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A Study on the Relationship between Corporate Social Responsibility and Cost of Debt
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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.
|Appears in Collections:||財務金融學系所|
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