Corporate Social Responsibility Disclosure, Debt Financing Costs, and Innovation Capacity
The challenges of financing have been troubling the development of Chinese enterprises, especially private enterprises. This paper aims to examine the antecedents and consequences of debt financing costs. Drawing on a sample of Chinese A-share listed companies in Shanghai and Shenzhen from 2009 to 2...
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| Format: | Article |
| Language: | English |
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Wiley
2021-01-01
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| Series: | Discrete Dynamics in Nature and Society |
| Online Access: | http://dx.doi.org/10.1155/2021/4692383 |
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| _version_ | 1832561571590569984 |
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| author | Yang Miao Xiaoxue Zhou Xin Dai |
| author_facet | Yang Miao Xiaoxue Zhou Xin Dai |
| author_sort | Yang Miao |
| collection | DOAJ |
| description | The challenges of financing have been troubling the development of Chinese enterprises, especially private enterprises. This paper aims to examine the antecedents and consequences of debt financing costs. Drawing on a sample of Chinese A-share listed companies in Shanghai and Shenzhen from 2009 to 2018, the study examined the relationship between corporate social responsibility disclosure, debt financing costs, and innovation capacity. This paper found that the quality of CSR disclosure is negatively related to the cost of debt financing and examined the situational differences in the impact of CSR disclosure quality under different property rights, different disclosure forms, and different forensic effects. Moreover, it is found that the negative effect of CSR disclosure quality on debt financing cost helps to induce the innovation capacity of enterprises. The findings of this paper have certain reference value for corporate improvement of social responsibility disclosure. |
| format | Article |
| id | doaj-art-7836e5d52083484ebf444f81ba696ec2 |
| institution | Kabale University |
| issn | 1026-0226 1607-887X |
| language | English |
| publishDate | 2021-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Discrete Dynamics in Nature and Society |
| spelling | doaj-art-7836e5d52083484ebf444f81ba696ec22025-02-03T01:24:42ZengWileyDiscrete Dynamics in Nature and Society1026-02261607-887X2021-01-01202110.1155/2021/46923834692383Corporate Social Responsibility Disclosure, Debt Financing Costs, and Innovation CapacityYang Miao0Xiaoxue Zhou1Xin Dai2Dongbei University of Finance and Economics, Dalian, ChinaDalian University of Technology, Dalian, ChinaDalian Medical University, Dalian, ChinaThe challenges of financing have been troubling the development of Chinese enterprises, especially private enterprises. This paper aims to examine the antecedents and consequences of debt financing costs. Drawing on a sample of Chinese A-share listed companies in Shanghai and Shenzhen from 2009 to 2018, the study examined the relationship between corporate social responsibility disclosure, debt financing costs, and innovation capacity. This paper found that the quality of CSR disclosure is negatively related to the cost of debt financing and examined the situational differences in the impact of CSR disclosure quality under different property rights, different disclosure forms, and different forensic effects. Moreover, it is found that the negative effect of CSR disclosure quality on debt financing cost helps to induce the innovation capacity of enterprises. The findings of this paper have certain reference value for corporate improvement of social responsibility disclosure.http://dx.doi.org/10.1155/2021/4692383 |
| spellingShingle | Yang Miao Xiaoxue Zhou Xin Dai Corporate Social Responsibility Disclosure, Debt Financing Costs, and Innovation Capacity Discrete Dynamics in Nature and Society |
| title | Corporate Social Responsibility Disclosure, Debt Financing Costs, and Innovation Capacity |
| title_full | Corporate Social Responsibility Disclosure, Debt Financing Costs, and Innovation Capacity |
| title_fullStr | Corporate Social Responsibility Disclosure, Debt Financing Costs, and Innovation Capacity |
| title_full_unstemmed | Corporate Social Responsibility Disclosure, Debt Financing Costs, and Innovation Capacity |
| title_short | Corporate Social Responsibility Disclosure, Debt Financing Costs, and Innovation Capacity |
| title_sort | corporate social responsibility disclosure debt financing costs and innovation capacity |
| url | http://dx.doi.org/10.1155/2021/4692383 |
| work_keys_str_mv | AT yangmiao corporatesocialresponsibilitydisclosuredebtfinancingcostsandinnovationcapacity AT xiaoxuezhou corporatesocialresponsibilitydisclosuredebtfinancingcostsandinnovationcapacity AT xindai corporatesocialresponsibilitydisclosuredebtfinancingcostsandinnovationcapacity |