The Effects of Corporate Social Performance on the Cost of Corporate Debt and Credit Ratings

By Ioannis Oikonomou, Chris Brooks, Stephen. Pavelin. 2014

428 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/ec003752ba67ed8a9bca56b0563ea14dafb7cd5e

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Citations in the corpus

ESG practices and the cost of debt: Evidence from EU countries (2019, methodology): “As an alternative proxy, we use credit ratings 11 instead of a ﬁrm’s interest rate as a measure of its cost of debt (Ge & Liu, 2015; Oikonomou et al., 2014; Devalle et al., 2017).”
Corporate Social Responsibility and Firm Financial Performance: The Mediating Role of Productivity (2016, background): “2014) and can raise cheaper funds from debtholders (Goss and Roberts 2011; Oikonomou et al. 2014) and equityholders”
Corporate Social Responsibility and the Cost of Corporate Bonds (2015, methodology): “A concurrent study by Oikonomou et al. (2014) also examines the effects of CSR strengths and concerns on the cost of U.”
The Effects of Corporate and Country Sustainability Characteristics on The Cost of Debt: An International Investigation (2014, positive): “Oikonomou et al. (2014) provide support to this rationale by showing that for a cross-industrial sample of US firms, higher scores of aggregate measures of CSR strengths (concerns) lead to higher (lower) S&P bond ratings – a proxy for credit/default risk – as well as lower (higher) levels of credit…”
CSR Strategies in Response to Competitive Pressures (2018, background): “One other argument supporting the use of CSR as a way to be competitive is that good CSR performance leads to lower extra-financial risks, which reduces cost of capital (El Ghoul et al. 2011; Oikonomou et al. 2013).”
The valuation relevance of environmental performance revisited: The moderating role of environmental provisions (2017, background): “Third, in order to mitigate concerns related to reverse causality between market values and environmental provisions, Model 2 is re-estimated with all independent variables being one-period lagged (Chang, Kim, & Li, 2014; Oikonomou et al., 2014; Oikonomou, Brooks, & Pavelin, 2012).”
How Media Coverage of Corporate Social Irresponsibility Increases Financial Risk (2017, positive): “Several additional studies have confirmed that CSR decreases risk (Chava, 2014; Cheng et al. , 2014; El Ghoul et al. , 2011; Goss and Roberts, 2011; Henisz et al. , 2013; Lee and Faff, 2009; Oikonomou and Pavelin, 2014; Sharfman and Fernando, 2008).”
The Green Bonds Premium Puzzle: The Role of Issuer Characteristics and Third-Party Verification (2019, background): “[20] analyzed the impact of CSR on bond pricing and claimed that corporate social transgressions are penalized through higher corporate bond yield spreads.”