CSR in the bond market: Pricing stakeholders and the moderating role of the institutional context

Antonio Salvi, Anastasia Giakoumelou and Giorgio Stefano Bertinetti

Global Finance Journal, 2021, vol. 50, issue C

Abstract: This study examines the impact of corporate social performance (CSP) on the spreads and credit ratings of corporate bonds on a global scale. The relationship is examined within the national legal and institutional environment and with regard to specific stakeholder practices. We construct and use a unique longitudinal, international dataset with a total of 5280 bond issues dating from 2003 to 2018 and spanning 40 countries worldwide.

Keywords: Corporate social responsibility; Corporate bonds; Bond spreads; Bond ratings; Stakeholder management; Legal system; Institutional environment (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:glofin:v:50:y:2021:i:c:s1044028319302674

DOI: 10.1016/j.gfj.2020.100522

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