원문정보
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초록
영어
Whether and how doing good (corporate social responsibility, CSR) makes business sense has been a source of constant debate. We suggest that trust underlies the mixed theory and empirical evidence of such debate. Doing good helps sustain a firm’s long-term credit rating by building trust, which alleviates stakeholder relationship uncertainties in incomplete contracts. Doing good is good for credit ratings when it is effective in building trust, when and where the marginal benefit of “earned trust” is high, and where societal trust is high and likely to mitigate moral hazard problems. Our results are robust to endogeneity and robustness tests.
목차
Abstract
1. Introduction
2. Background and Hypotheses
3. Sample, Variables, and Methodology
A. Sample Selection
B. Main Variables
4. Empirical Results
A. CSR, Long-term Credit Rating, and Consistency in Doing Good
B. Marginal Benefit of Trust and CSR-Long-term Credit Rating Relation
C. Country-level Societal Trust, Doing Good, and Long-term Credit Rating
5. Addressing Endogeneity Concerns
A. Results from Difference Models
B. IV Regressions
C. Test on a Propensity Matched Sample
6. Additional Tests
A. Does Leverage or Financial Constraint or Corporate Governance Drive Our Findings?
B. Value Implication
C. More Robustness Checks
7. Conclusion
References
Appendix.
1. Introduction
2. Background and Hypotheses
3. Sample, Variables, and Methodology
A. Sample Selection
B. Main Variables
4. Empirical Results
A. CSR, Long-term Credit Rating, and Consistency in Doing Good
B. Marginal Benefit of Trust and CSR-Long-term Credit Rating Relation
C. Country-level Societal Trust, Doing Good, and Long-term Credit Rating
5. Addressing Endogeneity Concerns
A. Results from Difference Models
B. IV Regressions
C. Test on a Propensity Matched Sample
6. Additional Tests
A. Does Leverage or Financial Constraint or Corporate Governance Drive Our Findings?
B. Value Implication
C. More Robustness Checks
7. Conclusion
References
Appendix.
저자정보
참고문헌
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