Socialium or the Financial Price of Social Responsibility

Diana Pop (), Caroline Marie-Jeanne () and Régis Dumoulin ()
Additional contact information
Diana Pop: GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement, CONFLUENCES - SFR UA 4201 Confluences - UA - Université d'Angers
Caroline Marie-Jeanne: GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement, CONFLUENCES - SFR UA 4201 Confluences - UA - Université d'Angers, IAE Angers - Institut d'Administration des Entreprises (IAE) - Angers - UA - Université d'Angers
Régis Dumoulin: GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement, CONFLUENCES - SFR UA 4201 Confluences - UA - Université d'Angers, IAE Angers - Institut d'Administration des Entreprises (IAE) - Angers - UA - Université d'Angers

Post-Print from HAL

Abstract: We investigate whether investors are willing to pay higher prices to invest in social projects, a differential that we call socialium. Using matching procedures on samples of social and conventional bonds of transnational organisations, we find that, on average, there is no yield and spread differentials on the primary and secondary markets. The result holds after taking into account the impact on market liquidity or shocks linked to political and economic uncertainty addressing silent issues of social risks. The non-significant empirical results on socialium provide us with a rare opportunity to bridge the reasonings stemming from the financial and sociological approaches. We explain why the issuers and investors still bear an interest for the social bonds through the lens of new institutionalism. Social influences, institutional and mimetic pressures and the acquisition of legitimacy in the eyes of society and stakeholders influence the issuance and the acceptance of social bonds.

Keywords: social bonds; socialium; market liquidity; legitimacy (search for similar items in EconPapers)
Date: 2024-12-01
References: Add references at CitEc
Citations:

Published in Bankers Markets & Investors : an academic & professional review, 2024, 178 (3), pp.0003. ⟨10.54695/bmi.178.0003⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04821742

DOI: 10.54695/bmi.178.0003

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().