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Corporate social responsibility and financial stability: evidence from the Troubled Asset Relief Program

机译：企业社会责任与财务稳定性：问题资产救助计划的证据

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Purpose - The purpose of this paper is to test the impact of corporate social responsibility (CSR) in the banking industry using Troubled Asset Relief Program (TARP) as an experimental backdrop. Design/methodology/approach - The authors match banks that received TARP with CSR data on publicly available firms. Using this data set, the authors are able to perform both univariate and multivariate analyses to determine the impact of CSR on bank management behavior. Findings - The authors find evidence that supports stakeholder theory as applied to a sample of large financial institutions. The authors show that banks increased their CSR involvement and intensity following TARP, evidence that CSR is not merely transitory in nature but structural and an important aspect of firm value. The authors also find that capital ratios increase to a greater degree in banks whose CSR ratings were stronger prior to TARP. Finally, while all banks in the sample repaid Treasury, it took strong CSR banks a longer time to repay than banks with weaker CSR. The authors show how CEO compensation played a role in this relationship. Research limitations/implications - The findings are limited to large banks. Practical implications - Practically speaking, this study helps to discern the motivations and actions of large financial institutions. This is especially important from a regulator perspective, whose function is to maintain overall national financial stability. Originality/value - This is the first study to link TARP and CSR literatures. Overall, there are a limited number of studies on CSR in the banking industry, and this paper adds to this burgeoning area. It is important and valuable to managers and policymakers to understand implications of CSR in the financial sector.
机译：目的-本文的目的是使用问题资产救助计划（TARP）作为实验背景，测试企业社会责任（CSR）对银行业的影响。设计/方法/方法-作者将接受TARP的银行与公开上市公司的CSR数据进行匹配。使用此数据集，作者能够执行单变量和多变量分析，以确定CSR对银行管理行为的影响。调查结果-作者发现了支持利益相关者理论的证据，这些证据适用于大型金融机构的样本。作者表明，在TARP之后，银行增加了CSR的参与度和强度，证明CSR不仅是暂时的，而且是企业价值的结构和重要方面。作者还发现，在TARP之前，其企业社会责任评级较高的银行的资本比率会更大程度地提高。最后，虽然样本中的所有银行都还清了美国国债，但强大的CSR银行要比CSR较弱的银行花更长的时间偿还。作者展示了CEO薪酬如何在这种关系中发挥作用。研究局限/意义-研究结果仅限于大型银行。实际意义-实际上，这项研究有助于辨别大型金融机构的动机和行动。从监管者的角度来看，这一点尤其重要，其职能是维护国家总体金融稳定。原创性/价值-这是首次将TARP和CSR文献联系起来的研究。总体而言，在银行业中有关企业社会责任的研究数量有限，本文为这一新兴领域提供了补充。对于企业管理者和决策者而言，了解企业社会责任在金融领域的意义是重要且有价值的。

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