The effect of social capital on financial capital

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dc.contributor.author Kim, Moshe
dc.contributor.author Surroca Aguilar, Jorge
dc.contributor.author Tribo Gine, José Antonio
dc.contributor.editor Universidad Carlos III de Madrid. Instituto para el Desarrollo Empresarial (INDEM)
dc.date.accessioned 2010-02-08T16:18:37Z
dc.date.available 2010-02-08T16:18:37Z
dc.date.issued 2009
dc.identifier.issn 1989-8843
dc.identifier.uri http://hdl.handle.net/10016/6614
dc.description.abstract We study the effect of social capital on financial capital. Specifically, we study how similarity (matching) of borrowers’ and lenders’ cohorts along their corporate social responsibility dimension affects the cost of debt financing. The main finding is that borrowers’ ethical posture alone is not enough for obtaining cheapest rates. Favorable loan conditions are obtained when both lenders and borrowers belong to similar cohorts attributing high value for social responsibility aspects. Employing an international database composed of 4,554 syndicated loans involving 175 corporations in 15 different countries for the period 2003-2006 we document a large and significant reduction in lending rates when both borrowers and lenders belong to similar cohort along the social responsibility dimension. These results withstand a battery of robustness tests.
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dc.language.iso eng
dc.relation.ispartofseries INDEM Working Paper Business Economic
dc.relation.ispartofseries 09-02
dc.rights Atribución-NoComercial-SinDerivadas 3.0 España
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.other Corporate social responsibility
dc.subject.other Financing costs
dc.subject.other Lenders
dc.title The effect of social capital on financial capital
dc.type workingPaper
dc.subject.eciencia Empresa
dc.rights.accessRights openAccess
dc.identifier.repec id-09-02
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