15 Sep '11, 12am

Harvard study shows #CSR reduces capital costs

Harvard study shows #CSR reduces capital costs

Some things are clear: Firms that are able to raise external funds enjoy a higher growth rate. They are able to invest in efficiencies and create competitive advantages. Capital constraints create vulnerabilities. The results of the Harvard Business School 'Corporate Social Responsibility and Access to Finance ' working paper suggest that superior corporate social responsibility (CSR) performance causes lower capital constraints, lower capital costs, greater access to capital and improved earnings. Lower capital constraints lead to an improvement in CSR performance, thus creating a vibrant cycle of mutual benefits. In the abstract, the researchers “investigate whether superior performance on corporate social responsibility (CSR) strategies leads to better access to finance.” By using a large cross-section of firms, instrumental variables and a simultaneous equations approa...

Full article: http://www.csrwire.com/blog/posts/146-csr-reduces-costs

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