Corporate social responsibility and debt maturity: Australian evidence

摘要

This study investigates the relationship between corporate social responsibility (CSR) and debt maturity. After controlling for other determinants of debt maturity, we find that socially responsible firms exhibit longer debt maturity than other firms, supporting the view that CSR facilities firms' access to long-term debts. Further analysis shows that the effect of CSR on debt maturity is stronger for firms operating in the mining industry and firms with a higher level of information asymmetry. Our findings are robust to alternative variable measurements as well as endogeneity and sample selection bias controls.