Religious beliefs,socially responsible investment,and cost of debt: Evidence from entrepreneurial firms in India |
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| Institution: | 1. School of Economics and Management, Shanxi University, 92 Wucheng Road, Taiyuan, Shanxi 030006, China;2. Edwards School of Business, University of Saskatchewan, 25 Campus Drive, Saskatoon, SK S7N 5A7, Canada;3. I.H. Asper School of Business, University of Manitoba, 181 Freedman Crescent, Winnipeg, MB R3T 5V4, Canada;1. Imperial College Business School, United Kingdom;2. Swiss Finance Institute and University of Lausanne, Switzerland;1. Newcastle Business School (NBS), Northumbria University, Newcastle-upon-Tyne, United Kingdom;2. Department of Capital Market and Investments, Faculty of Economics and Sociology, University of ?ód?, Poland |
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| Abstract: | We use hand-collected survey data to study the joint effect of religious beliefs and socially responsible investment on the cost of debt. We also examine the moderating effect of an entrepreneur's gender on the impacts of religious beliefs on socially responsible investment. Our results show that entrepreneurial firms with religious owners invest more in social responsibility, and those with more socially responsible investment pay a lower cost of debt. We also find that the effect of religious beliefs on socially responsible investment is stronger when the entrepreneur is female. |
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