Corporate Social Responsibility: Is it Rewarded by the Corporate Bond Market? A Critical Note

By Klaus-Michael Menz. 2010

323 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/b9818d4b8a0958ee7fd8cfe1ff3f90013d8404d7

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In Accounting

1. Sadok El Ghoul
2. Omrane Guedhami
3. M. Malik
4. Najah Attig
5. A. Cheung
6. Guangming Gong
7. Si Xu
8. Xun Gong

In Strategy and Management

1. M. Malik
2. Sadok El Ghoul
3. Omrane Guedhami
4. Najah Attig
5. A. Cheung
6. Guangming Gong
7. Si Xu
8. Xun Gong

Citations in the corpus

• On the Value of Corporate Social Responsibility Disclosure: An Empirical Investigation of Corporate Bond Issues in China (2018, background): “and European countries (Menz 2010; Ge and Liu 2015; Jiraporn et al. 2014) to examine the economic consequences of corporate social performance.”
• Do Banks Value the Eco-Friendliness of Firms’ in Their Corporate Lending Decision? Some Empirical Evidence (2012, result): “In explaining the cost of capital, existing studies emphasize more on cost of equity (Ghoul, Guedhami, Kwok & Mishra, 2011; Kempf & Osthoff, 2007) or bond yields (Menz, 2010; Sharfman & Fernando, 2008).”
• The green advantage: Exploring the convenience of issuing green bonds (2019, background): “On the contrary, Menz (2010), focusing on the European corporate bond market, observed that the risk premium for socially responsible firms was, ceteris paribus, higher than for non-socially responsible companies, although this finding is only slightly significant.”
• Corporate social responsibility and dividend policy (2018, unknown): “…with  lower  (systematic)  risk  (Albuquerque,  Durnev,  and  Koskinen,  2014),  the  cost  of  debt/bank  loans  (Goss  and Roberts, 2011; Menz, 2010),  the  cost of equity  (Ghoul, et al.,  2011; Dhaliwal,  Li,  Tsang,  and  Yang,  2011)  or  the  cost  of …”
• Corporate Social Responsibility and Credit Ratings (2013, background): “Menz (2010) reports a weak positive relationship between CSR and bond spreads in Europe.”
• The Effects of Corporate Social Performance on the Cost of Corporate Debt and Credit Ratings (2014, unknown): “…the concentration of bonds in the hands of particular investors), thus making it easier for bondholders to “discipline” firm management when they need to (Menz, 2010) by simply selling (or even short selling) the respective corporate bonds, hence increasing the cost of debt for transgressing firms.”
• Value-Enhancing Capabilities of CSR: A Brief Review of Contemporary Literature (2014, methodology): “However, using the Euro bond market, Menz (2010) demonstrated that risk premium is higher for CSR firms, although the relationship appears to be marginal.”
• Do Announcements About Corporate Social Responsibility Create or Destroy Shareholder Wealth? Evidence from the UK (2012, background): “4 Recent work has also considered whether the CSR activity of corporations is reflected in corporate bond yields (Menz, 2010) 5 The following section is a summary of the inclusion criteria of the FTSE4Good index.”
• The impact of corporate social performance on the cost of debt and access to debt financing for listed European non-financial firms (2017, methodology): “Second, this study considers a cross-country European sample, which has rarely been undertaken in the literature to date (Girerd-Potin, Jimenez-Garc es, & Louvet, 2014; Menz, 2010; Perrini, 2005).”
• Does technology innovation in finance alleviate financing constraints and reduce debt-financing costs? Evidence from China (2021, background): “The higher the financial performance and credit rating, the lower the debt-financing costs (Menz 2010).”
• Corporate Social Responsibility and the Cost of Corporate Bonds (2015, result): “from Menz (2010) in two important ways.”