. D., & Sufi, A. (2010). Capital Structure and Debt Structure. Review of Financial Studies, 23(12), 4242-4280. DOI |
34 | Oikonomou, I., Brooks, C., & Pavelin, S. (2014). The effects of corporate social performance on the cost of corporate debt and credit ratings. Financial Review, 49(1), 49-75. DOI |
35 | Pedersen, E. R. (2006). Making corporate social responsibility (CSR) operable: How companies translate stakeholder dialogue into practice. Business and Society Review, 111(2), 137-163. DOI |
36 | Pellegrino, C., & Lodhia, S. (2012). Climate change accounting and the Australian mining industry: Exploring the links between corporate disclosure and the generation of legitimacy. Journal of Cleaner Production, 36, 68-82. DOI |
37 | Russo, A., & Perrini, F. (2010). Investigating stakeholder theory and social capital: CSR in large firms and SMEs. Journal of Business Ethics, 91(2), 207-221. DOI |
38 | Verrecchia, R. E. (2001). Essays on disclosure. Journal of Accounting and Economics, 32(1-3), 97-180. DOI |
39 | Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics, 97(1), 71-86. DOI |
40 | Bai, C. E., Liu, Q., Lu, J., Song, F. M., & Zhang, J. (2004). Corporate governance and market valuation in China. Journal of Comparative Economics, 32(4), 599-616. DOI |
41 | Benlemlih, M. (2017). Corporate Social Responsibility and Firm Debt Maturity. Journal of Business Ethics, 144(3), 491-517. DOI |
42 | Benmelech, E., & Bergman, N. K. (2009). Collateral pricing. Journal of Financial Economics, 91(3), 339-360. DOI |
43 | Benmelech, E., Kumar, N., & Rajan, R. (2020). The decline of secured debt (0898-2937). Retrieved from https://corpgov.law.harvard.edu/2020/01/27/the-decline-in-secured-debt/ |
44 | Bushman, R. M., Piotroski, J. D., & Smith, A. J. (2004). What determines corporate transparency? Journal of Accounting Research, 42(2), 207-252. DOI |
45 | Berger, A. N., Frame, W. S., & Ioannidou, V. (2016). Reexamining the empirical relation between loan risk and collateral: The roles of collateral liquidity and types. Journal of Financial Intermediation, 26, 28-46. DOI |
46 | Brickson, S. L. (2007). Organizational identity orientation: The genesis of the role of the firm and distinct forms of social value. Academy of Management Review, 32(3), 864-888. DOI |
47 | Brown, S., & Hillegeist, S. A. (2007). How disclosure quality affects the level of information asymmetry. Review of Accounting Studies, 12(2-3), 443-477. DOI |
48 | Cahan, S. F., Chen, C., Chen, L., & Nguyen, N. H. (2015). Corporate social responsibility and media coverage. Journal of Banking & Finance, 59, 409-422. DOI |
49 | Cai, L., Cui, J., & Jo, H. (2016). Corporate environmental responsibility and firm risk. Journal of Business Ethics, 139(3), 563-594. DOI |