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CSR in the bond market: Pricing stakeholders and the moderating role of the institutional context

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  • Salvi, Antonio
  • Giakoumelou, Anastasia
  • Bertinetti, Giorgio Stefano

Abstract

This study examines the impact of corporate social performance (CSP) on the spreads and credit ratings of corporate bonds on a global scale. The relationship is examined within the national legal and institutional environment and with regard to specific stakeholder practices. We construct and use a unique longitudinal, international dataset with a total of 5280 bond issues dating from 2003 to 2018 and spanning 40 countries worldwide.

Suggested Citation

  • Salvi, Antonio & Giakoumelou, Anastasia & Bertinetti, Giorgio Stefano, 2021. "CSR in the bond market: Pricing stakeholders and the moderating role of the institutional context," Global Finance Journal, Elsevier, vol. 50(C).
    • Handle: RePEc:eee:glofin:v:50:y:2021:i:c:s1044028319302674
    DOI: 10.1016/j.gfj.2020.100522
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    1. Sun, Chenhe & Ji, Yinuo & Chen, Zhenyun, 2023. "Insider selling and credit spread of corporate bonds1," Finance Research Letters, Elsevier, vol. 58(PB).

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