Social responsibility and corporate borrowing

References

• Albuquerque, R., Y. Koskinen, and C. Zhang. 2019. “Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence.” Management Science 65 (10): 4451–4469. https://doi.org/10.1287/mnsc.2018.3043.
   Web of Science ®Google Scholar
• Ayyagari, M., A. Demirgüç-Kunt, and V. Maksimovic. 2010. “Formal Versus Informal Finance: Evidence From China.” The Review of Financial Studies 23 (8): 3048–3097. https://doi.org/10.1093/rfs/hhq030.
   Web of Science ®Google Scholar
• Barnea, A., and A. Rubin. 2010. “Corporate Social Responsibility As a Conflict Between Shareholders.” Journal of Business Ethics 97 (1): 71–86. https://doi.org/10.1007/s10551-010-0496-z.
   Web of Science ®Google Scholar
• Bellucci, A., A. Borisov, G. Giombini, and A. Zazzaro. 2023. “Information Asymmetry, External Certification, and the Cost of Bank Debt.” Journal of Corporate Finance 78:102336. https://doi.org/10.1016/j.jcorpfin.2022.102336.
   Google Scholar
• Bénabou, R., and J. Tirole. 2010. “Individual and Corporate Social Responsibility.” Economica 77 (305): 1–19. https://doi.org/10.1111/ecca.2010.77.issue-305.
   Web of Science ®Google Scholar
• Berman, S. L., A. C. Wicks, S. Kotha, and T. M. Jones. 1999. “Does Stakeholder Orientation Matter? The Relationship Between Stakeholder Management Models and Firm Financial Performance.” Academy of Management Journal 42 (5): 488–506. https://doi.org/10.2307/256972.
   Web of Science ®Google Scholar
• Bharath, S. T., and T. Shumway. 2008. “Forecasting Default with the Merton Distance to Default Model.” The Review of Financial Studies 21 (3): 1339–1369. https://doi.org/10.1093/rfs/hhn044.
   Web of Science ®Google Scholar
• Bhattacharya, S., and J. R. Ritter. 1983. “Innovation and Communication: Signalling with Partial Disclosure.” The Review of Economic Studies 50 (2): 331–346. https://doi.org/10.2307/2297419.
   Web of Science ®Google Scholar
• Booth, J. R., and L. C. Booth. 2006. “Loan Collateral Decisions and Corporate Borrowing Costs.” Journal of Money, Credit and Banking 38 (1): 67–90. https://doi.org/10.1353/mcb.2006.0011.
   Web of Science ®Google Scholar
• Bradley, M., and M. R. Roberts. 2015. “The Structure and Pricing of Corporate Debt Covenants.” The Quarterly Journal of Finance 5 (2): 1550001. https://doi.org/10.1142/S2010139215500019.
   Google Scholar
• Buchak, G., G. Matvos, T. Piskorski, and A. Seru. 2018. “Fintech, Regulatory Arbitrage, and the Rise of Shadow Banks.” Journal of Financial Economics 130 (3): 453–483. https://doi.org/10.1016/j.jfineco.2018.03.011.
   Web of Science ®Google Scholar
• Chava, S., D. Livdan, and A. Purnanandam. 2009. “Do Shareholder Rights Affect the Cost of Bank Loans?” The Review of Financial Studies 22 (8): 2973–3004. https://doi.org/10.1093/rfs/hhn111.
   Web of Science ®Google Scholar
• Cheng, I.-H., H. Hong, and K. Shue. 2023. “Do Managers Do Good with Other People's Money?” The Review of Corporate Finance Studies 12 (3): 443–487. https://doi.org/10.1093/rcfs/cfad008.
   Google Scholar
• Cheng, B., I. Ioannou, and G. Serafeim. 2014. “Corporate Social Responsibility and Access to Finance.” Strategic Management Journal 35 (1): 1–23. https://doi.org/10.1002/smj.2014.35.issue-1.
   Web of Science ®Google Scholar
• Cheung, Y., W. Tan, and W. Wang. 2020. “Where Do Banks Value Corporate Social Responsibility More? Evidence on the Role of National Culture.” Journal of Banking & Finance 118:105810. https://doi.org/10.1016/j.jbankfin.2020.105810.
   Google Scholar
• Chod, J., and E. Lyandres. 2021. “A Theory of ICOs: Diversification, Agency, and Information Asymmetry.” Management Science 67 (10): 5969–5989. https://doi.org/10.1287/mnsc.2020.3754.
   Web of Science ®Google Scholar
• Coimbra, N., and H. Rey. 2017. “Financial Cycles with Heterogeneous Intermediaries.” Review of Economic Studies 91 (2): 817–857.
   Google Scholar
• Cong, L. W., H. Gao, J. Ponticelli, and X. Yang. 2019. “Credit Allocation Under Economic Stimulus: Evidence From China.” The Review of Financial Studies 32 (9): 3412–3460. https://doi.org/10.1093/rfs/hhz008.
   Web of Science ®Google Scholar
• Cowling, M., W. Liu, and N. Zhang. 2016. “Access to Bank Finance for UK SMEs in the Wake of the Recent Financial Crisis.” International Journal of Entrepreneurial Behavior & Research 22 (6): 903–932. https://doi.org/10.1108/IJEBR-06-2015-0126.
   Google Scholar
• Degryse, H., L. Lu, and S. Ongena. 2016. “Informal Or Formal Financing? Evidence on the Co-Funding of Chinese Firms.” Journal of Financial Intermediation 27:31–50. https://doi.org/10.1016/j.jfi.2016.05.003.
   Web of Science ®Google Scholar
• Deng, X., J.-k. Kang, and B. S. Low. 2013. “Corporate Social Responsibility and Stakeholder Value Maximization: Evidence From Mergers.” Journal of Financial Economics 110 (1): 87–109. https://doi.org/10.1016/j.jfineco.2013.04.014.
   Web of Science ®Google Scholar
• Diamond, D. W. 1991. “Monitoring and Reputation: The Choice Between Bank Loans and Directly Placed Debt.” Journal of Political Economy 99 (4): 689–721. https://doi.org/10.1086/261775.
   Web of Science ®Google Scholar
• Dichev, I. D. 1998. “Is the Risk of Bankruptcy a Systematic Risk?” The Journal of Finance 53 (3): 1131–1147. https://doi.org/10.1111/jofi.1998.53.issue-3.
   Web of Science ®Google Scholar
• Ding, H., Y. Hu, K. A. Kim, and M. Xie. 2023. “Relationship-Based Debt Financing of Chinese Private Sector Firms: The Role of Social Connections to Banks Versus Political Connections.” Journal of Corporate Finance 78:102335. https://doi.org/10.1016/j.jcorpfin.2022.102335.
   Web of Science ®Google Scholar
• Drobetz, W., M. C. Grüninger, and S. Hirschvogl. 2010. “Information Asymmetry and the Value of Cash.” Journal of Banking & Finance 34 (9): 2168–2184. https://doi.org/10.1016/j.jbankfin.2010.02.002.
   Web of Science ®Google Scholar
• Eccles, R. G., I. Ioannou, and G. Serafeim. 2014. “The Impact of Corporate Sustainability on Organizational Processes and Performance.” Management Science 60 (11): 2835–2857. https://doi.org/10.1287/mnsc.2014.1984.
   Web of Science ®Google Scholar
• El Ghoul, S., O. Guedhami, C. C. Kwok, and D. R. Mishra. 2011. “Does Corporate Social Responsibility Affect the Cost of Capital?” Journal of Banking & Finance 35 (9): 2388–2406. https://doi.org/10.1016/j.jbankfin.2011.02.007.
   Web of Science ®Google Scholar
• Gao, F., L. L. Lisic, and I. X. Zhang. 2014. “Commitment to Social Good and Insider Trading.” Journal of Accounting and Economics 57 (2–3): 149–175. https://doi.org/10.1016/j.jacceco.2014.03.001.
   Web of Science ®Google Scholar
• Gao, H., H. Ru, and D. Y. Tang. 2021. “Subnational Debt of China: The Politics-Finance Nexus.” Journal of Financial Economics 141 (3): 881–895. https://doi.org/10.1016/j.jfineco.2021.05.028.
   Web of Science ®Google Scholar
• Godfrey, P. C., C. B. Merrill, and J. M. Hansen. 2009. “The Relationship Between Corporate Social Responsibility and Shareholder Value: An Empirical Test of the Risk Management Hypothesis.” Strategic Management Journal 30 (4): 425–445. https://doi.org/10.1002/smj.v30:4.
   Web of Science ®Google Scholar
• Gong, G., X. Huang, S. Wu, H. Tian, and W. Li. 2021. “Punishment by Securities Regulators, Corporate Social Responsibility and the Cost of Debt.” Journal of Business Ethics 171 (2): 337–356. https://doi.org/10.1007/s10551-020-04438-z.
   Web of Science ®Google Scholar
• Goss, A., and G. S. Roberts. 2011. “The Impact of Corporate Social Responsibility on the Cost of Bank Loans.” Journal of Banking & Finance 35 (7): 1794–1810. https://doi.org/10.1016/j.jbankfin.2010.12.002.
   Web of Science ®Google Scholar
• Haß, L. H., S. Vergauwe, and Z. Zhang. 2019. “State-Ownership and Bank Loan Contracting: Evidence From Corporate Fraud.” The European Journal of Finance 25 (6): 550–567. https://doi.org/10.1080/1351847X.2017.1328454.
   Web of Science ®Google Scholar
• Hasan, I., S.-J. Kim, P. N. Politsidis, and E. Wu. 2023. “Regulation and Information Costs of Sovereign Distress: Evidence From Corporate Lending Markets.” Journal of Corporate Finance 82:102–468.
   Google Scholar
• Haugen, R. A., and L. W. Senbet. 1979. “New Perspectives on Informational Asymmetry and Agency Relationships.” Journal of Financial and Quantitative Analysis 14 (4): 671–694. https://doi.org/10.2307/2330443.
   Google Scholar
• Heinkel, R., A. Kraus, and J. Zechner. 2001. “The Effect of Green Investment on Corporate Behavior.” Journal of Financial and Quantitative Analysis 36 (4): 431–449. https://doi.org/10.2307/2676219.
   Web of Science ®Google Scholar
• Holmstrom, B., and J. Tirole. 1997. “Financial Intermediation, Loanable Funds, and the Real Sector.” The Quarterly Journal of Economics 112 (3): 663–691. https://doi.org/10.1162/003355397555316.
   Web of Science ®Google Scholar
• Hong, H., J. D. Kubik, and J. A. Scheinkman. 2012. “Financial Constraints on Corporate Goodness.” National Bureau of Economic Research
   Google Scholar
• Houston, J. F., and H. Shan. 2022. “Corporate ESG Profiles and Banking Relationships.” The Review of Financial Studies 35 (7): 3373–3417. https://doi.org/10.1093/rfs/hhab125.
   Web of Science ®Google Scholar
• Huang, S., B. Jiang, and Y. Xiao. 2023. “The Impact of Fintech on Banking: Evidence from Banks' Partnering with Zelle.” Available at SSRN 4595733.
   Google Scholar
• Jensen, M. C., and W. H. Meckling. 1976. “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.” Journal of Financial Economics 3 (4): 305–360. https://doi.org/10.1016/0304-405X(76)90026-X.
   Web of Science ®Google Scholar
• Kim, Y., M. S. Park, and B. Wier. 2012. “Is Earnings Quality Associated with Corporate Social Responsibility?” The Accounting Review 87 (3): 761–796. https://doi.org/10.2308/accr-10209.
   Web of Science ®Google Scholar
• Krishnaswami, S., P. A. Spindt, and V. Subramaniam. 1999. “Information Asymmetry, Monitoring, and the Placement Structure of Corporate Debt.” Journal of Financial Economics 51 (3): 407–434. https://doi.org/10.1016/S0304-405X(98)00059-2.
   Web of Science ®Google Scholar
• Lee, D. D., and R. W. Faff. 2009. “Corporate Sustainability Performance and Idiosyncratic Risk: A Global Perspective.” Financial Review 44 (2): 213–237. https://doi.org/10.1111/fire.2009.44.issue-2.
   Google Scholar
• Leland, H. E., and D. H. Pyle. 1977. “Informational Asymmetries, Financial Structure, and Financial Intermediation.” The Journal of Finance 32 (2): 371–387. https://doi.org/10.2307/2326770.
   Web of Science ®Google Scholar
• Lins, K. V., H. Servaes, and A. Tamayo. 2017. “Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility During the Financial Crisis.” The Journal of Finance 72 (4): 1785–1824. https://doi.org/10.1111/jofi.2017.72.issue-4.
   Web of Science ®Google Scholar
• Masulis, R. W., and S. W. Reza. 2015. “Agency Problems of Corporate Philanthropy.” The Review of Financial Studies 28 (2): 592–636. https://doi.org/10.1093/rfs/hhu082.
   Web of Science ®Google Scholar
• Ohlson, J. A. 1980. “Financial Ratios and the Probabilistic Prediction of Bankruptcy.” Journal of Accounting Research 18 (1): 109–131. https://doi.org/10.2307/2490395.
   Web of Science ®Google Scholar
• Rajan, R. G. 1992. “Insiders and Outsiders: The Choice Between Informed and Arm's-Length Debt.” The Journal of Finance 47 (4): 1367–1400.
   Web of Science ®Google Scholar
• Ranaldo, A., and F. Somogyi. 2021. “Asymmetric Information Risk in Fx Markets.” Journal of Financial Economics 140 (2): 391–411. https://doi.org/10.1016/j.jfineco.2020.12.007.
   Google Scholar
• Spence, M.. 1978. “Job market signaling.” In Uncertainty in economics, 281–306. Academic Press.
   Google Scholar
• Stambaugh, R. F., J. Yu, and Y. Yuan. 2012. “The Short of it: Investor Sentiment and Anomalies.” Journal of Financial Economics 104 (2): 288–302. https://doi.org/10.1016/j.jfineco.2011.12.001.
   Web of Science ®Google Scholar
• Stambaugh, R. F., J. Yu, and Y. Yuan. 2015. “Arbitrage Asymmetry and the Idiosyncratic Volatility Puzzle.” The Journal of Finance 70 (5): 1903–1948. https://doi.org/10.1111/jofi.2015.70.issue-5.
   Web of Science ®Google Scholar
• Su, K., and Y. Lu. 2023. “The Impact of Corporate Social Responsibility on Corporate Financialization.” The European Journal of Finance 29 (17): 2047–2073. https://doi.org/10.1080/1351847X.2023.2175704.
   Google Scholar
• Sufi, A. 2007. “Information Asymmetry and Financing Arrangements: Evidence From Syndicated Loans.” The Journal of Finance 62 (2): 629–668. https://doi.org/10.1111/jofi.2007.62.issue-2.
   Web of Science ®Google Scholar
• Xu, F., A. Xiaowen, A. Yahui, and X. Yajun. 2022. “Shadow Funding and Economic Growth: Evidence From China.” Journal of Money, Credit and Banking 56 (2-3): 589–611.
   Google Scholar
• Zellner, A., and H. Theil. 1962. “Three-Stage Least Squares: Simultaneous Estimation of Simultaneous Equations.” Econometrica 30 (1): 54–78. https://doi.org/10.2307/1911287.
   Web of Science ®Google Scholar
• Zhong, R. 2018. “Transparency and Firm Innovation.” Journal of Accounting and Economics 66 (1): 67–93. https://doi.org/10.1016/j.jacceco.2018.02.001.
   Web of Science ®Google Scholar