Abstracts
Abstract
In this paper, we study the reverse U-shaped relationship between Corporate Social Responsibility (CSR) and firms’ use of equity capital. Using a large sample of U.S. publicly listed companies, we provide strong evidence that CSR is positively associated with the use of equity capital when CSR practices are below a certain level. Once the CSR investment exceeds this level, the relationship between CSR and the equity financing becomes negative. Our findings are robust when we use the individual components of CSR, and several approaches to address endogeneity. Overall, our results enrich the debate about capital structure of high CSR firms and suggest that the CSR-capital structure relationship is more complex than what has been demonstrated in previous literature.
Keywords:
- Corporate Social Responsibility,
- Capital Structure,
- Corporate Governance,
- Agency Theory
Résumé
Nous étudions la relation en U inversé entre la responsabilité sociale des entreprises (RSE) et leur financement par capitaux propres. Nos estimations économétriques effectuées sur la base d’un large échantillon de sociétés américaines cotées montrent que la RSE est positivement associée à l’utilisation des fonds propres lorsque les pratiques RSE sont inférieures à un certain niveau. Quand l’engagement RSE dépasse ce niveau, la relation entre la RSE et le choix des capitaux propres devient négative. Nos résultats sont robustes lorsque nous utilisons les différentes dimensions individuelles de la RSE et plusieurs approches pour corriger une éventuelle endogénéité. Nos résultats contribuent au débat sur la structure du capital des entreprises socialement responsables et fournissent de nouvelles contributions empiriques et managériales.
Mots-clés :
- Responsabilité Sociale des Entreprises,
- Structure du Capital,
- Gouvernance d’Entreprise,
- Théorie d’Agence
Resumen
Estudiamos la relación en forma de U invertida entre la responsabilidad social corporativa (RSC) y su financiación mediante equidad. Nuestras estimaciones econométricas basadas en una gran muestra de empresas estadounidenses que cotizan en bolsa muestran que la RSC se asocia positivamente con el uso de equidad cuando las prácticas de RSC están por debajo de cierto nivel. Cuando el compromiso de RSC de las empresas supera este nivel, la relación entre RSC y la elección de la equidad como fuente de financiación se vuelve negativa. Nuestros resultados son sólidos cuando utilizamos las diferentes dimensiones individuales de la RSC y varios enfoques econométricos para corregir la posible endogeneidad. Nuestros resultados contribuyen al debate sobre la estructura de capital de las empresas socialmente responsables y proporcionar nuevas contribuciones empíricas y prácticas.
Palabras clave:
- Responsabilidad social empresarial,
- Estructura capital,
- Gobierno corporativo,
- Teoría de la Agencia
Appendices
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