Financial Communication in the Context of Corporate Social Responsibility Growth

Avram, Alexandru; Ana-Cristina, Nicolescu; Avram, Costin Daniel; Dan, Roxana Loredana

doi:10.24818/ea/2019/52/623

Cited by 3 publications

(2 citation statements)

References 26 publications

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“…This finding supports the theoretical argument of the risk mitigation effect of a firm's sustainability commitment. Furthermore, it is consistent with the findings of the broad literature that link sustainability activities to corporate performance (e.g., [24,26,27]). More specifically, our result supports the previous empirical literature findings that link corporate sustainability to the cost of debt (e.g., [11,[16][17][18][19][20]).…”

Section: Discussionsupporting

confidence: 88%

Do Lenders Value a Corporate Sustainability Structure?—Evidence from the Cost of Bank Loans

et al. 2023

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In response to pressures placed on a firm by its stakeholders, managers may initiate various corporate sustainability activities. In such cases, they need to make decisions not only about the level of sustainability commitment, but also about the way to structure it. There are numerous ways to structure corporate sustainability activities with different financial consequences. In this paper, we investigate the separate and joint effects of the corporate sustainability level and the corporate sustainability structure on a firm’s bank borrowing cost. We test our predictions by conducting multivariate regression analysis on a sample of 1417 US bank loan facilities over the period 2006–2011. We find evidence that high-quality borrowers with a high level or diversified structure of sustainability activities benefit from lower loan interest rates. Also, our analysis of the joint effects shows that only high-quality borrowers with a high level and diversified sustainability activities enjoy lower bank loan costs. Overall, these results reveal that lenders value how firms structure their sustainability activities. Therefore, they have important implications for managers and bankers.

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Section: Discussionsupporting

confidence: 88%

Do Lenders Value a Corporate Sustainability Structure?—Evidence from the Cost of Bank Loans

et al. 2023

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“…On 1 May 2015, the Chinese government increased the ad valorem excise tax rate for cigarette wholesale from 5% to 11%. As we know, the specific behavior and social responsibility of corporations can have a greater impact on policy transmission [16]. To cope with tax changes, the China National Tobacco Corporation increased the wholesale prices of all domestic cigarettes and imported cigarettes by 6%, and the retail price of cigarettes also increased accordingly [6].…”

Section: Introductionmentioning

confidence: 99%

The Impact of Cigarette Excise Tax Increases on Regular Drinking Behavior: Evidence from China

Zhang

Zheng

2020

IJERPH

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(1) Background: Many studies have shown that increasing taxation on cigarettes does play a role in tobacco control, but few studies have focused on whether increasing cigarette excise taxes significantly affects alcohol consumption. In this article, we aim to examine the effects of China’s 2015 increase in the cigarette excise tax on residents’ regular drinking behavior. (2) Methods: Using survey data from China Family Panel Studies (CFPS), we performed a panel logit regression analysis to model the relationship between the cigarette excise tax and regular drinking behavior. The Propensity Score Matching with Difference-in-Differences (PSM-DID) approach was adopted to determine the extent to which the cigarette excise tax affected residents’ drinking behavior. To test whether the cigarette excise tax could change regular drinking behavior by decreasing daily smoking quantity, we used an interaction term model. (3) Results: China’s 2015 increase in the cigarette excise tax had a significant negative effect on the probability of regular alcohol consumption among smokers, and the cigarette excise tax worked by reducing the average daily smoking of smokers. We also found that the regular drinking behavior of male smokers was more deeply affected by the increased cigarette excise tax than females. (4) Conclusions: Our research results not only give a deeper understanding of the impact of the cigarette excise tax, but also provide an important reference with which to guide future decisions concerning excise taxes imposed on cigarettes.

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Financial Communication in the Context of Corporate Social Responsibility Growth

Avram¹,

Ana-Cristina²,

Avram³

et al. 2019

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In this paper, we studied the manner in which, at the same time with the growth of companies' corporate 23 At the same time, financial communication has benefited from the emergence of a new communication channel, namely the Internet, which has allowed an unprecedented opening of financial and accounting information towards an extremely diverse audience. Thus, social responsibility and sustainable development have become subjects extensively addressed in the specialized literature, focusing on three main directions: environmental protection, social responsibility of companies and sustainable economic development, all under the attention of a public that has grown exponentially with the help of easy access to information via the Internet. Given the increasing access of the population to the Internet, we intend to study to what extent the concerns of corporations to increase the corporate governance index, along with the high level of R & D expenditures produce concrete effects on Biodiesel production, recycling and waste measured in kg / capita as essential components of the bio-economy. Using a model of Autoregressive Panel Vector type (PVAR), we have identified the relations that develop between the increasing access to internet of the population and the increase of corporate governance index and level of R&D expenditures on recycling, waste and production of biodiesel in the European Union.

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Financial Communication in the Context of Corporate Social Responsibility Growth

Cited by 3 publications

References 26 publications

Do Lenders Value a Corporate Sustainability Structure?—Evidence from the Cost of Bank Loans

Do Lenders Value a Corporate Sustainability Structure?—Evidence from the Cost of Bank Loans

The Impact of Cigarette Excise Tax Increases on Regular Drinking Behavior: Evidence from China

Financial Communication in the Context of Corporate Social Responsibility Growth

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