Corporate social responsibility and bank liquidity creation during financial crises

Wei‐Da Chen, Yehning Chen
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Abstract

Using a sample of US banks, this paper investigates how corporate social responsibility (CSR) performance affects bank liquidity creation in financial crises. It shows that banks with better CSR performance reduce more liquidity creation in crises. This effect is stronger for banks with lower Z‐scores or higher earnings volatility. In addition, the results are driven by bank CSR performance related to community, employee relations and diversity. These results are consistent with the notion that banks with good CSR performance reduce liquidity creation to avoid financial distress, which would hurt their employees and the communities they serve.
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金融危机期间的企业社会责任与银行流动性创造
本文以美国银行为样本,研究了金融危机中企业社会责任(CSR)表现如何影响银行流动性的创造。研究表明,企业社会责任表现较好的银行在危机中会减少更多的流动性创造。对于 Z 值较低或盈利波动性较高的银行,这种影响更为明显。此外,与社区、员工关系和多样性相关的银行企业社会责任绩效也会产生影响。这些结果与以下观点一致,即企业社会责任表现良好的银行会减少流动性的创造,以避免出现财务困境,从而伤害其员工和所服务的社区。
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