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Corporate Social Responsibility and Credit Ratings: Do Fallen Angels Adjust Their CSR Engagement?

Aktas, N, Karampatsas, N and Witkowski, A (2017) Corporate Social Responsibility and Credit Ratings: Do Fallen Angels Adjust Their CSR Engagement? SSRN.

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Abstract

This article examines whether firms adjust their corporate social responsibility (CSR) policies after a substantial drop in their credit rating. The focus is on the investment grade threshold, because of its importance for the firm’s cost of capital and access to debt financing. As this research documents, firms that lose their investment grade ratings (i.e., fallen angels) increase their CSR efforts in subsequent years. The results are strongest during the period 2008-2013, indicating that firms may have learned about the risk-reducing effects of CSR over time. Furthermore, increased CSR efforts help firms recover their credit rating subsequently.

Item Type: Article
Subjects : Finance
Authors :
NameEmailORCID
Aktas, NUNSPECIFIEDUNSPECIFIED
Karampatsas, Nn.karampatsas@surrey.ac.ukUNSPECIFIED
Witkowski, AUNSPECIFIEDUNSPECIFIED
Date : 2 February 2017
Identification Number : https://doi.org/10.2139/ssrn.2886815
Uncontrolled Keywords : Corporate Social Responsibility, Credit Ratings, Investment Grade Threshold
Related URLs :
Depositing User : Symplectic Elements
Date Deposited : 16 May 2017 15:39
Last Modified : 18 May 2017 13:14
URI: http://epubs.surrey.ac.uk/id/eprint/821096

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