Corporate social responsibility fulfilment, product-market competition and debt risk: Evidence from China

[1] Zhang Zhengyong. Market Competition in Product, the Corporate Governance and the CSR Information Disclosure: Empirical Evidence from CSR Bulletin of Chinese Listed Companies [J]. Journal of Shanxi University of Finance and economics, 2012, 34 (04): 67–76. ZhangZhengyong Market Competition in Product, the Corporate Governance and the CSR Information Disclosure: Empirical Evidence from CSR Bulletin of Chinese Listed Companies [J] Journal of Shanxi University of Finance and economics 2012 34 04 67 76 Search in Google Scholar

[2] Goss A, Roberts G S. The impact of CSR on the cost of bank loans [J]. Journal of Banking & Finance, 2011, 35(7):1794–1810. GossA RobertsG S The impact of CSR on the cost of bank loans [J] Journal of Banking & Finance 2011 35 7 1794 1810 Search in Google Scholar

[3] Shi G, Sun J. Corporate Bond Covenants and CSR Investment [J]. Journal of Business Ethics, 2015, 131(2):285–303. ShiG SunJ Corporate Bond Covenants and CSR Investment [J] Journal of Business Ethics 2015 131 2 285 303 Search in Google Scholar

[4] Attig N, Ghoul SE, Guedhami O, et al. CSR and Credit Ratings[J]. Journal of Business Ethics, 2013, 117(4):679–694. AttigN GhoulSE GuedhamiO CSR and Credit Ratings[J] Journal of Business Ethics 2013 117 4 679 694 Search in Google Scholar

[5] Stigler, George. The economies of scale [J]. Journal of Law and Economics, 1958, 1: 54–71. StiglerGeorge The economies of scale [J] Journal of Law and Economics 1958 1 54 71 Search in Google Scholar

[6] Holmstrom, B. Moral hazard in teams [J], Bell Journal of Economics, 1982, 13 (2):324–340. HolmstromB Moral hazard in teams [J] Bell Journal of Economics 1982 13 2 324 340 Search in Google Scholar

[7] Wu Haomin, Yang Xingquan, Wei Hui. Product Market Competition and Firm’s Stock Idiosyncratic Risk: Based on the Empirical Evidence of Chinese Listed Companies [J]. Economic Research Journal, 2012 (06): 101–115. WuHaomin YangXingquan WeiHui Product Market Competition and Firm’s Stock Idiosyncratic Risk: Based on the Empirical Evidence of Chinese Listed Companies [J] Economic Research Journal 2012 06 101 115 Search in Google Scholar

[8] Han Zhongxue, Zhou Tingting. Product Market Competition, Financing constraints and Cash Holdings: An Empirical Study Based on Enlisted Companies in China’s Manufacture Industry [J]. Nankai Business Review, 2011 (4): 149–160. HanZhongxue ZhouTingting Product Market Competition, Financing constraints and Cash Holdings: An Empirical Study Based on Enlisted Companies in China’s Manufacture Industry [J] Nankai Business Review 2011 4 149 160 Search in Google Scholar

[9] Altman EI. FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY[J]. Journal of Finance, 1968, 23(4):589–609. AltmanEI FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY[J] Journal of Finance 1968 23 4 589 609 Search in Google Scholar

[10] Chen Caiyun, Tang Xiangxi. Innovation Investment, Tax Avoidance and Corporate Risk [J]. Modern finance and Economics (Journal of Tianjin University of Finance and Economics), 2019, 39 (11): 14–33. ChenCaiyun TangXiangxi Innovation Investment, Tax Avoidance and Corporate Risk [J] Modern finance and Economics (Journal of Tianjin University of Finance and Economics) 2019 39 11 14 33 Search in Google Scholar

[11] Ohlson JA. Financial ratios and the probabilistic prediction of bankruptcy [J]. Journal of Accounting Research, 1980, 18 (1):109–131. OhlsonJA Financial ratios and the probabilistic prediction of bankruptcy [J] Journal of Accounting Research 1980 18 1 109 131 Search in Google Scholar

[12] Black F, Scholes MS. The Pricing of Options and Corporate Liabilities[J]. Journal of Political Economy, 1973, 81(3):637–654. BlackF ScholesMS The Pricing of Options and Corporate Liabilities[J] Journal of Political Economy 1973 81 3 637 654 Search in Google Scholar

[13] Merton R C. On the pricing of corporate debt: the risk structure of interest rates[J]. Journal of Finance, 1974, 29(2):449–470. MertonR C On the pricing of corporate debt: the risk structure of interest rates[J] Journal of Finance 1974 29 2 449 470 Search in Google Scholar

[14] Shumway T. Forecasting Bankruptcy More Accurately: A Simple Hazard Model[J]. The Journal of Business, 2001, 74(1):101–124. ShumwayT Forecasting Bankruptcy More Accurately: A Simple Hazard Model[J] The Journal of Business 2001 74 1 101 124 Search in Google Scholar

[15] Campbell JY, Hilscher J, Szilagyi J. In Search of Distress Risk[J]. Journal of Finance, 2008, 63(6):2899–2939. CampbellJY HilscherJ SzilagyiJ In Search of Distress Risk[J] Journal of Finance 2008 63 6 2899 2939 Search in Google Scholar

[16] Richardson G, Lanis R, Taylor GL. Financial distress, outside directors and corporate tax aggressiveness spanning the global financial crisis: An empirical analysis[J]. Journal of Banking & Finance, 2015, 52(mar.):112–129. RichardsonG LanisR TaylorGL Financial distress, outside directors and corporate tax aggressiveness spanning the global financial crisis: An empirical analysis[J] Journal of Banking & Finance 2015 52 mar. 112 129 Search in Google Scholar

[17] Agarwal V, Taffler R. Comparing the performance of market-based and accounting-based bankruptcy prediction models[J]. Journal of Banking & Finance, 2008, 32(8):1541–1551. AgarwalV TafflerR Comparing the performance of market-based and accounting-based bankruptcy prediction models[J] Journal of Banking & Finance 2008 32 8 1541 1551 Search in Google Scholar

[18] Altman EI, Iwanicz-Drozdowska M, Laitinen EK, et al. Financial Distress Prediction in an International Context: A Review and Empirical Analysis of Altman’s Z-Score Model[J]. Journal of International Financial Management & Accounting, 2017, 28(2):131–171. AltmanEI Iwanicz-DrozdowskaM LaitinenEK Financial Distress Prediction in an International Context: A Review and Empirical Analysis of Altman’s Z-Score Model[J] Journal of International Financial Management & Accounting 2017 28 2 131 171 Search in Google Scholar

[19] Altman, Edward I, Corporate Distress Prediction Models in a Turbulent Economic and Basel Environment. 2002, NYU Working Paper No. S-CDM-02-11. AltmanEdward I Corporate Distress Prediction Models in a Turbulent Economic and Basel Environment 2002 NYU Working Paper No. S-CDM-02-11. Search in Google Scholar

[20] Missing citation “Peress 2010” Missing citation “Peress 2010” Search in Google Scholar

[21] Duan Junshan, Zhuang Xudong. Research on the Hierarchical Influencing Mechanism of CSR Fulfillment on Firm Innovation Ability: Empirical Evidence Based on Chinese Listed Companies [J]. South China Journal of Economics, 2020 (08): 49–64. DuanJunshan ZhuangXudong Research on the Hierarchical Influencing Mechanism of CSR Fulfillment on Firm Innovation Ability: Empirical Evidence Based on Chinese Listed Companies [J] South China Journal of Economics 2020 08 49 64 Search in Google Scholar

[22] Dhaliwal, Dan, S, et al. Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of CSR Reporting. [J]. Accounting Review, 2011, 86(1):59–100. DhaliwalDan, S Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of CSR Reporting. [J] Accounting Review 2011 86 1 59 100 Search in Google Scholar

[23] Bae KH, Rang JK, Wang J. Employee treatment and firm leverage: A test of the stakeholder theory of capital structure [J]. Journal of Financial Economics, 2011, 100(1):130–153. BaeKH RangJK WangJ Employee treatment and firm leverage: A test of the stakeholder theory of capital structure [J] Journal of Financial Economics 2011 100 1 130 153 Search in Google Scholar

[24] Godfrey PC, Merrill CB, Hansen JM. The relationship between CSR and shareholder value: an empirical test of the risk management hypothesis [J]. Strategic Management Journal, 2010, 30(4):425–445. GodfreyPC MerrillCB HansenJM The relationship between CSR and shareholder value: an empirical test of the risk management hypothesis [J] Strategic Management Journal 2010 30 4 425 445 Search in Google Scholar

[25] Freeman RE, Harrison JS, Wicks A. 2008. Managing for Stakeholders: Survival, Reputation, and Success. Yale University Press: New Haven, CT. FreemanRE HarrisonJS WicksA 2008 Managing for Stakeholders: Survival, Reputation, and Success Yale University Press New Haven, CT Search in Google Scholar

[26] Aghion P, Griffith R. Competition and growth: reconciling theory and evidence. [M]. MIT Press, 2008. AghionP GriffithR Competition and growth: reconciling theory and evidence. [M] MIT Press 2008 Search in Google Scholar

[27] Flammer C. Does product market competition foster CSR? Evidence from trade liberalization [J]. Strategic Management Journal, 2015, 36(10):1469–1485. FlammerC Does product market competition foster CSR? Evidence from trade liberalization [J] Strategic Management Journal 2015 36 10 1469 1485 Search in Google Scholar

[28] Freeman RE. 1984. Strategic Management: A Stakeholder Approach. Pitman: Boston, MA. FreemanRE 1984 Strategic Management: A Stakeholder Approach Pitman Boston, MA Search in Google Scholar

[29] Friedman M. The CSR of Business is to Increase its Profits [J]. New York Times Magazine, 1970, 13(33):173–178. FriedmanM The CSR of Business is to Increase its Profits [J] New York Times Magazine 1970 13 33 173 178 Search in Google Scholar