Trust, social capital, and the bond market benefits of ESG performance

Amiraslani, Hami; Lins, Karl V.; Servaes, Henri; Tamayo, Ane

doi:10.1007/s11142-021-09646-0

Cited by 222Corporate Social Responsibility ReportingCredit Risk and Financial RegulationsSustainable Finance and Green Bonds

Trust, social capital, and the bond market benefits of ESG performance

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Amiraslani, Hami, Lins, Karl V., Servaes, Henri, Tamayo, Ane·2023·Review of Accounting Studies

DOI 10.1007/s11142-021-09646-0

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Abstract

We investigate whether a firm’s social capital and the trust that it engenders are viewed favorably by bondholders. Using firms’ environmental and social (E&S) performance to proxy for social capital, we find no relation between social capital and bond spreads over the period 2006–2019. However, during the 2008–2009 financial crisis, which represents a shock to trust and default risk, high-social-capital firms benefited from lower bond spreads. These effects are stronger for firms with higher expected agency costs of debt and firms whose E&S efforts are more salient. During the crisis, high-social-capital firms were also able to raise more debt, at lower spreads, and for longer maturities. We find no evidence that the governance element of ESG is related to bond spreads. The gap between E&S performance of firms in the bottom and top E&S terciles has narrowed since the financial crisis, especially in the year prior to accessing the bond market.

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Authors: Amiraslani, H., Lins, K. V., Servaes, H., & Tamayo, A.
Affiliations: INSEAD (SG)
University of Utah (US)
London Business School (GB)
Centre for Economic Policy Research (GB)
Corresponding author: Tamayo, Ane
ORCID: Amiraslani, Hami
Lins, Karl V.
Servaes, Henri
Tamayo, Ane
Venue: Review of Accounting Studies
Publisher: Springer Science and Business Media LLC
Published: 2022-04-14
Volume: 28
Issue: 2
Pages: 421-462
ISSN: 1380-6653 (ISSN-L)
1573-7136
DOI: 10.1007/s11142-021-09646-0
OpenAlex: W4226118220
Cited by: 222
References: 81
Citations by year: 2026: 54 · 2025: 71 · 2024: 40 · 2023: 30 · 2022: 14 · 2021: 5 · 2020: 3 · 2019: 3 · 2017: 1 · 2013: 1
FWCI: 28.95
Type: journal article
Language: en
Open access: hybrid
doi.org
Licence: cc-by
creativecommons.org/licenses/by/4.0 (tdm)
creativecommons.org/licenses/by/4.0 (vor)
Locations: Review of Accounting Studies (publishedVersion, cc-by)
London School of Economics and Political Science Research Online (London School of Economics and Political Science) (acceptedVersion)
London Business School Research Online (London Business School) (submittedVersion)
London School of Economics and Political Science Theses Online (London School of Economics and Political Science) (submittedVersion, cc-by)
RePEc: Research Papers in Economics (submittedVersion)
Funders: Syracuse University
Cyprus University of Technology
University of Cyprus
University of Alberta
University of Exeter
University of Warwick
Bar-Ilan University
Université de Genève
Nazarbayev University
Economic and Social Research Council
Topics: Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
Social Sciences › Economics, Econometrics and Finance › Finance › Credit Risk and Financial Regulations
Social Sciences › Economics, Econometrics and Finance › Finance › Sustainable Finance and Green Bonds
Keywords: social capital, trust, ESG performance, environmental and social performance, bond spreads, bond market access, 2008 financial crisis, agency costs of debt, default risk, bond maturity, corporate governance, debt financing

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Trust, social capital, and the bond market benefits of ESG performance

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