مسئولیت اجتماعی شرکت و هزینه سرمایه
ترجمه نشده

مسئولیت اجتماعی شرکت و هزینه سرمایه

عنوان فارسی مقاله: آیا مسئولیت اجتماعی شرکت بر هزینه سرمایه در چین تأثیر دارد؟
عنوان انگلیسی مقاله: Does corporate social responsibility affect cost of capital in China?
مجله/کنفرانس: بررسی مدیریت آسیا اقیانوسیه – Asia Pacific Management Review
رشته های تحصیلی مرتبط: مدیریت، اقتصاد
گرایش های تحصیلی مرتبط: مدیریت کسب و کار، مدیریت مالی، اقتصاد مالی
کلمات کلیدی فارسی: مسئولیت اجتماعی شرکت، هزینه سرمایه، ساختار سرمایه، تجزیه و تحلیل محتوا
کلمات کلیدی انگلیسی: Corporate social responsibility، Cost of capital، Capital structure، Content analysis
نوع نگارش مقاله: مقاله پژوهشی (Research Article)
شناسه دیجیتال (DOI): https://doi.org/10.1016/j.apmrv.2019.04.001
دانشگاه: Department of Accounting, Tamkang University, New Taipei City, 25137, Taiwan
صفحات مقاله انگلیسی: 12
ناشر: الزویر - Elsevier
نوع ارائه مقاله: ژورنال
نوع مقاله: ISI
سال انتشار مقاله: 2020
ایمپکت فاکتور: 1.673 در سال 2019
شاخص H_index: 11 در سال 2020
شاخص SJR: 0.463 در سال 2019
شناسه ISSN: 1029-3132
شاخص Quartile (چارک): Q2 در سال 2019
فرمت مقاله انگلیسی: PDF
وضعیت ترجمه: ترجمه نشده است
قیمت مقاله انگلیسی: رایگان
آیا این مقاله بیس است: بله
آیا این مقاله مدل مفهومی دارد: ندارد
آیا این مقاله پرسشنامه دارد: ندارد
آیا این مقاله متغیر دارد: دارد
کد محصول: E14875
رفرنس: دارای رفرنس در داخل متن و انتهای مقاله
فهرست مطالب (انگلیسی)

Abstract

۱٫ Introduction

۲٫ Literature review

۳٫ Methodology

۴٫ Empirical results

۵٫ Discussion and conclusion

Appendix 1. The Expert Assessment System for CSR China Honor Roll

References

بخشی از مقاله (انگلیسی)

Abstract

Firms in China with higher corporate social responsibility (CSR) performance may not substantially reduce their cost of equity capital versus firms in developed countries. To compare the different capital structures between developing and developed countries, this study examines whether CSR affects a firm’s cost of equity and debt capital in China. Our results show that Chinese firms with higher CSR performance can rapidly reduce their cost of debt capital. When we use capital structure (CS) as a moderator to evaluate the relationship between CSR and the cost of capital, the findings present that CS does not play a moderating role. The CSR value curve indicates that CSR investment by Chinese firms is still at legal and compliant levels, incurring more information asymmetry and less market efficiency in the country’s financial sector.

Introduction

The dramatic growth in international financial markets has caused corporate social responsibility (CSR) to become increasingly important. A firm now has to focus its attention on both increasing its revenue and being a good corporate citizen. Such a major transformation requires national and global companies to approach their business from the perspective of sustainable development and support CSR activity in order to benefit from any positive financial impact. CSR can be regarded as a manner in which companies consider environmental, social, and governance factors in their business decisions and processes, along with the strength of their relationships with various corporate stakeholders (Oikonomou, Brooks, & Pavelin, 2014). In developed markets such as the United States, firms prefer to raise their funds through the equity market, but in China, a uniquely fast developing country, firms tend to raise funds from the external debt market rather than the external equity market (Pessarossia & Weill, 2013). Fig. 1 demonstrates that U.S firms raise at least 70% of their corporate funds from the equity market, while less than 60% of Chinese corporate funds come from the equity market. There indeed is a huge gap in capital structure (CS) between China and developed markets such as the U.S (see Fig. 1).