Corporate social responsibility and credit rating around the world: The role of societal trust
研究发现，社会信任能缓解道德风险问题，从而增强企业社会责任与信用评级之间的正向关系，且这种效应仅在高信任国家显著，有助于解释全球范围内该关系的实证分歧。
Abstract We hypothesize that societal trust alleviates moral hazard concerns that undermine credit rating agencies’ perceived value of corporate social responsibility (CSR). We test our hypothesis using a large global sample and find a more salient relationship between CSR and credit rating only in countries with high societal trust. Our findings reconcile the mixed empirical worldwide evidence on this relationship. Additional tests provide further evidence that it is societal trust, not other country‐level factors, that drives our results.