Corporate Bond Covenants and Social Responsibility Investment

Guifeng Shi () and Jianfei Sun

Journal of Business Ethics, 2015, vol. 131, issue 2, 285-303

Abstract: This paper examines the effect of corporate social responsibility (CSR) on the number of bond covenants. We find that a high CSR score has a negative association with the number of bond covenants. Moreover, our results are more pronounced for firms with a high bid-ask spread and high agency costs. Our analysis highlights the effect of the good stakeholder relationship on the bond contracts. Copyright Springer Science+Business Media Dordrecht 2015

Keywords: Bond covenants; Corporate social responsibility investment; G32; G24; G12 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (10)

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DOI: 10.1007/s10551-014-2272-y

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