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dc.contributor.authorCheng, Beiting
dc.contributor.authorIoannou, Ioannis
dc.contributor.authorSerafeim, Georgios
dc.date.accessioned2012-11-09T15:32:29Z
dc.date.issued2012-11-09
dc.identifier.citationCheng, Beiting, Ioannis Ioannou, and George Serafeim. "Corporate Social Responsibility and Access to Finance." Strategic Management Journal (forthcoming).en_US
dc.identifier.issn0143-2095en_US
dc.identifier.urihttp://nrs.harvard.edu/urn-3:HUL.InstRepos:9887635
dc.description.abstractIn 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.isoen_USen_US
dc.relation.hasversionhttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=1847085en_US
dash.licenseOAP
dc.subjectcorporate social responsibilityen_US
dc.subjectsustainabilityen_US
dc.subjectcapital constraintsen_US
dc.subjectESG (environmental, social, governance) performanceen_US
dc.subjectstakeholder engagementen_US
dc.subjectdisclosureen_US
dc.titleCorporate Social Responsibility and Access to Financeen_US
dc.typeJournal Articleen_US
dc.description.versionAuthor's Originalen_US
dc.relation.journalStrategic Management Journalen_US
dash.depositing.authorSerafeim, Georgios
dc.date.available2012-11-09T15:32:29Z
dash.contributor.affiliatedCheng, Beiting
dash.contributor.affiliatedSerafeim, Georgios


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