The Effects of Institutional Corporate Social Responsibility on Bank Loans
研究发现，针对借款企业次要利益相关者的机构企业社会责任水平越高，银行贷款利率和利差越低，且能减弱贷款期限和杠杆率对利率的正向影响，对持续履行该责任的企业效果更显著。
The authors study the impact of institutional corporate social responsibility (CSR)—defined as CSR targeted at a borrowing firm’s secondary stakeholders—on bank loans. Findings suggest that higher levels of institutional CSR are associated with lower levels of interest rates and loan spreads. In addition, institutional CSR also tempers the positive impact of loan maturity and firm leverage on interest rates and loan spread. These effects were strongest among firms that demonstrated sustained performance, rather than among firms that showed mixed performance in terms of their secondary stakeholder-related activities. This study indicates institutional CSR is valued by stakeholders for its risk mitigating and transaction cost reducing effects independent of technical CSR, defined as CSR targeted at primary stakeholders.