Corporate social responsibility disclosure and corporate creditworthiness : evidence from the UK
Gespeichert in:
| Autor*in: |
Ftiti, Zied [verfasserIn] Jeriji, Maher [verfasserIn] Kammoun, Sourour [verfasserIn] Louhichi, Waël [verfasserIn] Zenaidi, Amel [verfasserIn] |
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| Format: |
E-Artikel |
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| Sprache: |
Englisch |
| Erschienen: |
2024 |
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| Schlagwörter: |
corporate social responsibility disclosure |
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| Übergeordnetes Werk: |
Enthalten in: International journal of finance & economics - Chichester [u.a.] : Wiley, 1996, 29(2024), 2 vom: Apr., Seite 1259-1276 |
|---|---|
| Übergeordnetes Werk: |
volume:29 ; year:2024 ; number:2 ; month:04 ; pages:1259-1276 |
| Links: |
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| DOI / URN: |
10.1002/ijfe.2733 |
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| Katalog-ID: |
1889790192 |
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| 982 | |2 26 |1 00 |x DE-206 |b This study investigates the way in which corporate social responsibility (CSR) practices are perceived by the U.K. bond market. In this respect, we distinguish between the two ambiguous subdimensions – that is, CSR disclosure and CSR performance. We analysed the association between CSR disclosure and the cost of corporate bonds by means of a multi-theoretical framework combining economics with social theories. We also examine the moderating effect of the CSR performance on this relationship. We estimate a random-effects GLS regression and random-effects ordered probit regression using a sample of companies belonging to the FTSE 100 index during the 2013–2017 period. We find that bondholders and credit rating agencies incorporate CSR disclosure into their assessment and evaluation of the firms' creditworthiness. Mainly, our results show that bondholders encourage and value CSR reporting primarily for companies with weak CSR performance, but stop doing so once the company reach a certain level of CSR performance. We further examined each CSR disclosure subdimension and aspects of corporate creditworthiness through a disaggregated analysis. Both environmental and community relations disclosures are significant in corporate creditworthiness, whereas only responsibility disclosure is related to credit ratings. Finally, results highlight that disclosure of CSR information is especially relevant to financially healthy firms. Our findings have several implications for academics, practitioners, and policymakers in understanding the consequences of CSR disclosure and CSR performance on bond markets and credit rating. | ||
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10.1002/ijfe.2733 doi (DE-627)1889790192 (DE-599)KXP1889790192 DE-627 ger DE-627 rda eng Ftiti, Zied verfasserin (DE-588)1239450338 (DE-627)1767619324 aut Corporate social responsibility disclosure and corporate creditworthiness evidence from the UK Zied Ftiti, Maher Jeriji, Sourour Kammoun, Waël Louhichi, Amel Zenaidi 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier bond market (dpeaa)DE-206 corporate social responsibility disclosure (dpeaa)DE-206 corporate social responsibility performance (dpeaa)DE-206 credit ratings (dpeaa)DE-206 credit spread (dpeaa)DE-206 Jeriji, Maher verfasserin aut Kammoun, Sourour verfasserin aut Louhichi, Waël verfasserin aut Zenaidi, Amel verfasserin aut Enthalten in International journal of finance & economics Chichester [u.a.] : Wiley, 1996 29(2024), 2 vom: Apr., Seite 1259-1276 Online-Ressource (DE-627)302927727 (DE-600)1493204-0 (DE-576)096806443 1099-1158 nnns volume:29 year:2024 number:2 month:04 pages:1259-1276 https://onlinelibrary.wiley.com/doi/pdf/10.1002/ijfe.2733 Verlag lizenzpflichtig https://doi.org/10.1002/ijfe.2733 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_184 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_266 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 29 2024 2 4 1259-1276 26 01 0206 4529091732 x1z 24-05-24 26 00 DE-206 This study investigates the way in which corporate social responsibility (CSR) practices are perceived by the U.K. bond market. In this respect, we distinguish between the two ambiguous subdimensions – that is, CSR disclosure and CSR performance. We analysed the association between CSR disclosure and the cost of corporate bonds by means of a multi-theoretical framework combining economics with social theories. We also examine the moderating effect of the CSR performance on this relationship. We estimate a random-effects GLS regression and random-effects ordered probit regression using a sample of companies belonging to the FTSE 100 index during the 2013–2017 period. We find that bondholders and credit rating agencies incorporate CSR disclosure into their assessment and evaluation of the firms' creditworthiness. Mainly, our results show that bondholders encourage and value CSR reporting primarily for companies with weak CSR performance, but stop doing so once the company reach a certain level of CSR performance. We further examined each CSR disclosure subdimension and aspects of corporate creditworthiness through a disaggregated analysis. Both environmental and community relations disclosures are significant in corporate creditworthiness, whereas only responsibility disclosure is related to credit ratings. Finally, results highlight that disclosure of CSR information is especially relevant to financially healthy firms. Our findings have several implications for academics, practitioners, and policymakers in understanding the consequences of CSR disclosure and CSR performance on bond markets and credit rating. |
| spelling |
10.1002/ijfe.2733 doi (DE-627)1889790192 (DE-599)KXP1889790192 DE-627 ger DE-627 rda eng Ftiti, Zied verfasserin (DE-588)1239450338 (DE-627)1767619324 aut Corporate social responsibility disclosure and corporate creditworthiness evidence from the UK Zied Ftiti, Maher Jeriji, Sourour Kammoun, Waël Louhichi, Amel Zenaidi 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier bond market (dpeaa)DE-206 corporate social responsibility disclosure (dpeaa)DE-206 corporate social responsibility performance (dpeaa)DE-206 credit ratings (dpeaa)DE-206 credit spread (dpeaa)DE-206 Jeriji, Maher verfasserin aut Kammoun, Sourour verfasserin aut Louhichi, Waël verfasserin aut Zenaidi, Amel verfasserin aut Enthalten in International journal of finance & economics Chichester [u.a.] : Wiley, 1996 29(2024), 2 vom: Apr., Seite 1259-1276 Online-Ressource (DE-627)302927727 (DE-600)1493204-0 (DE-576)096806443 1099-1158 nnns volume:29 year:2024 number:2 month:04 pages:1259-1276 https://onlinelibrary.wiley.com/doi/pdf/10.1002/ijfe.2733 Verlag lizenzpflichtig https://doi.org/10.1002/ijfe.2733 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_184 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_266 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 29 2024 2 4 1259-1276 26 01 0206 4529091732 x1z 24-05-24 26 00 DE-206 This study investigates the way in which corporate social responsibility (CSR) practices are perceived by the U.K. bond market. In this respect, we distinguish between the two ambiguous subdimensions – that is, CSR disclosure and CSR performance. We analysed the association between CSR disclosure and the cost of corporate bonds by means of a multi-theoretical framework combining economics with social theories. We also examine the moderating effect of the CSR performance on this relationship. We estimate a random-effects GLS regression and random-effects ordered probit regression using a sample of companies belonging to the FTSE 100 index during the 2013–2017 period. We find that bondholders and credit rating agencies incorporate CSR disclosure into their assessment and evaluation of the firms' creditworthiness. Mainly, our results show that bondholders encourage and value CSR reporting primarily for companies with weak CSR performance, but stop doing so once the company reach a certain level of CSR performance. We further examined each CSR disclosure subdimension and aspects of corporate creditworthiness through a disaggregated analysis. Both environmental and community relations disclosures are significant in corporate creditworthiness, whereas only responsibility disclosure is related to credit ratings. Finally, results highlight that disclosure of CSR information is especially relevant to financially healthy firms. Our findings have several implications for academics, practitioners, and policymakers in understanding the consequences of CSR disclosure and CSR performance on bond markets and credit rating. |
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10.1002/ijfe.2733 doi (DE-627)1889790192 (DE-599)KXP1889790192 DE-627 ger DE-627 rda eng Ftiti, Zied verfasserin (DE-588)1239450338 (DE-627)1767619324 aut Corporate social responsibility disclosure and corporate creditworthiness evidence from the UK Zied Ftiti, Maher Jeriji, Sourour Kammoun, Waël Louhichi, Amel Zenaidi 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier bond market (dpeaa)DE-206 corporate social responsibility disclosure (dpeaa)DE-206 corporate social responsibility performance (dpeaa)DE-206 credit ratings (dpeaa)DE-206 credit spread (dpeaa)DE-206 Jeriji, Maher verfasserin aut Kammoun, Sourour verfasserin aut Louhichi, Waël verfasserin aut Zenaidi, Amel verfasserin aut Enthalten in International journal of finance & economics Chichester [u.a.] : Wiley, 1996 29(2024), 2 vom: Apr., Seite 1259-1276 Online-Ressource (DE-627)302927727 (DE-600)1493204-0 (DE-576)096806443 1099-1158 nnns volume:29 year:2024 number:2 month:04 pages:1259-1276 https://onlinelibrary.wiley.com/doi/pdf/10.1002/ijfe.2733 Verlag lizenzpflichtig https://doi.org/10.1002/ijfe.2733 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_184 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_266 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 29 2024 2 4 1259-1276 26 01 0206 4529091732 x1z 24-05-24 26 00 DE-206 This study investigates the way in which corporate social responsibility (CSR) practices are perceived by the U.K. bond market. In this respect, we distinguish between the two ambiguous subdimensions – that is, CSR disclosure and CSR performance. We analysed the association between CSR disclosure and the cost of corporate bonds by means of a multi-theoretical framework combining economics with social theories. We also examine the moderating effect of the CSR performance on this relationship. We estimate a random-effects GLS regression and random-effects ordered probit regression using a sample of companies belonging to the FTSE 100 index during the 2013–2017 period. We find that bondholders and credit rating agencies incorporate CSR disclosure into their assessment and evaluation of the firms' creditworthiness. Mainly, our results show that bondholders encourage and value CSR reporting primarily for companies with weak CSR performance, but stop doing so once the company reach a certain level of CSR performance. We further examined each CSR disclosure subdimension and aspects of corporate creditworthiness through a disaggregated analysis. Both environmental and community relations disclosures are significant in corporate creditworthiness, whereas only responsibility disclosure is related to credit ratings. Finally, results highlight that disclosure of CSR information is especially relevant to financially healthy firms. Our findings have several implications for academics, practitioners, and policymakers in understanding the consequences of CSR disclosure and CSR performance on bond markets and credit rating. |
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10.1002/ijfe.2733 doi (DE-627)1889790192 (DE-599)KXP1889790192 DE-627 ger DE-627 rda eng Ftiti, Zied verfasserin (DE-588)1239450338 (DE-627)1767619324 aut Corporate social responsibility disclosure and corporate creditworthiness evidence from the UK Zied Ftiti, Maher Jeriji, Sourour Kammoun, Waël Louhichi, Amel Zenaidi 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier bond market (dpeaa)DE-206 corporate social responsibility disclosure (dpeaa)DE-206 corporate social responsibility performance (dpeaa)DE-206 credit ratings (dpeaa)DE-206 credit spread (dpeaa)DE-206 Jeriji, Maher verfasserin aut Kammoun, Sourour verfasserin aut Louhichi, Waël verfasserin aut Zenaidi, Amel verfasserin aut Enthalten in International journal of finance & economics Chichester [u.a.] : Wiley, 1996 29(2024), 2 vom: Apr., Seite 1259-1276 Online-Ressource (DE-627)302927727 (DE-600)1493204-0 (DE-576)096806443 1099-1158 nnns volume:29 year:2024 number:2 month:04 pages:1259-1276 https://onlinelibrary.wiley.com/doi/pdf/10.1002/ijfe.2733 Verlag lizenzpflichtig https://doi.org/10.1002/ijfe.2733 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_184 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_266 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 29 2024 2 4 1259-1276 26 01 0206 4529091732 x1z 24-05-24 26 00 DE-206 This study investigates the way in which corporate social responsibility (CSR) practices are perceived by the U.K. bond market. In this respect, we distinguish between the two ambiguous subdimensions – that is, CSR disclosure and CSR performance. We analysed the association between CSR disclosure and the cost of corporate bonds by means of a multi-theoretical framework combining economics with social theories. We also examine the moderating effect of the CSR performance on this relationship. We estimate a random-effects GLS regression and random-effects ordered probit regression using a sample of companies belonging to the FTSE 100 index during the 2013–2017 period. We find that bondholders and credit rating agencies incorporate CSR disclosure into their assessment and evaluation of the firms' creditworthiness. Mainly, our results show that bondholders encourage and value CSR reporting primarily for companies with weak CSR performance, but stop doing so once the company reach a certain level of CSR performance. We further examined each CSR disclosure subdimension and aspects of corporate creditworthiness through a disaggregated analysis. Both environmental and community relations disclosures are significant in corporate creditworthiness, whereas only responsibility disclosure is related to credit ratings. Finally, results highlight that disclosure of CSR information is especially relevant to financially healthy firms. Our findings have several implications for academics, practitioners, and policymakers in understanding the consequences of CSR disclosure and CSR performance on bond markets and credit rating. |
| allfieldsSound |
10.1002/ijfe.2733 doi (DE-627)1889790192 (DE-599)KXP1889790192 DE-627 ger DE-627 rda eng Ftiti, Zied verfasserin (DE-588)1239450338 (DE-627)1767619324 aut Corporate social responsibility disclosure and corporate creditworthiness evidence from the UK Zied Ftiti, Maher Jeriji, Sourour Kammoun, Waël Louhichi, Amel Zenaidi 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier bond market (dpeaa)DE-206 corporate social responsibility disclosure (dpeaa)DE-206 corporate social responsibility performance (dpeaa)DE-206 credit ratings (dpeaa)DE-206 credit spread (dpeaa)DE-206 Jeriji, Maher verfasserin aut Kammoun, Sourour verfasserin aut Louhichi, Waël verfasserin aut Zenaidi, Amel verfasserin aut Enthalten in International journal of finance & economics Chichester [u.a.] : Wiley, 1996 29(2024), 2 vom: Apr., Seite 1259-1276 Online-Ressource (DE-627)302927727 (DE-600)1493204-0 (DE-576)096806443 1099-1158 nnns volume:29 year:2024 number:2 month:04 pages:1259-1276 https://onlinelibrary.wiley.com/doi/pdf/10.1002/ijfe.2733 Verlag lizenzpflichtig https://doi.org/10.1002/ijfe.2733 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_184 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_266 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 29 2024 2 4 1259-1276 26 01 0206 4529091732 x1z 24-05-24 26 00 DE-206 This study investigates the way in which corporate social responsibility (CSR) practices are perceived by the U.K. bond market. In this respect, we distinguish between the two ambiguous subdimensions – that is, CSR disclosure and CSR performance. We analysed the association between CSR disclosure and the cost of corporate bonds by means of a multi-theoretical framework combining economics with social theories. We also examine the moderating effect of the CSR performance on this relationship. We estimate a random-effects GLS regression and random-effects ordered probit regression using a sample of companies belonging to the FTSE 100 index during the 2013–2017 period. We find that bondholders and credit rating agencies incorporate CSR disclosure into their assessment and evaluation of the firms' creditworthiness. Mainly, our results show that bondholders encourage and value CSR reporting primarily for companies with weak CSR performance, but stop doing so once the company reach a certain level of CSR performance. We further examined each CSR disclosure subdimension and aspects of corporate creditworthiness through a disaggregated analysis. Both environmental and community relations disclosures are significant in corporate creditworthiness, whereas only responsibility disclosure is related to credit ratings. Finally, results highlight that disclosure of CSR information is especially relevant to financially healthy firms. Our findings have several implications for academics, practitioners, and policymakers in understanding the consequences of CSR disclosure and CSR performance on bond markets and credit rating. |
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In this respect, we distinguish between the two ambiguous subdimensions – that is, CSR disclosure and CSR performance. We analysed the association between CSR disclosure and the cost of corporate bonds by means of a multi-theoretical framework combining economics with social theories. We also examine the moderating effect of the CSR performance on this relationship. We estimate a random-effects GLS regression and random-effects ordered probit regression using a sample of companies belonging to the FTSE 100 index during the 2013–2017 period. We find that bondholders and credit rating agencies incorporate CSR disclosure into their assessment and evaluation of the firms' creditworthiness. Mainly, our results show that bondholders encourage and value CSR reporting primarily for companies with weak CSR performance, but stop doing so once the company reach a certain level of CSR performance. 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26 00 DE-206 This study investigates the way in which corporate social responsibility (CSR) practices are perceived by the U.K. bond market. In this respect, we distinguish between the two ambiguous subdimensions – that is, CSR disclosure and CSR performance. We analysed the association between CSR disclosure and the cost of corporate bonds by means of a multi-theoretical framework combining economics with social theories. We also examine the moderating effect of the CSR performance on this relationship. We estimate a random-effects GLS regression and random-effects ordered probit regression using a sample of companies belonging to the FTSE 100 index during the 2013–2017 period. We find that bondholders and credit rating agencies incorporate CSR disclosure into their assessment and evaluation of the firms' creditworthiness. Mainly, our results show that bondholders encourage and value CSR reporting primarily for companies with weak CSR performance, but stop doing so once the company reach a certain level of CSR performance. We further examined each CSR disclosure subdimension and aspects of corporate creditworthiness through a disaggregated analysis. Both environmental and community relations disclosures are significant in corporate creditworthiness, whereas only responsibility disclosure is related to credit ratings. Finally, results highlight that disclosure of CSR information is especially relevant to financially healthy firms. Our findings have several implications for academics, practitioners, and policymakers in understanding the consequences of CSR disclosure and CSR performance on bond markets and credit rating Corporate social responsibility disclosure and corporate creditworthiness evidence from the UK Zied Ftiti, Maher Jeriji, Sourour Kammoun, Waël Louhichi, Amel Zenaidi bond market (dpeaa)DE-206 corporate social responsibility disclosure (dpeaa)DE-206 corporate social responsibility performance (dpeaa)DE-206 credit ratings (dpeaa)DE-206 credit spread (dpeaa)DE-206 |
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code="a">GBV_ILN_4393</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4700</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">AR</subfield></datafield><datafield tag="952" ind1=" " ind2=" "><subfield code="d">29</subfield><subfield code="j">2024</subfield><subfield code="e">2</subfield><subfield code="c">4</subfield><subfield code="h">1259-1276</subfield></datafield><datafield tag="980" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">01</subfield><subfield code="x">0206</subfield><subfield code="b">4529091732</subfield><subfield code="y">x1z</subfield><subfield code="z">24-05-24</subfield></datafield><datafield tag="982" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">00</subfield><subfield code="x">DE-206</subfield><subfield code="b">This study investigates the way in which corporate social responsibility (CSR) practices are perceived by the U.K. bond market. In this respect, we distinguish between the two ambiguous subdimensions – that is, CSR disclosure and CSR performance. We analysed the association between CSR disclosure and the cost of corporate bonds by means of a multi-theoretical framework combining economics with social theories. We also examine the moderating effect of the CSR performance on this relationship. We estimate a random-effects GLS regression and random-effects ordered probit regression using a sample of companies belonging to the FTSE 100 index during the 2013–2017 period. We find that bondholders and credit rating agencies incorporate CSR disclosure into their assessment and evaluation of the firms' creditworthiness. Mainly, our results show that bondholders encourage and value CSR reporting primarily for companies with weak CSR performance, but stop doing so once the company reach a certain level of CSR performance. We further examined each CSR disclosure subdimension and aspects of corporate creditworthiness through a disaggregated analysis. Both environmental and community relations disclosures are significant in corporate creditworthiness, whereas only responsibility disclosure is related to credit ratings. Finally, results highlight that disclosure of CSR information is especially relevant to financially healthy firms. Our findings have several implications for academics, practitioners, and policymakers in understanding the consequences of CSR disclosure and CSR performance on bond markets and credit rating.</subfield></datafield></record></collection>
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7.4032135 |