Journal article

Authors list: Bannier, Christina E.; Bofinger, Yannik; Rock, Bjoern

Publication year: 2022

Journal: Finance Research Letters

Volume number: 44

ISSN: 1544-6123

eISSN: 1544-6131

DOI Link: https://doi.org/10.1016/j.frl.2021.102052

Publisher: Elsevier

Abstract: 
We study the relationship between corporate social responsibility and credit risk for U.S. and European firms over the period 2003 to 2018. Differentiating between the various facets of corporate social responsibility shows that only environmental aspects are negatively related with various measures of credit risk for U.S. firms. For European firms, both environmental and social aspects are negatively associated with credit risk. Surprisingly, we find that credit ratings do not reflect the same contemporaneous relationship with corporate social responsibility. Our results are robust against different estimation methods.

Harvard Citation style: Bannier, C., Bofinger, Y. and Rock, B. (2022) Corporate social responsibility and credit risk, Finance Research Letters, 44, Article 102052. https://doi.org/10.1016/j.frl.2021.102052

APA Citation style: Bannier, C., Bofinger, Y., & Rock, B. (2022). Corporate social responsibility and credit risk. Finance Research Letters. 44, Article 102052. https://doi.org/10.1016/j.frl.2021.102052