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Financing a Sustainable Future: The Diverging Effects of Equity and Credit Market Development on Corporate Social Responsibility

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  • Mihail K. Miletkov

    (University of New Hampshire)

  • Viktoriya Staneva

    (University of New Hampshire)

Abstract

This study investigates the relation between equity and credit market development and Corporate Social Responsibility (CSR) across 61 countries during the period from 2002 to 2022. Using a fixed effects identification strategy based on the seminal work of Rajan and Zingales (1998), we find that industries more dependent on external finance exhibit significantly better (worse) CSR performance in countries with more developed equity (credit) markets. These results suggest that while equity market development can be a catalyst for promoting CSR and ultimately improving environmental and social outcomes in countries around the world, the development of credit markets can discourage CSR investments, especially in industries that are heavily dependent on external finance. Further analysis reveals that ethical and social considerations, in addition to purely financial ones, moderate the relation between financial market development and CSR. Our study provides insights into how financial market structures and institutions can be aligned with global sustainability goals and responsible corporate behavior.

Suggested Citation

  • Mihail K. Miletkov & Viktoriya Staneva, 2025. "Financing a Sustainable Future: The Diverging Effects of Equity and Credit Market Development on Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 201(3), pages 735-757, October.
    • Handle: RePEc:kap:jbuset:v:201:y:2025:i:3:d:10.1007_s10551-025-05967-1
    DOI: 10.1007/s10551-025-05967-1
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    JEL classification:

    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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