Paper: SSRN 1847085

Abstract

In this paper, we investigate whether superior performance on corporate social responsibility (CSR) strategies leads to better access to finance. We hypothesize

Complexity vs Empirical Score

  • Math Complexity: 2.0/10
  • Empirical Rigor: 7.5/10
  • Quadrant: Street Traders — practical and empirical, lighter on theory

Why this score: The paper relies on standard econometric models (regressions, IV, simultaneous equations) with limited advanced mathematics, but demonstrates high empirical rigor through extensive robustness checks, multiple alternative measures, and implementation-heavy analysis using large datasets.

Research Flowchart

  flowchart TD
  A["Research Question: Does CSR Performance improve Access to Finance?"] --> B["Data & Inputs"]
  B --> C["Key Methodology"]
  B --> D["Analytical Tools"]
  C --> E["Computational Model"]
  D --> E
  E --> F["Key Outcomes/Findings"]

  subgraph B [" "]
      direction LR
      B1["Company Financial Data"] --> B2["CSR/ESG Scores"]
      B3["Market Data"] --> B2
  end

  subgraph C [" "]
      direction LR
      C1["Regression Analysis"] --> C2["Propensity Score Matching"]
  end

  subgraph D [" "]
      direction LR
      D1["Stata / R"] --> D2["Datastream / Compustat"]
  end

  subgraph E [" "]
      direction LR
      E1["Estimate Cost of Capital"] --> E2["Test Liquidity & Equity Issuance"]
  end

  subgraph F [" "]
      direction LR
      F1["Positive Correlation"] --> F2["Lower Cost of Capital"]
      F2 --> F3["Better Market Access"]
  end