scholarly journals Corporate Social Responsibility and Rule 144A Debt Offerings: Empirical Evidence

2018 ◽  
Vol 6 (4) ◽  
pp. 94 ◽  
Author(s):  
Wassim Dbouk ◽  
Dawei Jin ◽  
Haizhi Wang ◽  
Jianrong Wang
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Institutional Investors ◽  
Simultaneous Equation ◽  
Securities And Exchange Commission ◽  
Yield Spread ◽  
Bond Yield ◽  
Variable Approach ◽  
Social Environmental ◽  
Corporate Social

Rule 144A allows a firm to issue securities without a public registration statement with the Securities and Exchange Commission, and only qualified institutional investors can purchase such securities. In this study, focusing on corporate bonds issued under Rule 144A, we empirically investigate the relationship between the corporate social responsibility (CSR) of issuing firms and the bond yield spread at issuance. We document a significant and positive relation between CSR concerns, whereas CSR strengths seem to play an insignificant role in determining bond yield spread. Our main findings are robust to the instrumental variable approach and simultaneous equation estimation to address the potential endogeneity issues. We further explore the time-series changes in issuing firms’ CSR profiles, and report that institutional investors demand a higher bond yield spread when issuing firms’ exposure to higher social, environmental, and stakeholder concerns. Our analyses reveal that the main sources of such risk exposure are stakeholder conflict and concerns from primary stakeholder groups.

scholarly journals Corporate Social Responsibility and Bond Price at Issuances: U.S. Evidence

2021 ◽  
Vol 13 (23) ◽  
pp. 13123
Author(s):  
Hong Zhao ◽  
Wei Du ◽  
Hao Shen ◽  
Xinting Zhen
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Corporate Bond ◽  
Community Relations ◽  
Yield Spread ◽  
Governance Mechanism ◽  
Bond Price ◽  
Negative Relation ◽  
Bond Yield ◽  
Corporate Social

Bondholders are arm’s-length lenders with limited insider information. In this paper, we explore whether corporate social responsibility (CSR) activities could work as an information channel for bondholders to better understand the riskiness of bond-issuing firms. We find a significant negative relation between CSR scores and corporate bond yield spread, especially for firms which invest heavily in diversity and community relations, suggesting that CSR firms are less risky. The result is robust to different model specifications and endogeneity issues. In addition, the negative relation between the CSR score and bond yield spread is significant only if a firm has a strong internal governance mechanism.

scholarly journals Pengaruh Dimensi Pengungkapan Corporate Social Responsibility Terhadap Future Institutional Ownership

2016 ◽  
Vol 17 (1) ◽  
pp. 91
Author(s):  
Rizky Eriandani
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Institutional Investors ◽  
Positive Impact ◽  
Investment Decisions ◽  
Measurement Instrument ◽  
Institutional Ownership ◽  
Manufacturing Companies ◽  
Csr Disclosure ◽  
Corporate Social

<em>Corporate social responsibility practice becomes important subject in company`s activity, because it will affect the company's reputation. Besides, institutional investors likely prefer to invest in companies that have a social responsibility as it is considered to increase the legitimacy and future performance. This study aims to investigate the effect of CSR disclosure on institutional ownership. We use percentages ownership to measure institutional ownership. CSR measurement instrument used in this study adopted a previous research. The instrument comes from research Hackston and Milne, which was adjusted with Bapepam regulation in Indonesia. We also divided CSR disclosures in four sub-dimensions. The samples used in this research were 115 listed agriculture, mining, and manufacturing companies in indonesian Stock Exchange which studied during the years of 2010. Using SPSS 20, The analysis methods of this research used multiple regression analysis. Studies shows that not all dimensions of CSR disclosure effect on institutional ownership. Only product dimensions of CSR disclosures has a significant positive impact on institutional ownership. However, this paper fail to find any significant impact of another CSR dimensions. Thus, our study suggests that the dimensions of the product can affect investment decisions. In contrast, institutional investors have not focused on environment, employee relation, and community activities in investment decisions.</em>

Does corporate social responsibility reporting enhance shareholders’ value?

2018 ◽  
Vol 16 (1) ◽  
pp. 158-178 ◽  
Author(s):  
Afzalur Rashid
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Performance Measures ◽  
Economic Performance ◽  
Simultaneous Equation ◽  
Content Type ◽  
Listed Firms ◽  
Csr Reporting ◽  
Corporate Social Responsibility Reporting ◽  
Corporate Social

Purpose This study aims to examine whether corporate social responsibility (CSR) and relevant reporting enhances firms’ economic performance among the listed firms in Bangladesh. Design/methodology/approach This study uses a content analysis to examine specific CSR-related attributes from 115 non-financial publicly listed firms in Bangladesh. Firm CSR reporting is evaluated against accounting and market performance measures, with a simultaneous equation approach used to control the potential endogeneity problem. Findings This study finds that CSR reporting significantly influences firm performance under both performance measures, although a firm’s economic performance does not influence CSR reporting. Research limitations/implications This study is subject to some limitations, such as the subjectivity or judgement associated in the coding process. Practical implications The findings imply that although CSR reporting by firms in Bangladesh is discretionary in nature, the ones that report add value to their firm. Originality/value This study contributes to the literature on the practices of CSR reporting in the context of the developing countries.

CORPORATE SOCIAL RESPONSIBILITY AS A TOOL FOR IMPLEMENTING SUSTAINABLE CONSUMPTION AND PRODUCTION

2020 ◽  
Vol 21 (4) ◽  
pp. 9-27
Author(s):  
Elżbieta Lorek
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Business Strategy ◽  
Sustainable Consumption ◽  
Innovation Potential ◽  
Production And Consumption ◽  
Sustainable Consumption And Production ◽  
Social Environmental ◽  
Ethical Risk Management ◽  
Corporate Social

The aim of the article is to demonstrate the relationship between the concepts of corporate social responsibility and sustainable production and consumption. CSR helps the organization increase efficiency and credibility, engage in dialogue and engage stakeholders in cooperation, as well as identify social, environmental and ethical risk management. The implementation of CSR requires a comprehensive change in the functioning of the enterprise. Companies that have implemented CSR should, above all, transparently inform consumers about their products, i.e. implement the principles of the European product policy and the guidelines of sustainable consumption and production. The implementation of CSR principles into the company’s business strategy is conducive to building a long-term competitive advantage and relations with the social environment of companies and its stakeholders. For companies that adhere to the principles of CSR, this helps to effectively use the instruments of sustainable consumption and production and thus contribute to sustainable development while increasing European innovation potential and European competitiveness.

CSR in China

2017 ◽  
pp. 258-275
Author(s):  
Ruth Wolf ◽  
Monica Thiel
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Economic Resources ◽  
Global Markets ◽  
Socially Responsible ◽  
The West ◽  
General Managers ◽  
Social Environmental ◽  
Corporate Social ◽  
Firm Governance

This chapter presents challenges in China's governance outlook within a Corporate Social Responsibility (CSR) analysis of China's social, environmental and economic resources and potential impacts in other countries. The purpose of this article sheds light of how CSR in China is emerging as a doorway to a) promote understanding of changes in firm governance for general managers through state and corporate socially responsible practices and b) to explain that preserving the environment and preventing pollution is necessary if China would like to trade with the West and enter global markets with other countries that place importance of governance and CSR principles.

scholarly journals Corporate Governance and Disclosure of Information on Corporate Social Responsibility: An Analysis of the Top 200 Universities in the Shanghai Ranking

2020 ◽  
Vol 12 (4) ◽  
pp. 1549 ◽  
Author(s):  
Raquel Garde Sánchez ◽  
Jesús Mauricio Flórez-Parra ◽  
María Victoria López-Pérez ◽  
Antonio Manuel López-Hernández
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Stakeholder Participation ◽  
Disclosure Of Information ◽  
Shanghai Ranking ◽  
And Gender ◽  
Social Environmental ◽  
Csr Disclosure ◽  
Transparency And Disclosure ◽  
Corporate Social

Corporate Social Responsibility (CSR) and its disclosure in the university environment is a topic of current relevance, as it makes the entities’ commitments visible and provides indicators that enable them to improve the institution management and communication with stakeholders. The goal of this study is to determine to what extent the structure and mechanisms for governance and the demands of stakeholders influence policy for disclosing CSR information, both in general (more related to a strategic perspective) and specifically (more focused on specific social, environmental, economic, and educational issues). The results of our analysis of a sample of the top 200 universities in the Shanghai Ranking show no association of the profile and gender of the university’s rector and frequency of board meetings with CSR disclosure policy, but leadership team, the size of governance board, committees in the governance board and stakeholder participation are factors determining disclosure of information on matters of CSR. The results show that proximity to the day-to-day, diversification of functions, and communication with interest groups are crucial to transparency and disclosure of CSR information.

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