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Does Corportae Social Responsibility Have an Impact on Financing Decisions?

Guillaume Pijourlet
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Guillaume Pijourlet: Université Clermont Auvergne

Bankers, Markets & Investors, 2015, issue 136-137, 5-19

Abstract: This paper examines whether corporate social responsibility (CSR) performance affects (i) capital structure and (ii) the size of equity issuances. Using a worldwide dataset of 6,589 firm-year observations, we find that (i) CSR performance negatively affects firms’ leverage. We also show that (ii) high CSR firms issue a larger volume of equity and that such firms are less dependent on market conditions for their equity issuances. Overall, our results reveal that firms take into account the financial consequences of implementing CSR policies in their financing decisions.

Keywords: Corporate Social Responsibility; Capital Structure; Market Timing Theory; Information Asymmetry (search for similar items in EconPapers)
JEL-codes: G32 M14 (search for similar items in EconPapers)
Date: 2015
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