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Corporate social responsibility and access to finance among Ghanaian SMEs: The role of stakeholder engagement

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  • Abraham Ansong

Abstract

This paper investigates whether stakeholder engagement mediates the relationship between corporate social responsibility and access to external finance. The study relied on primary data ascertained from 423 SMEs operating within the Accra Metropolis of Ghana. The data were analyzed using partial least-squares estimation technique. The study revealed the mechanism through which CSR initiatives assist firms to access external finances. It was established that firms that engage more with their stakeholders are better positioned to access financial resources from external sources. Hence, it was recommended that SME managers should involve their stakeholders in the design of their CSR programs. The paper contributes to our knowledge of the CSR literature by showing how CSR initiatives influence firms’ access to finance among SMEs in developing economies.

Suggested Citation

  • Abraham Ansong, 2017. "Corporate social responsibility and access to finance among Ghanaian SMEs: The role of stakeholder engagement," Cogent Business & Management, Taylor & Francis Journals, vol. 4(1), pages 1385165-138, January.
    • Handle: RePEc:taf:oabmxx:v:4:y:2017:i:1:p:1385165
    DOI: 10.1080/23311975.2017.1385165
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    References listed on IDEAS

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    Cited by:

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    2. José Manuel Santos‐Jaén & Antonia Madrid‐Guijarro & Domingo García‐Pérez‐de‐Lema, 2021. "The impact of corporate social responsibility on innovation in small and medium‐sized enterprises: The mediating role of debt terms and human capital," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(4), pages 1200-1215, July.
    3. Claudia Patricia Maldonado-Erazo & José Álvarez-García & María de la Cruz del Río-Rama & Ronny Correa-Quezada, 2020. "Corporate Social Responsibility and Performance in SMEs: Scientific Coverage," Sustainability, MDPI, vol. 12(6), pages 1-26, March.
    4. Carlo Drago & Fabio Fortuna, 2023. "Investigating the Corporate Governance and Sustainability Relationship: A Bibliometric Analysis Using Keyword-Ensemble Community Detection," Working Papers 2023.12, Fondazione Eni Enrico Mattei.
    5. Shuxia Zhang & Liping Xu & Ning Liu, 2022. "Crowding‐in and crowding‐out effects of corporate philanthropy on R&D investment," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(6), pages 1835-1849, September.

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