The Relationship between Corporate Social Responsibility and Syndicated Loan Spread

• Main Authors: Liu, Chen Chia, 劉鎮嘉
• Other Authors: 詹凌菁
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/44591696549248397642

碩士 === 國立政治大學 === 會計研究所 === 103 === This study examines the relationship between corporate social responsibility performance and syndicated loan spread. Based on a sample of companies in the US from 2001 to 2012, I find that companies with higher corporate social responsibility performance have lower syndicated loan spreads. Moreover, the decrease in loan spreads are more pronounced among bank-dependent companies. This suggests that companies with better corporate social responsibility performance can set up their enterprise image and establish bank trust, which would then reduce their cost of debt financing. Besides, by analyzing the components of corporate social responsibility indicators, I find that the reduction in loan spreads is associated with strengths in community, diversity, employee relations, and product.