進階搜尋


   電子論文尚未授權公開,紙本請查館藏目錄
(※如查詢不到或館藏狀況顯示「閉架不公開」,表示該本論文不在書庫,無法取用。)
系統識別號 U0026-0208202021113700
論文名稱(中文) The Relationship of Corporate Social Responsibility and the Cost of Leverage in Banking Industry
論文名稱(英文) The Relationship of Corporate Social Responsibility and the Cost of Leverage in Banking Industry
校院名稱 成功大學
系所名稱(中) 國際經營管理研究所
系所名稱(英) Institute of International Management
學年度 108
學期 2
出版年 109
研究生(中文) 葉慧達
研究生(英文) Yovita Purnamasari Yusuf
學號 RA6077565
學位類別 碩士
語文別 英文
論文頁數 48頁
口試委員 召集委員-林彣珊
口試委員-謝惠璟
指導教授-楊曉瑩
中文關鍵字 none 
英文關鍵字 Cost of leverage  Corporate social responsibility  Banking industry  Banking sector  fixed effect panel data regression 
學科別分類
中文摘要 none
英文摘要 Banking sector is a highly leveraged sector. Besides, after the financial crisis that happened in 2008, this sector has been dealing with destructive impact of it, which is received increasing scrutiny and skepticism which may trigger the engagement in socially responsible act. This study examines the relationship between CSR expenditure and the cost of leverage. CSR pillar examined is the social and environmental score. Cost of high leverage is measured with sales growth. Our sample consists of 72 banks in 16 countries, with study period from 2002-2019, and minimum of 13 continuous years period for each firm. An econometric model is used to examine this, this study forms a panel structured data, and the regression is run with firm fixed effect model. The empirical result shows that CSR has significant negative impact on firms sales growth, which means that CSR makes the cost of leverage higher. So, it can be concluded that if firm in banking industry want to search for a way to reduce their cost of leverage, they should not really focusing their investment on CSR expenditure. This research also find that high leverage have positive significant relationship with sales growth, but only in large banks.
論文目次 TABLE OF CONTENTS
ABSTRACT I
TABLE OF CONTENTS II
LIST OF TABLES IV
CHAPTER ONE INTRODUCTION 1
1.1 Research Background. 1
1.2 Research Objective and Contribution. 3
1.3 Research Procedure. 3
1.4 Research Structure. 3
CHAPTER TWO LITERATURE REVIEW 4
2.1. The Corporate Social Responsibility. 4
2.2. Risk Management Theory. 5
2.3. High Leverage. 6
2.4. CSR and Firm Leverage. 7
2.5. The Cost of Leverage. 7
2.6. Banking Industry. 9
CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 12
3.1 Samples. 12
3.2 Data Measurement. 14
3.2.1 Dependent Variables. 14
3.2.2 Independent Variables. 15
3.2.3 Control Variables. 16
3.3 Methodology and Regression model. 18
3.3.1 Regression Model. 18
3.3.2 Methodology. 20
CHAPTER FOUR RESEARCH RESULTS 21
4.1 Descriptive Statistics. 21
4.2 Correlation Analysis. 25
4.3 Multicollinearity Test. 35
4.4 Panel Data Regression Analysis. 36
CHAPTER FIVE CONCLUSION AND SUGGESTIONS 42
5.1 Research Conclusions. 42
5.2 Research Contributions. 43
5.3 Research Limitation and Suggestions. 44
REFERENCES 46

參考文獻 Acharya, V. V., & Thakor, A. V. (2016). The dark side of liquidity creation: Leverage and systemic risk. Journal of Financial Intermediation, 28, 4-21.
Akinlo, O., & Asaolu, T. (2012). Profitability and leverage: Evidence from Nigerian firms. Global journal of business research, 6(1), 17-25.
Avgouleas, E., & Cullen, J. (2015). Excessive leverage and bankers’ incentives: refocusing the debate. The Journal of Financial Perspectives, 3(1).
Bae, K. H., Ghoul, S. E., Guedhami, O., Kwok, C. C. Y., & Zheng, Y. (2019). Does corporate social responsibility reduce the costs of high leverage? Evidence from capital structure and product market interactions. Journal of Banking & Finance, 100, 135-150.
Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Joumal of Business Ethics, 97(1), 71-86.
Barnea, A., & Rubin, A. (2010). Corporate Social Responsibility as a Conflict Between Shareholders. Journal of Business Ethics, 97, 71-86.
Barth, J. R., & Miller, S. M. (2018). Benefits and costs of a higher bank “leverage ratio”. Journal of Financial Stability, 38, 37-52.
Baxter, N. D. (1967). . The Journal of Finance, 22, 395-403.
Berger, A. N., & Black, L. K. (2011). Bank size, lending technologies, and small business finance. Journal of Banking & Finance, 35(3), 724-735.
Bhagat, S., Bolton, B., & Lu, J. (2015). Size, leverage, and risk-taking of financial institutions. Journal of Banking & Finance, 59, 520-537.
Bowman, W. S. (1957). Tying Arrangements and the Leverage Problem. The Yale Law Journal, 67(1), 19-36.
Carroll, A. B. (2016). Carroll’s pyramid of CSR: taking another look. International Journal of Corporate Social Responsibility, 1(1).
Cavaco, S., & Crifo, P. (2014). CSR and financial performance: complementarity between environmental, social and business behaviours. Applied Economics, 46(27), 3323-3338.
Chen, Y.-C., Hung, M., & Wang, Y. (2018). The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China. Journal of Accounting and Economics, 65(1), 169-190.
Chevalier, J. A., & Scharstein, D. S. (1996). Capital-Market Imperfections and Countercyclical Markups: Theory and Evidence. The American Economic Review, 86(4), 703-725.
Cornett, M. M., Erhemjamts, O., & Tehranian, H. (2016). Greed or good deeds: An examination of the relation between corporate social responsibility and the financial performance of U.S. commercial banks around the financial crisis. Journal of Banking & Finance, 70, 137-159.
Costa, R., & Menichini, T. (2013). A multidimensional approach for CSR assessment: The importance of the stakeholder perception. Expert Systems with Applications, 49(0), 150-161.
Dang, V. A. (2011). Leverage, Debt Maturity and Firm Investment: An Empirical Analysis. Journal of Business Finance & Accounting, 38(1), 225-258.
Dávila, E., & Walther, A. (2020). Does size matter? Bailouts with large and small banks. Journal of Financial Economics, 136(1), 1-22.
DeAngelo, H., & Stulz, R. (2013). Why High Leverage is Optimal for Banks. SSRN Electronic Journal.
Dow, S. C. (1996). Why the Banking System Should be Regulated. The Economic Journal, 106(436), 698-707.
Esteban-Sanchez, P., de la Cuesta-Gonzalez, M., & Paredes-Gazquez, J. D. (2017). Corporate social performance and its relation with corporate financial performance: International evidence in the banking industry. Journal of Cleaner Production, 162, 1102-1110.
Fifka, M., & Loza Adaui, C. R. (2015). Corporate Social Responsibility (CSR) Reporting—Administrative Burden or Competitive Advantage? In L. O'Riordan, P. Zmuda & S. Heinemann (Eds.), New Perspectives on Corporate Social Responsibility: Locating the Missing Link (pp. 285-300). Wiesbaden: Springer Fachmedien Wiesbaden.
Flannery, M. J. (1994). Debt Maturity and the Deadweight Cost of Leverage: Optimally Financing Banking Firms. The American Economic Review, 84(1), 320-331.
Ghoul, S. E., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388-2406.
Ghoul, S. E., Guedhami, O., Kwok, C. C. Y., & Zheng, Y. (2019). Collectivism and the costs of high leverage. Journal of Banking and Finance, 106, 227-245.
Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(0), 1794-1810.
Gu, G. W., de Mooij, R., & Poghosyan, T. (2015). Taxation and leverage in international banking. International Tax and Public Finance, 22(2), 177-200. doi: 10.1007/s10797-014-9307-2
Hamada, R. S. (1972). The Effect of the Firm's Capital Structure on the Systematic Risk of Common Stocks. The Journal of Finance, 27, 435-452.
Han, J.-J., Kim, H. J., & Yu, J. M. (2016). Empirical study on relationship between corporate social responsibility and financial performance in Korea. Asian Journal of Sustainability and Social Responsibility, 1, 61-76.
Herring, R., & Santomero, A. (1970). The Role of the Financial Sector in Economic Performance.
Hong, H., & Kacperczyck, M. (2009). The price of sin: The effects of social norms on markets. Journal of Financial Economics, 93, 15-36.
Hopkins, M. (2007). Corporate Social Responsibility and International Development: Earthscan.
Louche, C., Idowu, S., & Filho, W. (2010). Innovative CSR: From risk management to value creation. London: Routledge.
Mehr, R. I. (1994). Insurance, Risk Management, and Public Policy. New York: Springer.
Nelling, E., & Webb, E. (2009). Corporate social responsibility and financial performance: The ‘‘virtuous circle’’ revisited. Review of Quantitative Finance and Accounting, 32(2), 197-209.
Pate, R. D. (2004). LEVERAGE: A key to success and wealth. North Carolina: VP Publishing.
Sheikh, S. (2019). Corporate social responsibility and firm leverage: The impact of market competition. Research in International Business and Finance, 48, 498-510.
Tran, Y. T. H. (2014). CSR in Banking Sector: A literature review and new research directions. International Journal of Economics, Commerce and Management, II(11).
Vermijweren, P., & Derwall, J. (2010). Employee well-being, firm leverage, and bankruptcy risk. Journal of Banking & Finance, 34(1), 956-964.
Vo, X. V. (2019). Leverage and corporate investment – Evidence from Vietnam. Finance Research Letters, 28, 1-5.
Yang, A. S., & Baasandorj, S. (2017). Exploring CSR and financial performance of full-service and low-cost air carriers. Finance Research Letters, 23, 291-299.
Zou, H., & Adams, M. B. (2008). Debt Capacity, Cost of Debt, and Corporate Insurance. Journal of Financial and Quantitative Analysis, 43(2), 433-466.
Zu, L. (2009). Corporate Social Responsibility, Corporate Restructuring and Firm's Performance. Italy: Springer.

論文全文使用權限
  • 同意授權校內瀏覽/列印電子全文服務,於2025-08-01起公開。
  • 同意授權校外瀏覽/列印電子全文服務,於2025-08-01起公開。


  • 如您有疑問,請聯絡圖書館
    聯絡電話:(06)2757575#65773
    聯絡E-mail:etds@email.ncku.edu.tw