National Stakeholder Orientation, Corporate Social Responsibility, and Bank Loan Cost

Stephen Y L CHEUNG, Weiqiang TAN, Wenming WANG*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

7 Citations (Scopus)


Based on a sample of firms from 20 countries around the world, this study investigates how the relationship between corporate social responsibility (CSR) and bank loan pricing is affected by the degree of national stakeholder orientation. We find that firms with superior CSR performance are more likely to enjoy lower loan costs in more stakeholder-oriented countries than are their counterparts in less stakeholder-oriented countries. This study contributes to the CSR literature by highlighting the importance of national institutional environments in determining the economic consequences of CSR practices.

Original languageEnglish
Pages (from-to)505-524
Number of pages20
JournalJournal of Business Ethics
Issue number2
Publication statusPublished - 1 Jun 2018

Scopus Subject Areas

  • Business and International Management
  • Business, Management and Accounting(all)
  • Arts and Humanities (miscellaneous)
  • Economics and Econometrics
  • Law

User-Defined Keywords

  • Bank loan pricing
  • Corporate social responsibility
  • National stakeholder orientation


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