Corporate social responsibility, market rivalry and firm leverage: new evidence from a fixed-effect quantile regression approach

Thanh Nguyen Minh, Anh Mai Ngoc, Anh Nguyen Tuan and Tung Nguyen Dao

Finance Research Letters, 2022, vol. 47, issue PB

Abstract: Previous research has employed conditional mean-focused regressions to examine the relationship between CSR and firm leverage in developed nations. By offering the first evidence in a developing country, this study employs a quantile technique to overcome the limitations of previous investigations. Our findings reveal that participation in corporate social responsibility activities has a negative and substantial influence on firm leverage at higher quantiles but no effect at lower quantiles. Our study shows that CSR spillovers on firm leverage take place through promoting employee benefits as well as improvements in the business environment.

Keywords: CSR; market rivalry; firm laverage; fixed-effect quantile regression (search for similar items in EconPapers)
JEL-codes: G3 H2 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:47:y:2022:i:pb:s1544612322001064

DOI: 10.1016/j.frl.2022.102794

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