African firm default risk and CSR

Dhafer Saidane and Sana BEN Abdallah

Finance Research Letters, 2021, vol. 43, issue C

Abstract: As far we know this study is the first to examine the causal relationship between African firm default risk and CSR and its separate dimensions (environmental, social, and governance dimensions). Bivariate PVAR estimations results show that there is a unidirectional relationship between firm default risk and CSR as well as the environment dimension. Indeed, we note a positive and significant impact of firm stability toward CSR. Besides, our results reveal that environmental performance has a negative and significant impact on firm stability. Finally, our findings conclude that there is a virtuous circle between the governance dimension and firms' stability.

Keywords: Sustainable finance; Corporate social responsibility; African firm; Default risk (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (11)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:43:y:2021:i:c:s1544612321000453

DOI: 10.1016/j.frl.2021.101964

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