The oil and gas (O&G) industry suffers from a negative perception of poor sustainability. O&G companies are therefore engaged in several socially sustainable activities related to community development and environmental protection. This article determines whether the social, environmental, and economic dimensions of corporate social responsibility (CSR) are equally value-additive to O&G companies. We measure the company-specific level of CSR activities from the information provided in the annual financial reports of O&G companies and determine the effects of CSR dimensions on firm value. We find that CSR enhances firm value of O&G companies. While social activities such as employee well-being and community development are key value-drivers, environmental and economic sustainable activities have an insignificant impact on the market value of O&G companies. RésuméL'industrie pétrolière et gazière (O&G) souffre de la perception négative qu'on a de sa faible durabilité. C'est pourquoi les sociétés du secteur pétrolier et gazier s'investissent dans plusieurs activités socialement durables liées au développement communautaire et à la protection environnementale. Dans cet article, nous nous interrogeons sur la valeur ajoutée liée aux dimensions sociales, environnementales et économiques de la responsabilité sociale des entreprises (CSR) de ce secteur. Nous mesurons le niveau d'activité de la CSR de l'entreprise à partir des informations disponibles dans les rapports financiers annuels des sociétés pétrolières et gazières et déterminons les effets des dimensions de la CSR sur la valeur de l'entreprise. Les résultats montrent que la CSR augmente la valeur des sociétés pétrolières et gazières. Par ailleurs, tandis que les activités sociales telles que le bien-être des employés et le développement communautaire sont des facteurs clés de valeur, les activités environnementales et économiques durables n'ont qu'une incidence négligeable sur la valeur marchande des sociétés pétrolières et gazières

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Purpose The purpose of this paper is to investigate the impact of social capital of non-resident family members on small business debt financing. Recent literature in entrepreneurship suggests that small businesses can borrow social capital to improve their access to debt financing. Design/methodology/approach Micro-entrepreneurs from India were interviewed regarding their ability to raise capital from family members as well as their relationship with banks and politicians. Findings The survey indicates that small business entrepreneurs are able to borrow social capital from non-resident Indians. Results also suggest that these small businesses are more likely to be connected to banks and politicians facilitated by their non-resident family members, which not only improves micro-entrepreneurs’ access to debt financing but also reduces their cost of borrowing. Research limitations/implications This is a co-relational study that investigates the association between social capital of non-resident family members and small business debt financing. There is not necessarily a causal relationship between the two. The findings of this study may only be generalized to firms similar to those that were included in this research. Originality/value This study contributes to the literature on the factors that improve the access to small business debt financing. The findings may be useful for financial managers, investors, financial management consultants, entrepreneurs, and other stakeholders.

Purpose -The Gulf Cooperation Council (GCC) member countries have recently given tremendous emphasis to corporate entrepreneurship. The purpose of this paper is to investigate whether the lack of entrepreneurship in publicly listed GCC firms affects their ability to acquire debt financing. Design/methodology/approach -Using stochastic frontier approach, the paper estimates an optimal revenue function given labor costs, operating expenses, and existing physical infrastructure of an organization. The paper estimates the difference between the optimal and actual level of firm revenues from a revenue frontier function, which can be partially resulted from managerial inefficiency due to the lack of corporate entrepreneurship. The paper uses fixed-effect panel regression and simultaneous equations system to determine the effect of such inefficiency on firms' debt financing. Findings -The main finding is that as entrepreneurial activities increase, firms' ability to borrow from banks also increases. Results also indicate that increased borrowing improves internal governance practices and indirectly compel the management to become more efficient. Research limitations/implications -Results exhibit how improving entrepreneurship affects firms' access to external financing when the financial markets are underdeveloped and are plagued with information asymmetry and agency problems. Practical implications -The paper provides insights for policy makers in the GCC and other emerging countries where entrepreneurial activities are becoming a priority. Originality/value -The paper develops a new proxy measure of entrepreneurship in public firms and advances our knowledge about the importance of entrepreneurship in finance.

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