企业社会责任报告的可读性、信用评级和借贷成本

IF 3.6 Q1 BUSINESS, FINANCE Review of Accounting and Finance Pub Date : 2022-10-25 DOI:10.1108/raf-11-2021-0322
Kun Yu, Priya S. Garg
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引用次数: 6

摘要

目的探讨信用评级机构和银行作为信用市场的重要参与者,如何将企业社会责任相关信息纳入企业信誉度评估中。设计/方法/方法作者收集了2002年至2014年财富500强公司发布的独立企业社会责任报告,并使用文件大小作为可读性指标来研究独立企业社会责任报告的可读性对企业信用评级和借贷成本的影响。作者发现,企业社会责任报告可读性越高,企业的信用评级越高,银行贷款成本越低,这表明评级机构和银行认为企业社会责任报告可读性越高,违约风险越低。进一步分析表明,对于企业社会责任绩效高的企业,企业社会责任报告可读性与信用评级之间的正相关关系更为明显。相反,企业社会责任报告的可读性与银行贷款息差之间的负相关关系在企业社会责任绩效和信用质量较低的企业中更为明显,这表明评级机构和银行在企业社会责任报告的使用中具有互补作用。独创性/价值总体而言,研究结果强调了提高企业社会责任报告的文本特征,特别是可读性,对于降低信贷市场的信息风险的重要性。
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Corporate social responsibility report readability, credit ratings and cost of borrowing
Purpose This study aims to investigate how credit rating agencies and banks, important credit market participants, incorporate corporate social responsibility (CSR)-related information in their assessment of firm’s creditworthiness. Design/methodology/approach The authors collect stand-alone CSR reports published by Fortune 500 companies from 2002 to 2014 and use file size as a readability measure to investigate the impact of stand-alone CSR reports’ readability on firms’ credit ratings and cost of borrowing. Findings The authors find that firms with higher CSR report readability enjoy higher credit ratings and lower costs of bank loans, suggesting that rating agencies and banks perceive lower default risk for firms with more readable CSR reports. Further analysis indicates that the positive association between CSR report readability and credit ratings is more pronounced for firms with high CSR performance. Conversely, the negative association between CSR report readability and bank loan spreads is more pronounced for firms with low CSR performance and credit quality, suggesting complementary roles of rating agencies and banks in their use of CSR reports. Originality/value Overall, the results highlight the importance of improving the textual characteristics of CSR reports, especially readability, in reducing information risk in the credit market.
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来源期刊
CiteScore
4.30
自引率
0.00%
发文量
18
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