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This thesis investigates the effect of Corporate Social Responsibility (CSR) on a firm’s cost of debt and credit rating and secondly, whether country institutional factors moderate this relationship. The research contributes to the growing literature concerning CSR and firm value by exploring this relationship through a new channel which till date does not receive adequate attention from academics. This study also provides important implications for business practitioners and policymakers regarding strategic employment of CSR activities in different host countries with varying degree of institutional factors. Using a cross-sectional data sample consisting of 6271 bond observations issued by 883 firms located in 41 countries and spanning 10 industry sectors, the research finds strong supportive evidence that socially responsible firms can acquire cheaper debt financing and enjoy higher credit rating. Additionally, the results reveal a positive enhancement effect of country institutional factors on the relationship, albeit the magnitude is rather modest.

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• Reference Manager
• EndNote
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• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Pure sciences. Natural sciences (general)