Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/92438
標題: 企業社會責任與負債資金成本之關聯性研究
A Study on the Relationship between Corporate Social Responsibility and Cost of Debt
作者: Wan-Ru Yu
余宛儒
關鍵字: 企業社會責任
負債資金成本
信用評等
違約風險
corporate social responsibilities
cost of debt
credit rating
default risk
引用: 一、中文部分 [1]胡憲倫,許家偉,蒲彥穎。(民95) 策略的企業社會責任: 企業永續發展的新課題。應用倫理研究通訊,(40), 37-50。 [2]曾奕菱(民100)。企業社會責任與信用風險之關聯性。中興大學會計學研究 所學位論文, 1-36。 [3]黃聖雯(民102)。企業社會責任與經營績效之關聯性研究。中興大學財務金融 研究所學位論文。 [4]葉保強(民96)。企業社會責任的發展與國家角色。應用倫理學通訊,(41), 35-47。 二、外文部分 [1]Attig, N., El Ghoul, S., Guedhami, O., and Suh, J. (2013). Corporate social responsibility and credit ratings. Journal of business ethics, 117(4), 679-694 [2]Bae, S. C., Chang, K., and Yi, H. C. (2014). Corporate Social Responsibility, Credit Rating, and Private Debt Contracting: New Evidence from Syndicated Loan Market. [3]Bassen, A., Meyer, K., and Schlange, J. (2006). The influence of corporate responsibility on the cost of capital. Available at SSRN 984406. [4]Bauer, R., and Hann, D. (2010). Corporate environmental management and credit risk. [5]Becchetti, L., and Rosati, F. C. (2007). Global social preferences and the demand for socially responsible products: empirical evidence from a pilot study on fair trade consumers. The world economy, 30(5), 807-836. [6]Berg, F., and Le Pen, Y. (2013). Do corporate bond and credit default swap markets value environmental, social or corporate governance events?. Paris Dauphine University. [7]Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of business ethics, 97(1), 71-86. [8 ]Bhojraj, S., and Sengupta, P. (2003). Effect of corporate governance on bond ratings and yields: The role of institutional investors and outside directors*. The Journal of Business, 76(3), 455-475. [9]Boutin-Dufresne, F., and Savaria, P. (2004). Corporate social responsibility and financial risk. The Journal of Investing, 13(1), 57-66. [10]Chih, H. L., Chih, H. H., and Chen, T. Y. (2010). On the determinants of corporate social responsibility: International evidence on the financial industry. Journal of Business Ethics, 93(1), 115-135. [11]Elton, E. J., Gruber, M. J., Agrawal, D., and Mann, C. (2004). Factors affecting the valuation of corporate bonds. Journal of Banking and Finance, 28(11), 2747-2767. [12]El Ghoul, S., Guedhami, O., Kwok, C. C., and Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital?. Journal of Banking and Finance, 35(9), 2388-2406. [13]Ge,W. and M. Liu, 2012. The impact of corporate social responsibility disclosure and performance on thecost of corporate bonds. CAAA Annual Conference 2012. [14]Goss, A., and Roberts, G. (2007). Corporate social responsibility and the cost of debt financing. working paper, York University. [15]Goss, A. (2009, June). Corporate social responsibility and financial distress. InASAC (Vol. 30, No. 29). [16]Graham, A., and Maher, J. J. (2006). Environmental liabilities, bond ratings, and bond yields. Advances in Environmental Accounting and Management, 3, 111-142. [17]Hawken, P. (2004). How the SRI industry has failed to respond to people who want to invest with conscience and what can be done to change it [18]He, J., Hu, W., and Lang, L. H. (2000). Credit spread curves and credit ratings.Available at SSRN 224393. [19]Hsu, F. J., Chiang, J. C., and Wang, T. Y. (2013). What Do Investors Care about in Strategic Alliances? An Empirical Study in the US and Japan. International Business Research, 6(12). [20]Huang, J. Z., and Huang, M. (2012). How much of the corporate-treasury yield spread is due to credit risk?. Review of Asset Pricing Studies, 2(2), 153-202. [21]Hull, C. E., and Rothenberg, S. (2008). Firm performance: the interactions of corporate social performance with innovation and industry differentiation.Strategic Management Journal, 29(7), 781-789. [22]Jacob, C. K. (2012). The Impact of Financial Crisis on Corporate Social Responsibility and Its Implications for Reputation Risk Management. Journal of Management and Sustainability, 2(2). [23]Jensen, M. C. (2001). Value maximization, stakeholder theory, and the corporate objective function. Journal of applied corporate finance, 14(3), 8-21. [24]Jiao, Y. (2010). Stakeholder welfare and firm value. Journal of Banking and Finance, 34(10), 2549-2561. [25]Jiraporn, P. (2013). Does corporate social responsibility (CSR) improve credit ratings? Evidence from geographic identification. Financial Management. [26]Kolbel, J. F., Jancso, L., and Busch, T. Corporate Social Responsibility, public pressure and credit risk: The US and Europe are not the same. [27]Lee, D. D., and Faff, R. W. (2009). Corporate sustainability performance and idiosyncratic risk: A global perspective. Financial Review, 44, 213–237. [28]Longstaff, F. A., Mithal, S., and Neis, E. (2005). Corporate yield spreads: Default risk or liquidity? New evidence from the credit default swap market. The Journal of Finance, 60(5), 2213-2253. [29]McWilliams, A., and Siegel, D. (2000). Corporate social responsibility and financial performance: correlation or misspecification? Strategic management journal , 21 (5), 603-609 [30]McWilliams, A. and. Siegel, D.. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of management review , 26 (1), 117-127. [31]Menz, K. M. (2010). Corporate social responsibility: Is it rewarded by the corporate bond market? A critical note. Journal of Business Ethics, 96(1), 117-134. [32]Merton, R. C. (1974). On the pricing of corporate debt: The risk structure of interest rates*. The Journal of Finance, 29(2), 449-470. [33]Oikonomou, I., Brooks, C., and Pavelin, S. (2014). The effects of corporate social performance on the cost of corporate debt and credit ratings. Financial Review,49(1), 49-75. [34]Orlitzky, M., Schmidt, F. L., and Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization studies, 24(3), 403-441. [35]Pehar, B. (2013). Corporate social responsibility and the cost of bank debt in Canada. [36]Reverte, C. (2012). The impact of better corporate social responsibility disclosure on the cost of equity capital. Corporate Social Responsibility and Environmental Management, 19(5), 253-272 [37]Scalet, S., and Kelly, T. F. (2010). CSR rating agencies: what is their global impact?. Journal of Business Ethics, 94(1), 69-88. [38]Schafer, H. (2005). International Corporate Social Responsibility Rating Systems. Journal of Corporate Citizenship, (20). [39]Schneider, T. E. (2011). Is Environmental Performance a Determinant of Bond Pricing? Evidence from the US Pulp and Paper and Chemical Industries*.Contemporary Accounting Research, 28(5), 1537-1561. [40]Sharfman, M. P., and Fernando, C. S. (2008). Environmental risk management and the cost of capital. Strategic management journal, 29(6), 569-592. [41]Shumway, T. (2001). Forecasting bankruptcy more accurately: A simple hazard model*. The Journal of Business, 74(1), 101-124. [42]Singal, M. (2013). Firm Credit Rating as a Measure of Organizational and Financial Performance. J Bus and Fin Aff, 2, e135. [43]Spicer, B. H. (1978). Investors, corporate social performance and information disclosure: An empirical study. Accounting Review, 94-111. [44]Verwijmeren, P., and Derwall, J. (2010). Employee well-being, firm leverage, and bankruptcy risk. Journal of Banking and Finance, 34(5), 956-964. [45]Wahba, H. (2008). Does the market value corporate environmental responsibility? An empirical examination. Corporate Social Responsibility and Environmental Management, 15(2), 89-99. [46]Ziebart, D. A., and Reiter, S. A. (1992). Bond ratings, bond yields and financial information*. Contemporary Accounting Research, 9(1), 252-282. [47]Zu, L., and Song, L. (2009). Determinants of managerial values on corporate social responsibility: Evidence from China. Journal of Business Ethics, 88(1), 105-117.
摘要: 本文旨在研究負債資金成本與企業社會責任間是否存在顯著關聯性,及此關聯是否會因產業特性的不同而使之有所改變。利用美國衡量企業社會責任的KLD資料庫,進行排名與分組,並且,使之與債券、信用評等、違約風險資料進行合併,以便於觀察上述之因素是否與企業社會責任產生關聯。 實證結果發現,企業社會責任的排名與信用評等之間有顯著的正相關,與違約風險間也有顯著負相關,且此顯著關聯並不會因為產業不同而有所改變。而企業社會責任與資金成本的關係卻不然,本文觀察到,只有非高科技產業的負債資金成本才會受到企業社會責任的影響,兩者有顯著負相關。但是,高科技產業的負債資金成本與企業社會責任間的關係並不顯著。
This paper studied the relationship between corporate social responsibilities and cost of debt. In addition, we also control industries because we would like to know whether the relationship will different on industries. We ranked and grouped the KLD data that was corporate social responsibilities measured in America. We merged KLD data with bond, credit rating and risk of default that we could study the relationship with corporate social responsibilities. Empirical results showed that the relationship between corporate social responsibilities and credit rating was significant positive in high-tech and non-high-tech as well. Furthermore, corporate social responsibilities had significant negative relationship with default risk not only high-tech but non-high-tech industries. Nevertheless, the significant negative relationship between corporate social responsibilities and cost of bond existed only non-high-tech industries.
URI: http://hdl.handle.net/11455/92438
其他識別: U0005-2406201412013100
文章公開時間: 10000-01-01
Appears in Collections:財務金融學系所

文件中的檔案:

取得全文請前往華藝線上圖書館

Show full item record
 
TAIR Related Article
 
Citations:


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.