TY - UNPB
T1 - Corporate Social Responsibility and Demand for New Equity Issues
AU - Chong, Beng Soon
AU - Liu, Zhenbin
PY - 2016/7/1
Y1 - 2016/7/1
N2 - Consistent with the hypothesis that equity demand is negatively (positively) affected by CSR concerns (strengths) of the issuer, we find that (1) issuers with greater CSR concerns are more likely to revise downwards the terms (offer price, number of shares offered, and total proceeds raised) of their stock offerings; (2) the probability of the over-allotment option being exercised is negatively related to CSR concerns in SEO issues, but is positively related to CSR strengths in IPO issues; and (3) the change in the percentage of institutional holdings around the issue date is positively (negatively) related to CSR strengths (concerns).
AB - Consistent with the hypothesis that equity demand is negatively (positively) affected by CSR concerns (strengths) of the issuer, we find that (1) issuers with greater CSR concerns are more likely to revise downwards the terms (offer price, number of shares offered, and total proceeds raised) of their stock offerings; (2) the probability of the over-allotment option being exercised is negatively related to CSR concerns in SEO issues, but is positively related to CSR strengths in IPO issues; and (3) the change in the percentage of institutional holdings around the issue date is positively (negatively) related to CSR strengths (concerns).
KW - Initial Public Offerings
KW - Seasoned Equity Offerings
KW - Equity Demand
KW - Price Revisions
KW - Over-allotment Option
KW - Corporate Social Responsibility (CSR)
KW - Environmental, Social and Governance (ESG)
U2 - 10.2139/ssrn.2505779
DO - 10.2139/ssrn.2505779
M3 - Working paper
T3 - Nanyang Business School Research Paper Series
BT - Corporate Social Responsibility and Demand for New Equity Issues
PB - SSRN
ER -