Social Capital and Debt Contracting: Evidence from Bank Loans and Public Bonds
研究发现，总部位于美国社会资本较高县的企业，其银行贷款利差更低，且这一关系在考虑宗教、企业社会责任等因素后依然稳健，表明债权人视社会资本为约束机会主义行为的压力。
We find that firms headquartered in U.S. counties with higher levels of social capital incur lower bank loan spreads. This finding is robust to using organ donation as an alternative social capital measure and incremental to the effects of religiosity, corporate social responsibility, and tax avoidance. We identify the causal relation using companies with a social-capital-changing headquarters relocation. We also find that high-social-capital firms face loosened nonprice loan terms, incur lower at-issue bond spreads, and prefer public bonds over bank loans. We conclude that debt holders perceive social capital as providing environmental pressure that constrains opportunistic firm behaviors in debt contracting.