The DOI matches its Crossref record; 6 of the 6 references it cites were found in a registry or an index.
Does Corporate Social Responsibility (CSR) Improve Credit Ratings? Evidence from Geographic Identification
Open accessAbstract
We show that a firm's CSR policy is significantly influenced by the CSR policies of firms in the same three‐digit zip code, an effect possibly due to investor clienteles, local competition, and/or social interactions. We then exploit the variation in CSR across the zip codes to estimate the effect of CSR on credit ratings under the assumption that zip code assignments are exogenous. We find that more socially responsible firms enjoy more favorable credit ratings. In particular, an increase in CSR by one standard deviation improves the firm's credit rating by as much as 4.5%.
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Cites
Corporate Social and Financial Performance: A Meta-Analysis
Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003) · Organization Studies · doi:10.1177/0170840603024003910 · Cited by 7,641
Does Doing Good Always Lead to Doing Better? Consumer Reactions to Corporate Social Responsibility
Sen, S., & Bhattacharya, C. B. (2001) · Journal of Marketing Research · doi:10.1509/jmkr.38.2.225.18838 · Cited by 4,659
Does corporate social responsibility affect the cost of capital?
El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2011.02.007 · Cited by 3,465
Economic Shocks and Civil Conflict: An Instrumental Variables Approach
Miguel, E., Satyanath, S., & Sergenti, E. (2004) · Journal of Political Economy · doi:10.1086/421174 · Cited by 2,460
The impact of corporate social responsibility on the cost of bank loans
Goss, A., & Roberts, G. S. (2011) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2010.12.002 · Cited by 2,101
Why Do Corporations Give to Charity?
Navarro, P. (1988) · The Journal of Business · doi:10.1086/296420 · Cited by 549
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The effect of pro-environmental preferences on bond prices: Evidence from green bonds
Zerbib, O. D. (2019) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2018.10.012 · Cited by 1,379
From the Stockholder to the Stakeholder: How Sustainability Can Drive Financial Outperformance
Clark, G. L., Feiner, A., & Viehs, M. (2014) · SSRN Electronic Journal · doi:10.2139/ssrn.2508281 · Cited by 685
Bhutta, U. S., Tariq, A., Farrukh, M., Raza, A., & Iqbal, M. K. (2022) · Technological Forecasting and Social Change · doi:10.1016/j.techfore.2021.121378 · Cited by 517
Climate Regulatory Risk and Corporate Bonds
Seltzer, L., Starks, L., & Zhu, Q. (2022) · National Bureau of Economic Research · doi:10.3386/w29994 · Cited by 380
Social Performance and Firm Risk: Impact of the Financial Crisis
Bouslah, K., Kryzanowski, L., & M’Zali, B. (2018) · Journal of Business Ethics · doi:10.1007/s10551-016-3017-x · Cited by 326
Metadata
- Authors
- Jiraporn, P., Jiraporn, N., Boeprasert, A., & Chang, K.
- Venue
- Financial Management
- Publisher
- Wiley
- Published
- 2014-09
- Volume
- 43
- Issue
- 3
- Pages
- 505-531
- ISSN
- 0046-3892 (ISSN-L)
- 1755-053X
- OpenAlex
- W3125209744
- Cited by
- 618
- References
- 6
- FWCI
- 39.79
- Type
- journal article
- Language
- en
- Open access
- green
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