摘要：Socially responsible firms receive more finance and have been well researched in thecorporate finance literature. In this paper, we examine the relationship between CSR and tradecredit. Using data from the US manufacturing industry, we find that CSR has a significant positiveassociation with the buyer and supplier sides of trade credit. During the 2008–2009 financial crisis,the manufacturing industry trade badly fell. We also argue and find evidence that, during crisis,CSR is negatively associated with trade credit. These findings are robust for alternate proxies of CSRand trade credit, sample selection, and time period. Moreover, the potential endogeneity concerns donotaffectour results. Finally, we show thatthis relationship exists forboth domestic and multinationalfirms’ subsamples. Overall, our results indicate that firms with high social performance use moretrade credit to increase their business activity.
关键词：corporate social responsibility; trade credit; crisis; multinationals
