Corporate Social Responsibility and Access to Finance

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Corporate Social Responsibility and Access to Finance

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dc.contributor.author Cheng, Beiting
dc.contributor.author Ioannou, Ioannis
dc.contributor.author Serafeim, Georgios
dc.date.accessioned 2012-11-09T15:32:29Z
dc.date.issued 2012-11-09
dc.identifier.citation Cheng, Beiting, Ioannis Ioannou, and George Serafeim. "Corporate Social Responsibility and Access to Finance." Strategic Management Journal (forthcoming). en_US
dc.identifier.issn 0143-2095 en_US
dc.identifier.uri http://nrs.harvard.edu/urn-3:HUL.InstRepos:9887635
dc.description.abstract In this paper, we investigate whether superior performance on corporate social responsibility (CSR) strategies leads to better access to finance. We hypothesize that better access to finance can be attributed to a) reduced agency costs due to enhanced stakeholder engagement and b) reduced informational asymmetry due to increased transparency. Using a large cross-section of firms, we find that firms with better CSR performance face significantly lower capital constraints. Moreover, we provide evidence that both of the hypothesized mechanisms, better stakeholder engagement and transparency around CSR performance, are important in reducing capital constraints. The results are further confirmed using an instrumental variables and a simultaneous equations approach. Finally, we show that the relation is driven by both the social and the environmental dimension of CSR. en_US
dc.language.iso en_US en_US
dc.relation.hasversion http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1847085 en_US
dash.license OAP
dc.subject corporate social responsibility en_US
dc.subject sustainability en_US
dc.subject capital constraints en_US
dc.subject ESG (environmental, social, governance) performance en_US
dc.subject stakeholder engagement en_US
dc.subject disclosure en_US
dc.title Corporate Social Responsibility and Access to Finance en_US
dc.type Journal Article en_US
dc.description.version Author's Original en_US
dc.relation.journal Strategic Management Journal en_US
dash.depositing.author Serafeim, Georgios
dc.date.available 2012-11-09T15:32:29Z

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