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

Yan-Leung Cheung, Weiqiang Tan, Wenming Wang*

*Corresponding author for this work

    Research output: Contribution to journalJournal articlepeer-review

    33 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
    Early online date6 Apr 2016
    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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