Commitment to build trust by socially responsible firms: Evidence from cash holdings

Ching Hung Chang, Sheng Syan Chen, Yan Shing Chen, Shu Cing Peng

研究成果: 雜誌貢獻期刊論文同行評審

15 引文 斯高帕斯(Scopus)

摘要

We show that socially responsible firms use cash as a commitment device to honor implicit commitments to stakeholders. Firms with better social performance hold higher cash balances, especially for firms with social performance related to stakeholders or requiring cash spending. This relation is also stronger for firms that benefit more from social performance, e.g., firms that face more competition in product and labor markets. Social performance related to stakeholders or requiring cash spending increases the marginal value of cash.

原文???core.languages.en_GB???
頁(從 - 到)364-387
頁數24
期刊Journal of Corporate Finance
56
DOIs
出版狀態已出版 - 6月 2019

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