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Trust, social capital, and the bond market benefits of ESG performance
Open accessAbstract
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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“Voluntary nature of CSR activities: In most instances, CSR activities and policies are voluntary in nature and go beyond legal, regulatory, and contractual requirements.9”
From Mandatory CSR and sustainability reporting: economic analysis and literature review (2021) · cites this paper as [9]
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Metadata
- 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
- Venue
- Review of Accounting Studies
- Published
- 2022-04-14
- Volume
- 28
- Issue
- 2
- Pages
- 421-462
- ISSN
- 1380-6653 (ISSN-L)
- 1573-7136
- OpenAlex
- W4226118220
- Cited by
- 222
- References
- 81
- Citations by year
- 2026: 54 · 2025: 71 · 2024: 40 · 2023: 30 · 2022: 14
- FWCI
- 28.95
- Type
- journal article
- Language
- en
- Open access
- hybrid
- doi.org
- 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
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
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