Do CSR pillars have an effect on credit risk? An empirical comparison between Canadian and Mexican firms
This paper aims to empirically examine the effect, if any, of each Corporate Social Responsibility dimension (i.e., Environmental, Social, and Governance activities) on firms’ credit risk for two countries with a different CSR culture, Canada and Mexico. We used Probability of Default and Credit Default Swaps spread, with 1-year and 5-years maturities, as credit risk proxies for a sample of 287 fi