Do CSR performance and reporting facilitate access to debt financing in emerging markets? The role of asset structure and firm performance

IF 3.6 Q1 BUSINESS, FINANCE Review of Accounting and Finance Pub Date : 2023-10-11 DOI:10.1108/raf-01-2023-0020
Ali Uyar, Ali Meftah Gerged, Cemil Kuzey, Abdullah S. Karaman
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Abstract

Purpose This study aims to guide firms in emerging markets on whether corporate social responsibility (CSR) engagement facilitates their access to debt with the moderation of asset structure and firm performance. Considering the moderating effect analysis, this study explores the substitutive or complementary effect of these two contingencies on CSR-oriented firms in accessing debt financing. Design/methodology/approach Drawing on data collected for 16 emerging markets between 2008 and 2019, this study runs country–industry–year fixed-effects regression. Findings This study finds that CSR performance and reporting facilitate access to debt in emerging markets. However, CSR performance does not have an inverted U-shaped influence on firms’ access to debt financing. The moderation analysis of this study shows that asset tangibility has a negative moderating effect on the link between CSR engagements (i.e. both CSR performance and reporting) and access to debt, confirming a substitutive relationship between asset tangibility and CSR engagements in accessing debt. In contrast, firm performance is positively moderating the nexus between CSR engagement proxies and access to debt, which confirms a complementary type of relationship between firm performance and CSR engagements in accessing debt. Practical implications The empirical evidence of this study implies that creditors critically consider CSR engagements of firms in the loan-granting decision process. Similarly, the inverted U-shaped relationship between CSR and access to debt implies that there is an optimal level of CSR engagement creditors might consider in their decision. Likewise, the moderating effects analysis highlights that asset tangibility and firm performance are two conditions under which CSR performance and reporting are linked to access to debt. Originality/value Emerging countries are a different set of countries than developed ones; they have high growth rates and hence need financing, have a weaker institutional environment and have weaker stakeholder power. These particularities motivated the authors to conduct a separate study focusing on CSR and debt financing links drawing on a wide range of emerging countries. Thus, this study adds to the ongoing debate by examining the conditions under which CSR-oriented firms can access debt financing in emerging economies.
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企业社会责任绩效和报告是否有助于在新兴市场获得债务融资?资产结构与企业绩效的关系
本研究旨在通过资产结构和企业绩效的调节,指导新兴市场的企业社会责任(CSR)参与是否有助于其获得债务。考虑到调节效应分析,本研究探讨了这两种或有事件对csr导向企业获得债务融资的替代或互补效应。根据2008年至2019年在16个新兴市场收集的数据,本研究进行了国家-行业-年度固定效应回归。本研究发现,在新兴市场,企业社会责任绩效和报告有助于获得债务。然而,企业社会责任绩效对企业获得债务融资的影响并不呈倒u型。本研究的调节分析表明,资产有形性对企业社会责任业务(即企业社会责任绩效和报告)与获得债务之间的联系具有负向调节作用,证实了资产有形性与企业社会责任业务在获得债务方面存在替代关系。相反,企业绩效正向调节企业社会责任参与代理与获得债务之间的联系,这证实了企业绩效与企业社会责任参与在获得债务方面存在互补关系。本研究的经验证据表明,债权人在贷款决策过程中批判性地考虑企业的社会责任参与。同样,企业社会责任与获得债务之间的倒u型关系意味着,债权人在决策时可能会考虑一个最优的企业社会责任参与水平。同样,调节效应分析强调,资产有形性和公司绩效是企业社会责任绩效和报告与获得债务联系在一起的两个条件。新兴国家不同于发达国家;它们的增长率高,因此需要融资,制度环境较弱,利益相关者权力较弱。这些特殊性促使作者开展了一项单独的研究,重点关注企业社会责任和债务融资之间的联系,并借鉴了广泛的新兴国家。因此,本研究通过考察以企业社会责任为导向的企业在新兴经济体获得债务融资的条件,为正在进行的辩论增添了新的内容。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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CiteScore
4.30
自引率
0.00%
发文量
18
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