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Corporate Social Responsibility and Maturity Mismatch of Investment and Financing: Evidence from Polluting and Non-Polluting Companies

Xiaolan Bao (), Qiaosheng Luo (), Sicheng Li (), M. James C. Crabbe () and Xiaoguang Yue ()
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Xiaolan Bao: College of Economics and Management, Huazhong Agricultural University, Wuhan 430070, China
Qiaosheng Luo: College of Economics and Management, Huazhong Agricultural University, Wuhan 430070, China
Sicheng Li: College of Economics and Management, Huazhong Agricultural University, Wuhan 430070, China
M. James C. Crabbe: Wolfson College, Oxford University, Oxford OX2 6UD, UK

Sustainability, 2020, vol. 12, issue 12, 1-22

Abstract: We investigate the influence of corporate social responsibility (CSR) on the maturity mismatch of investment and financing from the perspective of both polluting and non-polluting companies. The results reveal that CSR performance can aggravate the maturity mismatch of investment and financing; and the effect can be more serious in the polluting companies. At the same time, we find that CSR makes companies obtain more short-term debt. What is more, polluting companies perform more environmental responsibilities in the form of long-term investments than non-polluting companies. These phenomena exacerbate the maturity mismatch of investment and financing; and this effect is only significant when polluting companies choose CSR mandatory disclosure. The impact of CSR on the maturity mismatch of investment and financing is more apparent in companies with lower value and at smaller scales. We show that companies should not only perform their CSR to maintain a balanced economic and ecological development, but also pay attention to the aggravation of the maturity mismatch of investment and financing.

Keywords: corporate social responsibility; maturity mismatch of investment and financing; polluting company (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2020
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