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題名 企業社會責任與銀行聯貸利差之關聯性
The Relationship between Corporate Social Responsibility and Syndicated Loan Spread
作者 劉鎮嘉
Liu, Chen Chia
貢獻者 詹凌菁
劉鎮嘉
Liu, Chen Chia
關鍵詞 企業社會責任
聯貸利差
依賴銀行資金
Corporate Social Responsibility
Syndicated Loan Spread
Bank-dependent
日期 2015
上傳時間 27-Jul-2015 11:19:36 (UTC+8)
摘要 本研究以2001年至2012年美國上市公司且向銀行聯貸之企業為樣本，探討企業社會責任評量表現與聯合貸款利息差額之關聯性。本研究發現企業社會責任評量總分越高，其聯貸利差越小。此外，這現象對於較依賴銀行作為資金來源的公司更加明顯。顯示企業社會責任評量表現較好之企業，能提升聲譽及形象、建立銀行之信賴、降低聯貸利息差額；若同時依賴銀行作為資金來源之企業，更能降低聯貸利息差額。另外，本研究進一步拆解企業社會責任評量總分，對組成項目進行迴歸分析，實證結果顯示，企業投入慈善活動及社區參與、僱傭平等、員工關係及權益、產品這四個正面項目，能降低聯貸利差。
This study examines the relationship between corporate social responsibility performance and syndicated loan spread. Based on a sample of companies in the US from 2001 to 2012, I find that companies with higher corporate social responsibility performance have lower syndicated loan spreads. Moreover, the decrease in loan spreads are more pronounced among bank-dependent companies. This suggests that companies with better corporate social responsibility performance can set up their enterprise image and establish bank trust, which would then reduce their cost of debt financing. Besides, by analyzing the components of corporate social responsibility indicators, I find that the reduction in loan spreads is associated with strengths in community, diversity, employee relations, and product.
參考文獻 一、中文文獻
程心瑤，2011，公司治理與企業責任報告之揭露，會計評論，第52期：35-76頁。
郭敏華，1996，資訊不對稱對負債資金成本之影響--以銀行借款為實證，國立政治大學企業管理研究所博士論文。
廖聖慧，2004，公司治理與負債資金成本之關係，國立政治大學會計學研究所碩士論文。
二、英文文獻
Ackerman, R. W. 1973. How companies respond to social demands. Harvard Business Review: 88-98.
Al-Tuwaijri, S. A., T. E. Christensen, and K. E. Hughes. 2004. The relations among environmental disclosure, environmental performance, and economic performance: A simultaneous equations approach. Accounting, Organizations and Society 29 (5-6): 447-471.
Amihud, Y., and H. Mendelson. 1986. Asset pricing and the bid-ask spread. Journal of Financial Economics 17: 223-249.
Andersona, R. C., S. A. Mansi, D. M. Reeb. 2004. Board characteristics, accounting report integrity, and the cost of debt. Journal of Accounting and Economics 37: 315–342
Armstrong, J. 2003. The syndicated loan market: Developments in the north american context. Working paper. Bank of Canada.
Barnea A., A. Rubin. 2010. Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics 97(1): 71-86.
Barnish, K., S. Miller, and M. Rushmore. 1997. The new leveraged syndication loan market. Journal of Applied Corporate Finance 10(1): 79–88.
Botosan, C. A. 1997. Disclosure level and the cost of equity capital. The Accounting Review 72: 323-349.
Bowen, H. R. 1953. Social responsibilities of the businessman. New York Harper & Row.
Brown, T. J., and P. A. Dacin. 1997. The company and the product: Corporate associations and consumer product responses. Journal of Marketing 61(1): 68-84.
Byers S. S., L. P. Fields, D. R. Fraser. 2008. Are corporate governance and bank monitoring substitutes: Evidence from the perceived value of bank loans. Journal of Corporate Finance 14: 475-483.
Bodenhorn, H. 2001. Short-term loans and long-term relationships: Relationship lending in early America. Working paper. Lafayette College.
Cable, J. R. and F. R. Fitzroy. 1980. Productive efficiency, incentives and employee participation: Some preliminary results for West Germany, Kyklos 33(1): 100-121.
Carroll, A. B. 1979. A three-dimensional conceptual model of corporate performance. Academy of Management Review 4(4): 497-505.
Carroll, A. B. 1991. The pyramid of corporate social responsibility: toward the moral management of organizational stakeholders. Business Horizons 34(4): 39-49.
Chava, S., D. Livdan, A. Purnanandam. 2009. Do shareholder rights affect the cost of bank loans? The Review of Financial Studies 22(8): 2973-3004.
Chava, S., A. Purnanandam. 2011. The effect of banking crisis on bank-dependent borrowers. Journal of Financial Economic 99: 116-135.
Chen, K. C. W., Z. Chen, K. C. J. Wei. 2009. Legal protection of investors, corporate governance, and the cost of equity capital. Journal of Corporate Finance 15: 273–289.
Chui, M., D. D Domanski, P. Kugler, J. Shek. 2010. The collapse of international bank finance during the crisis: Evidence from syndicated loan markets. BIS Quarterly Review (September): 39-49.
Coffey, M. 2009. The syndicated loan market. Research working paper. LSTA.
Dalton D. R. 1994. Bankruptcy and corporate governance: The impact of board composition and structure. Academy of Management Journal 37(6): 1603-1617.
Davis, K. 1960. Can business afford to ignore social responsibilities? California Management Review 2(3): 70-76.
Dhaliwal, D. S., O. Z. Li, A. Tsang., Y. G. Yang. 2011. Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review 86(1): 59-100.
Dhaliwal, D. S, S. Radhakrishnan, A. Tsang, Y. G. Yang. 2014. Corporate social responsibility disclosure and the cost of equity capacity: The roles of stakeholder orientation and financial transparency. Journal of Accounting Research 33: 328-355.
Diamond, D. W. 1984. Financial intermediation and delegated monitoring. Review of Economic Studies 51(3): 393-414.
Drucker, P. F. 1954. The Practice of Management, New York, NY: Collins.
Elliott, R. K. and P. D. Jacobson. 1994. Costs and benefits of business information disclosure. Accounting Horizons 8(4): 80-96.
Fitch, H. G. 1976. Achieving corporate social responsibility. Academy of Management Review 1: 38-46.
Friedman, M. 1970. The social responsibility of business is to increase its profits. The New York Times Magazine, September 13: 122-126.
Gadanecz, B. 2004. The syndicated loan market: Structure, development and implications. BIS Quarterly Review, December 2004: 75-89.
Giannetti, M., Y. Yafeh. 2010. Do cultural differences between contracting parties matter? Evidence from syndicated bank loans. Working paper. University of Virginia.
Goss, A. and G. Roberts. 2011. The impact of corporate social responsibility on the cost of bank loans. Journal of Banking and Finance: 1794-1810.
Graham J. R., S. Li, J. Qiu. 2008. Corporate misreporting and bank loan contracting. Journal of Financial Economics 89: 41-61.
Hail, L., C. Leuz. 2006. International differences in cost of equity capital: Do legal institutions and securities regulations matter? Journal of Accounting Research 44: 485–531.
Harjoto, M. A. and H. Jo. 2011. Corporate governance and csr nexus. Journal of Business Ethics 100(1): 45-67.
Ingham, H. and S. Thompson. 1994. Paying for performance: Efficiency wages and mutuality. Managerial and Decision Economics 15(4): 279-289.
Jensen, M. C. 1993. The modern industrial revolution, exit and the failure of internal control system. Journal of Finance 48(3): 831-880.
Jones, T. M. 1995. Instrumental stakeholder theory: A synthesis of ethics and economics. Academy of Management Review 20(2): 404-437.
Kim J. B., J. S. L. Tsui, C. H. Yi. 2011. The voluntary adoption of international financial reporting standards and loan contracting around the world. Review of Accounting Studies: 779-811.
Kim, Y., M. S. Park, B. Wier. 2012. Is earning quality associated with corporate social responsibility? The Accounting Review 87(3): 761-796.
Li, Y., G. J. Lobo. 2015. Does accounting conservatism vary over the credit cycle? Working paper. University of Lethbridge and University of Houston.
Li, X., I. Tuna, F. P. Vasvari. 2014. Corporate governance and covenants in debt contracts. Working paper. Temple University and London Business School.
Lin, C., Y. Ma, P. Malatesta, Y. Xuan. 2012. Corporate ownership structure and bank loan syndicate structure. Journal of Financial Economics 104: 1-22.
Lipton. M. and J. W. Lorsch. 1992. A modest proposal for improved corporate governance. Business Lawyer 48(1): 59-77.
Mazumdar, S. C., P. Sengupta. 2005. Disclosure and the loan spread on private debt. Financial Analysts Journal 61(3): 70-83.
McGuire, J. W. 1963, Business and Society, New York, NY: McGraw-Hill.
Mcwilliams, A. and D. Siegel. 2001. Corporate social responsibility: A theory of the firm perspective. Academy of Management Review 26(1): 117-127.
Miller, S. C. 2013. A guide to the U.S. loan market. Standard & Poor’s Financial Services LLC publication: 4-27.
Mora, N. 2013. Lender exposure and effort in the syndicated loan market. Research working paper. The Federal Reserve Bank of Kansas Bank.
Porter, M. E. and M. R. Kramer. 2011. Creating shared value. Harvard business review (January-February): 62-77.
Preston, L. E., and D. P. O’bannon. 1997. The corporate social-financial performance relationship. Business and Society 36(4): 419-429.
Rahaman, M. M. and A. A. Zaman. 2013. Management quality and the cost of debt: Does management matter to lenders? Journal of Banking and Finance 37: 854-874.
Raza, A., M. I. Ilyas, R. Rauf, R. Qamar. 2012. Relationship between corporate social responsibility (CSR) and corporate financial performance (CFP): Literature review approach . Finance Management 46: 8404-8409.
Regina, W. M. 2008. The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market. Journal of Accounting and Economics 46: 240-260.
Roberts, P. W. and G. R. Dowling. 2002. Corporate reputation and sustained superior financial performance. Strategic Management Journal 23(12): 1077-1093.
Rockness, J., W. P. Schlachter, H. O. Rockness. 1986. Hazardous waste disposal, corporate disclosure, and financial performance in the chemical industry. Advances in Public Interest Accounting 1: 167-191.
Santos, J. A. C. and A. Winton. 2008. Bank loans, bonds, and information monopolies across the business cycle. The Journal of Finance 63(3): 1315-1359.
Schenone, C. 2010. Lending relationship and information rents. The Review of Financial Studies 23(3): 1149-1199.
Schuler, D. A. and M. Cording. 2006. A corporate social performance-corporate financial performance behavioral model for consumers. Academy of Management Review 31(3): 540-558.
Sengupta, P. 1998. Corporate disclosure quality and the cost of debt. The　Accounting Review 73: 459-474.
Sethi, S. P. 1975. Dimensions of corporate social performance: An analytic framework. California Management Review 17: 58-64.
Shleifer A. and R. Vishny. 1997. A survey of corporate governance. The Journal of Finance 52(2): 737–783.
Steven S. B., L. P. Fields, D. R. Fraser. 2008. Are corporate governance and bank monitoring substitutes: Evidence from the perceived value of bank loans. Journal of Corporate Finance 14: 475-483.
Sufi, A. 2007. Information asymmetry and financing arrangements: Evidence from syndicated loans. Journal of Finance 62: 629-668.
Waddock, S. A. and S. B. Graves. 1997. The corporate social performance-financial performance link. Strategic Management Journal 18: 303-319.
Wartick, S. L. and P. L. Cochran, 1985. The evolution of the corporate social performance model. Academy of Management Review 10(4): 758-69.
Wood, D. J. 1991. Corporate social performance revisited. Academy of Management Review 16: 691-718.
Xie, B., W. N. Davidson III, P. J. DaDalt. 2003. Earnings management and corporate governance: the role of the board and the audit committee. Journal of Corporate Finance 9: 295-316.
描述 碩士
國立政治大學
會計研究所
102353017
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102353017
資料類型 thesis
dc.contributor.advisor 詹凌菁zh_TW
dc.contributor.author (Authors) 劉鎮嘉zh_TW
dc.contributor.author (Authors) Liu, Chen Chiaen_US
dc.creator (作者) 劉鎮嘉zh_TW
dc.creator (作者) Liu, Chen Chiaen_US
dc.date (日期) 2015en_US
dc.date.accessioned 27-Jul-2015 11:19:36 (UTC+8)-
dc.date.available 27-Jul-2015 11:19:36 (UTC+8)-
dc.date.issued (上傳時間) 27-Jul-2015 11:19:36 (UTC+8)-
dc.identifier (Other Identifiers) G0102353017en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/76847-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 102353017zh_TW
dc.description.abstract (摘要) 本研究以2001年至2012年美國上市公司且向銀行聯貸之企業為樣本，探討企業社會責任評量表現與聯合貸款利息差額之關聯性。本研究發現企業社會責任評量總分越高，其聯貸利差越小。此外，這現象對於較依賴銀行作為資金來源的公司更加明顯。顯示企業社會責任評量表現較好之企業，能提升聲譽及形象、建立銀行之信賴、降低聯貸利息差額；若同時依賴銀行作為資金來源之企業，更能降低聯貸利息差額。另外，本研究進一步拆解企業社會責任評量總分，對組成項目進行迴歸分析，實證結果顯示，企業投入慈善活動及社區參與、僱傭平等、員工關係及權益、產品這四個正面項目，能降低聯貸利差。zh_TW
dc.description.abstract (摘要) This study examines the relationship between corporate social responsibility performance and syndicated loan spread. Based on a sample of companies in the US from 2001 to 2012, I find that companies with higher corporate social responsibility performance have lower syndicated loan spreads. Moreover, the decrease in loan spreads are more pronounced among bank-dependent companies. This suggests that companies with better corporate social responsibility performance can set up their enterprise image and establish bank trust, which would then reduce their cost of debt financing. Besides, by analyzing the components of corporate social responsibility indicators, I find that the reduction in loan spreads is associated with strengths in community, diversity, employee relations, and product.en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究背景 1
第二節 研究目的 3
第三節 研究架構 3
第二章 文獻探討 5
第一節 企業社會責任定義及發展 5
第二節 企業社會責任與財務績效表現 8
第三節 資訊揭露與資金成本 9
第四節 聯合貸款基本概念 12
第五節 美國聯貸市場發展及現況 16
第六節 銀行聯合貸款相關文獻 18
第七節 依賴銀行資金 19
第三章 研究設計 22
第一節 研究假說 22
第二節 資料來源 24
第三節 統計分析方法 26
第四節 實證模型 27
第五節 變數意義 28
第四章 實證結果 37
第一節 敘述性統計分析 37
第二節 相關係數分析 39
第三節 迴歸結果 42
第四節 額外測試 48
第五章 結論與建議 64
第一節 研究結論 64
第二節 研究貢獻 65
第三節 研究限制與建議 65
第六章 參考文獻 67		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102353017en_US
dc.subject (關鍵詞) 企業社會責任zh_TW
dc.subject (關鍵詞) 聯貸利差zh_TW
dc.subject (關鍵詞) 依賴銀行資金zh_TW
dc.subject (關鍵詞) Corporate Social Responsibilityen_US
dc.subject (關鍵詞) Syndicated Loan Spreaden_US
dc.subject (關鍵詞) Bank-dependenten_US
dc.title (題名) 企業社會責任與銀行聯貸利差之關聯性zh_TW
dc.title (題名) The Relationship between Corporate Social Responsibility and Syndicated Loan Spreaden_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 一、中文文獻
程心瑤，2011，公司治理與企業責任報告之揭露，會計評論，第52期：35-76頁。
郭敏華，1996，資訊不對稱對負債資金成本之影響--以銀行借款為實證，國立政治大學企業管理研究所博士論文。
廖聖慧，2004，公司治理與負債資金成本之關係，國立政治大學會計學研究所碩士論文。
二、英文文獻
Ackerman, R. W. 1973. How companies respond to social demands. Harvard Business Review: 88-98.
Al-Tuwaijri, S. A., T. E. Christensen, and K. E. Hughes. 2004. The relations among environmental disclosure, environmental performance, and economic performance: A simultaneous equations approach. Accounting, Organizations and Society 29 (5-6): 447-471.
Amihud, Y., and H. Mendelson. 1986. Asset pricing and the bid-ask spread. Journal of Financial Economics 17: 223-249.
Andersona, R. C., S. A. Mansi, D. M. Reeb. 2004. Board characteristics, accounting report integrity, and the cost of debt. Journal of Accounting and Economics 37: 315–342
Armstrong, J. 2003. The syndicated loan market: Developments in the north american context. Working paper. Bank of Canada.
Barnea A., A. Rubin. 2010. Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics 97(1): 71-86.
Barnish, K., S. Miller, and M. Rushmore. 1997. The new leveraged syndication loan market. Journal of Applied Corporate Finance 10(1): 79–88.
Botosan, C. A. 1997. Disclosure level and the cost of equity capital. The Accounting Review 72: 323-349.
Bowen, H. R. 1953. Social responsibilities of the businessman. New York Harper & Row.
Brown, T. J., and P. A. Dacin. 1997. The company and the product: Corporate associations and consumer product responses. Journal of Marketing 61(1): 68-84.
Byers S. S., L. P. Fields, D. R. Fraser. 2008. Are corporate governance and bank monitoring substitutes: Evidence from the perceived value of bank loans. Journal of Corporate Finance 14: 475-483.
Bodenhorn, H. 2001. Short-term loans and long-term relationships: Relationship lending in early America. Working paper. Lafayette College.
Cable, J. R. and F. R. Fitzroy. 1980. Productive efficiency, incentives and employee participation: Some preliminary results for West Germany, Kyklos 33(1): 100-121.
Carroll, A. B. 1979. A three-dimensional conceptual model of corporate performance. Academy of Management Review 4(4): 497-505.
Carroll, A. B. 1991. The pyramid of corporate social responsibility: toward the moral management of organizational stakeholders. Business Horizons 34(4): 39-49.
Chava, S., D. Livdan, A. Purnanandam. 2009. Do shareholder rights affect the cost of bank loans? The Review of Financial Studies 22(8): 2973-3004.
Chava, S., A. Purnanandam. 2011. The effect of banking crisis on bank-dependent borrowers. Journal of Financial Economic 99: 116-135.
Chen, K. C. W., Z. Chen, K. C. J. Wei. 2009. Legal protection of investors, corporate governance, and the cost of equity capital. Journal of Corporate Finance 15: 273–289.
Chui, M., D. D Domanski, P. Kugler, J. Shek. 2010. The collapse of international bank finance during the crisis: Evidence from syndicated loan markets. BIS Quarterly Review (September): 39-49.
Coffey, M. 2009. The syndicated loan market. Research working paper. LSTA.
Dalton D. R. 1994. Bankruptcy and corporate governance: The impact of board composition and structure. Academy of Management Journal 37(6): 1603-1617.
Davis, K. 1960. Can business afford to ignore social responsibilities? California Management Review 2(3): 70-76.
Dhaliwal, D. S., O. Z. Li, A. Tsang., Y. G. Yang. 2011. Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review 86(1): 59-100.
Dhaliwal, D. S, S. Radhakrishnan, A. Tsang, Y. G. Yang. 2014. Corporate social responsibility disclosure and the cost of equity capacity: The roles of stakeholder orientation and financial transparency. Journal of Accounting Research 33: 328-355.
Diamond, D. W. 1984. Financial intermediation and delegated monitoring. Review of Economic Studies 51(3): 393-414.
Drucker, P. F. 1954. The Practice of Management, New York, NY: Collins.
Elliott, R. K. and P. D. Jacobson. 1994. Costs and benefits of business information disclosure. Accounting Horizons 8(4): 80-96.
Fitch, H. G. 1976. Achieving corporate social responsibility. Academy of Management Review 1: 38-46.
Friedman, M. 1970. The social responsibility of business is to increase its profits. The New York Times Magazine, September 13: 122-126.
Gadanecz, B. 2004. The syndicated loan market: Structure, development and implications. BIS Quarterly Review, December 2004: 75-89.
Giannetti, M., Y. Yafeh. 2010. Do cultural differences between contracting parties matter? Evidence from syndicated bank loans. Working paper. University of Virginia.
Goss, A. and G. Roberts. 2011. The impact of corporate social responsibility on the cost of bank loans. Journal of Banking and Finance: 1794-1810.
Graham J. R., S. Li, J. Qiu. 2008. Corporate misreporting and bank loan contracting. Journal of Financial Economics 89: 41-61.
Hail, L., C. Leuz. 2006. International differences in cost of equity capital: Do legal institutions and securities regulations matter? Journal of Accounting Research 44: 485–531.
Harjoto, M. A. and H. Jo. 2011. Corporate governance and csr nexus. Journal of Business Ethics 100(1): 45-67.
Ingham, H. and S. Thompson. 1994. Paying for performance: Efficiency wages and mutuality. Managerial and Decision Economics 15(4): 279-289.
Jensen, M. C. 1993. The modern industrial revolution, exit and the failure of internal control system. Journal of Finance 48(3): 831-880.
Jones, T. M. 1995. Instrumental stakeholder theory: A synthesis of ethics and economics. Academy of Management Review 20(2): 404-437.
Kim J. B., J. S. L. Tsui, C. H. Yi. 2011. The voluntary adoption of international financial reporting standards and loan contracting around the world. Review of Accounting Studies: 779-811.
Kim, Y., M. S. Park, B. Wier. 2012. Is earning quality associated with corporate social responsibility? The Accounting Review 87(3): 761-796.
Li, Y., G. J. Lobo. 2015. Does accounting conservatism vary over the credit cycle? Working paper. University of Lethbridge and University of Houston.
Li, X., I. Tuna, F. P. Vasvari. 2014. Corporate governance and covenants in debt contracts. Working paper. Temple University and London Business School.
Lin, C., Y. Ma, P. Malatesta, Y. Xuan. 2012. Corporate ownership structure and bank loan syndicate structure. Journal of Financial Economics 104: 1-22.
Lipton. M. and J. W. Lorsch. 1992. A modest proposal for improved corporate governance. Business Lawyer 48(1): 59-77.
Mazumdar, S. C., P. Sengupta. 2005. Disclosure and the loan spread on private debt. Financial Analysts Journal 61(3): 70-83.
McGuire, J. W. 1963, Business and Society, New York, NY: McGraw-Hill.
Mcwilliams, A. and D. Siegel. 2001. Corporate social responsibility: A theory of the firm perspective. Academy of Management Review 26(1): 117-127.
Miller, S. C. 2013. A guide to the U.S. loan market. Standard & Poor’s Financial Services LLC publication: 4-27.
Mora, N. 2013. Lender exposure and effort in the syndicated loan market. Research working paper. The Federal Reserve Bank of Kansas Bank.
Porter, M. E. and M. R. Kramer. 2011. Creating shared value. Harvard business review (January-February): 62-77.
Preston, L. E., and D. P. O’bannon. 1997. The corporate social-financial performance relationship. Business and Society 36(4): 419-429.
Rahaman, M. M. and A. A. Zaman. 2013. Management quality and the cost of debt: Does management matter to lenders? Journal of Banking and Finance 37: 854-874.
Raza, A., M. I. Ilyas, R. Rauf, R. Qamar. 2012. Relationship between corporate social responsibility (CSR) and corporate financial performance (CFP): Literature review approach . Finance Management 46: 8404-8409.
Regina, W. M. 2008. The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market. Journal of Accounting and Economics 46: 240-260.
Roberts, P. W. and G. R. Dowling. 2002. Corporate reputation and sustained superior financial performance. Strategic Management Journal 23(12): 1077-1093.
Rockness, J., W. P. Schlachter, H. O. Rockness. 1986. Hazardous waste disposal, corporate disclosure, and financial performance in the chemical industry. Advances in Public Interest Accounting 1: 167-191.
Santos, J. A. C. and A. Winton. 2008. Bank loans, bonds, and information monopolies across the business cycle. The Journal of Finance 63(3): 1315-1359.
Schenone, C. 2010. Lending relationship and information rents. The Review of Financial Studies 23(3): 1149-1199.
Schuler, D. A. and M. Cording. 2006. A corporate social performance-corporate financial performance behavioral model for consumers. Academy of Management Review 31(3): 540-558.
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