Corporate Bond Covenants and Social Responsibility Investment

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Journal of Business Ethics 131 (2):285-303 (2015)
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Abstract

This paper examines the effect of corporate social responsibility on the number of bond covenants. We find that a high CSR score has a negative association with the number of bond covenants. Moreover, our results are more pronounced for firms with a high bid-ask spread and high agency costs. Our analysis highlights the effect of the good stakeholder relationship on the bond contracts

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10.1007/s10551-014-2272-y

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