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The Effects of Corporate Social Performance on the Cost of Corporate Debt and Credit Ratings

The Financial review (Buffalo, N.Y.), 2014-02, Vol.49 (1), p.49-75 [Peer Reviewed Journal]

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Title:
The Effects of Corporate Social Performance on the Cost of Corporate Debt and Credit Ratings
Author: Oikonomou, Ioannis ; Brooks, Chris ; Pavelin, Stephen
Subjects: Bond issues ; Bond ratings ; C33 ; corporate bonds ; Corporate debt ; corporate social responsibility ; cost of debt ; Credit ratings ; credit spreads ; CSP ; G32 ; M14 ; Social responsibility ; socially responsible investing ; Studies
Is Part Of: The Financial review (Buffalo, N.Y.), 2014-02, Vol.49 (1), p.49-75
Description: This study investigates the differential impact that various dimensions of corporate social performance have on the pricing of corporate debt as well as the assessment of the credit quality of specific bond issues. The empirical analysis, based on an extensive longitudinal data set, suggests that overall, good performance is rewarded and corporate social transgressions are penalized through lower and higher corporate bond yield spreads, respectively. Similar conclusions can be drawn when focusing on either the bond rating assigned to a specific debt issue or the probability of it being considered to be an asset of speculative grade.
Publisher: Knoxville: Blackwell Publishing Ltd
Language: English
Identifier: ISSN: 0732-8516
EISSN: 1540-6288
DOI: 10.1111/fire.12025
Source: Alma/SFX Local Collection

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