This study revisits the relation between corporate performance and corporate social responsibility (CSR) in the context of a major shift in firms' credit risk status. Relying on firms' credit rating as a performance indicator, we examine whether firms under the scrutiny of rating agencies...

This paper examines the effect of board composition on corporate social performance (CSP). Building on social network theory, this study hypothesizes that knowledge and experience of social practices diffuse across different firms through board members. This paper also explores the properties of...

I present the first study that systematically examines the implications of ESG adoption for the credit ratings business. I find that, with a recent move by Standard & Poor’s and Moody’s towards incorporating ESG issues into their analysis, credit ratings positively reflect firms with lower...

We quantify to what extent the quality of credit rating predictions improves through integrating measures of corporate social performance (CSP) in an established credit risk model. We provide comprehensive evidence of the comparative informational advantage of considering CSP in predicting...

We examine the impact of corporate social responsibility (CSR) activities on loan spreads of syndicated bank loans, with a particular interest in how CSR and credit ratings are interrelated as a joint determinant of loan spreads. Focusing on private debt contracts, we show that both CSR...

US companies are increasingly responding to demand from investors and other stakeholders for transparent information about companies’ environmental, social, and governance (ESG) performance by issuing ESG reports on a voluntary basis. We examine whether these reports help to resolve the...

Nowadays, investors seek beyond the financial performance of their investments, including Environmental, Social, and Governance (ESG) criteria in the decision-making process. To this effect, there are currently suppliers who offer different methodologies to evaluate the ESG factors that...