@article{eefde38d42574767863ef64379e5ef3b,
title = "National Stakeholder Orientation, Corporate Social Responsibility, and Bank Loan Cost",
abstract = "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.",
keywords = "Bank loan pricing, Corporate social responsibility, National stakeholder orientation",
author = "Yan-Leung Cheung and Weiqiang Tan and Wenming Wang",
note = "Funding Information: We are thankful for helpful comments received from Gary Monroe (editor), the anonymous reviewer, and participants at the 5th World Business Ethics Forum in University of Macau and 2015 International Corporate Governance Conference at Hong Kong Baptist University. We also thank the seminar participants at the Shanghai University, Sun Yat-sen University and University of International Business and Economics. Wang thanks the Faculty Research Grant of Hong Kong Baptist University (FRG2/13-14/027) for its financial support. We thank FTSE International Limited for providing data support. We are grateful to Xiaomeng Wu and Wenlan Zhang for providing data collection assistance. Publisher copyright: {\textcopyright} Springer Science+Business Media Dordrecht 2016",
year = "2018",
month = jun,
day = "1",
doi = "10.1007/s10551-016-3140-8",
language = "English",
volume = "150",
pages = "505--524",
journal = "Journal of Business Ethics",
issn = "0167-4544",
publisher = "Springer Netherlands",
number = "2",
}
