We study the relationship between corporate social responsibility and credit risk for U.S. and European firms over the period 2003 to 2018. Differentiating between the various facets of corporate social responsibility shows that only environmental aspects are negatively related with various measures of credit risk for U.S. firms. For European firms, both environmental and social aspects are negatively associated with credit risk. Surprisingly, we find that credit ratings do not reflect the same contemporaneous relationship with corporate social responsibility. Our results are robust against different estimation methods.

中文翻译：

---

企业社会责任与信用风险

我们研究了 2003 年至 2018 年期间美国和欧洲公司的企业社会责任与信用风险之间的关系。区分企业社会责任的各个方面表明，只有环境方面与美国公司的各种信用风险指标呈负相关。对于欧洲公司而言，环境和社会方面都与信用风险呈负相关。令人惊讶的是，我们发现信用评级并没有反映与企业社会责任同时存在的关系。我们的结果对不同的估计方法是稳健的。