Does Corporate Social Responsibility Facilitate Public Debt Financing?
研究发现企业社会责任表现越好的公司，其总债务中公共债务占比越高，尤其在信息不对称或财务约束严重时更明显；但该效应在罪恶行业或低信任地区较弱，且BP漏油事件后CSR对公共债务的正向影响更突出。
ABSTRACT We find that firms with stronger corporate social responsibility (CSR) performance have a larger share of public debt in their total debt, particularly when they are subject to higher information asymmetry or greater financial constraints. Moreover, the CSR effect on public debt is weaker for firms in sin industries or low‐trust regions where CSR is less likely to be viewed as a genuine commitment. Utilizing the BP oil spill event as a shock to investors’ CSR awareness, we document that the positive effect of CSR on public debt is more evident after the shock, particularly for firms outside the oil and gas industries.