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研究生:葉慧達
研究生(外文):Yovita PurnamasariYusuf
論文名稱:The Relationship of Corporate Social Responsibility and the Cost of Leverage in Banking Industry
論文名稱(外文):The Relationship of Corporate Social Responsibility and the Cost of Leverage in Banking Industry
指導教授:楊曉瑩楊曉瑩引用關係
指導教授(外文):Ann-Shawing Yang
學位類別:碩士
校院名稱:國立成功大學
系所名稱:國際經營管理研究所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2020
畢業學年度:108
語文別:英文
論文頁數:48
外文關鍵詞:Cost of leverageCorporate social responsibilityBanking industryBanking sectorfixed effect panel data regression
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Banking sector is a highly leveraged sector. Besides, after the financial crisis that happened in 2008, this sector has been dealing with destructive impact of it, which is received increasing scrutiny and skepticism which may trigger the engagement in socially responsible act. This study examines the relationship between CSR expenditure and the cost of leverage. CSR pillar examined is the social and environmental score. Cost of high leverage is measured with sales growth. Our sample consists of 72 banks in 16 countries, with study period from 2002-2019, and minimum of 13 continuous years period for each firm. An econometric model is used to examine this, this study forms a panel structured data, and the regression is run with firm fixed effect model. The empirical result shows that CSR has significant negative impact on firms sales growth, which means that CSR makes the cost of leverage higher. So, it can be concluded that if firm in banking industry want to search for a way to reduce their cost of leverage, they should not really focusing their investment on CSR expenditure. This research also find that high leverage have positive significant relationship with sales growth, but only in large banks.
TABLE OF CONTENTS
ABSTRACT I
TABLE OF CONTENTS II
LIST OF TABLES IV
CHAPTER ONE INTRODUCTION 1
1.1 Research Background. 1
1.2 Research Objective and Contribution. 3
1.3 Research Procedure. 3
1.4 Research Structure. 3
CHAPTER TWO LITERATURE REVIEW 4
2.1. The Corporate Social Responsibility. 4
2.2. Risk Management Theory. 5
2.3. High Leverage. 6
2.4. CSR and Firm Leverage. 7
2.5. The Cost of Leverage. 7
2.6. Banking Industry. 9
CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 12
3.1 Samples. 12
3.2 Data Measurement. 14
3.2.1 Dependent Variables. 14
3.2.2 Independent Variables. 15
3.2.3 Control Variables. 16
3.3 Methodology and Regression model. 18
3.3.1 Regression Model. 18
3.3.2 Methodology. 20
CHAPTER FOUR RESEARCH RESULTS 21
4.1 Descriptive Statistics. 21
4.2 Correlation Analysis. 25
4.3 Multicollinearity Test. 35
4.4 Panel Data Regression Analysis. 36
CHAPTER FIVE CONCLUSION AND SUGGESTIONS 42
5.1 Research Conclusions. 42
5.2 Research Contributions. 43
5.3 Research Limitation and Suggestions. 44
REFERENCES 46
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