...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>European management journal >The impact of corporate social performance on the cost of debt and access to debt financing for listed European non-financial firms
【24h】

The impact of corporate social performance on the cost of debt and access to debt financing for listed European non-financial firms

机译：企业社会绩效对欧洲上市非金融公司债务成本和债务融资渠道的影响

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

This study addresses the controversial issue of how non-financial performance affects the cost of debt capital and access to it. The relationship between corporate social performance and two measures of debt cost (accounting-based and market-based) and the measure of debt access are analysed by means of a multi-theoretical framework combining economics with social theories. By observing a sample of listed European non-financial firms over an 8-year period from 2005 to 2012, we find a negative relationship between corporate social performance and interest rate. Consistent with this result, we find a positive relationship between corporate social performance and debt rating. Thus, corporate social performance has a positive role in reducing the cost of debt capital. Moreover, firms with better corporate social performance are more attractive to lenders in terms of leverage allowance. Overall, our findings provide deeper insight into the reasons why companies should improve their corporate social performance.
机译：这项研究解决了有争议的问题，即非财务绩效如何影响债务资本的成本及其获得途径。通过将经济学和社会理论相结合的多理论框架，分析了企业社会绩效与债务成本的两种度量（基于会计和基于市场）以及债务获取度量之间的关系。通过观察从2005年到2012年的8年中欧洲上市的非金融公司的样本，我们发现企业社会绩效与利率之间存在负相关关系。与此结果一致，我们发现企业社会绩效与债务评级之间存在正相关关系。因此，公司的社会绩效在降低债务资本成本方面具有积极作用。此外，就杠杆率而言，具有较好企业社会绩效的公司对贷方更具吸引力。总体而言，我们的发现提供了对公司为何应改善其企业社会绩效的原因的更深入的了解。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号