This study revisits the relation between corporate performance and corporate social responsibility (CSR) in the context of a major shift in firms’ credit risk status. Relying on corporate credit rating as a performance indicator, we examine whether firms under the scrutiny of rating agencies trade-off CSR engagement for credit quality improvement. To explore whether firms adjust their CSR engagement after a focal rating change, we focus on the investment–speculative grade threshold because of its importance in accessing the public debt market. We find that firms that lose the investment grade rating subsequently increase CSR engagement. We also uncover that improving CSR engagement helps firms restore their credit ratings ex post. Our findings support the view of CSR engagement as a valuable risk management strategy.

本研究在企业信用风险状况发生重大转变的背景下重新审视企业绩效与企业社会责任 (CSR) 之间的关系。依靠企业信用评级作为绩效指标，我们研究了受评级机构审查的企业是否会权衡企业社会责任参与以改善信用质量。为了探讨企业是否会在焦点评级变化后调整其 CSR 参与度，我们将重点放在投资投机评级门槛上，因为它在进入公共债务市场方面很重要。我们发现失去投资级评级的公司随后会增加企业社会责任的参与度。我们还发现，提高企业社会责任参与有助于公司事后恢复信用评级。我们的发现支持将企业社会责任参与视为一种有价值的风险管理策略的观点。