Trust, social capital, and the bond market benefits of ESG performance
Hami Amiraslani; Karl V. Lins; Henri Servaes; Ane Tamayo · 2022 · Review of Accounting Studies
WASTE classifies this as Negative / Null Result Report · AI classification, approximate
The study found no significant effect — useful as a negative control or null benchmark for your own design.
Abstract
Abstract We investigate whether a firm’s social capital and the trust that it engenders are viewed favorably by bondholders. Using firms’ environmental and social (E&S) performance to proxy for social capital, we find no relation between social capital and bond spreads over the period 2006–2019. However, during the 2008–2009 financial crisis, which represents a shock to trust and default risk, high-social-capital firms benefited from lower bond spreads. These effects are stronger for firms with higher expected agency costs of debt and firms whose E&S efforts are more salient. During th
Abstract by Hami Amiraslani; Karl V. Lins; Henri Servaes; Ane Tamayo, Review of Accounting Studies (2022) — licensed CC BY 4.0.
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Metadata source: OpenAlex · DOI 10.1007/s11142-021-09646-0