Corporate social responsibility (CSR) is receiving a growing attention from both academic researchers and business managers. Prior research suggests that CSR, by its ability of building strong corporate image and reputation, effectively improves a firm’s performance. However, few studies have...

The aim of this study was to examine the impact of environmental, social, and governance (ESG) measures on credit ratings given to non-financial institutions by the largest credit rating agencies according to economic sector divisions. The hypotheses were as follows: a strong negative impact on...

Amid growing concern over sustainability issues, there is increasing demand to incorporate environmental and social issues into assessments of credit risk, the possibility of loss resulting from a borrower’s failure to meet their financial obligations. In this paper, we sought to identify...

This paper investigates the risk mitigation effects of engagement in corporate social responsibility (CSR) activities by using data from 1,119 non-financial US firms between 2000 and 2012. We find evidence that firms with higher CSR activity scores experience lower probability-of-default....

Purpose: The purpose of this study is to examine the relationship between corporate social responsibility (CSR) and the default risk level of firms operating in the Eurozone and how CSR can provide insurance-like protection during financial/economic downturns.Design/methodology/approach: Based...