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Corporate Social Responsibility and Firm Debt Maturity

Journal of business ethics, 2017-09, Vol.144 (3), p.491-517 [Peer Reviewed Journal]

Springer Science+Business Media B.V. 2017 ;Springer Science+Business Media Dordrecht 2015 ;Journal of Business Ethics is a copyright of Springer, 2017. ;Distributed under a Creative Commons Attribution 4.0 International License ;ISSN: 0167-4544 ;EISSN: 1573-0697 ;DOI: 10.1007/s10551-015-2856-1

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Title:
Corporate Social Responsibility and Firm Debt Maturity
Author: Benlemlih, Mohammed
Subjects: Bond issues ; Business administration ; Business and Management ; Business Ethics ; Capital structure ; Companies ; Corporate debt ; Debt ; Education ; Equity ; Ethics ; Humanities and Social Sciences ; Investments ; Long term debt ; Management ; Maturity ; Philosophy ; Quality of Life Research ; Shareholders ; Shareholders equity ; Short term debt ; Social responsibility ; Stockholders
Is Part Of: Journal of business ethics, 2017-09, Vol.144 (3), p.491-517
Description: In this article, we extend the streams of research on the capital structure of socially responsible firms by investigating the impact of corporate social responsibility (CSR) on firm debt maturity. Using a large sample of US firms, we provide evidence that high CSR firms significantly reduce their debt maturity. In particular, our results suggest that diversity and community are the dimensions that matter the most in explaining debt maturity. In additional analyses that use a seemingly unrelated regression approach, our results show that CSR decreases the extent to which investments are financed with long-term debt and increases the extent to which investments are financed with short-term debt and shareholders' equity. Overall, these findings support the view that high CSR firms use debt maturity to manage CSR overinvestment problems and to signal their high quality and their access to the debt market.
Publisher: Dordrecht: Springer
Language: English
Identifier: ISSN: 0167-4544
EISSN: 1573-0697
DOI: 10.1007/s10551-015-2856-1
Source: ProQuest One Psychology
ProQuest Central

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Corporate Social Responsibility and Firm Debt Maturity

Springer Science+Business Media B.V. 2017 ;Springer Science+Business Media Dordrecht 2015 ;Journal of Business Ethics is a copyright of Springer, 2017. ;Distributed under a Creative Commons Attribution 4.0 International License ;ISSN: 0167-4544 ;EISSN: 1573-0697 ;DOI: 10.1007/s10551-015-2856-1

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