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With a sample of firms from 20 countries, this study investigates how the relation between corporate social responsibility (CSR) and value creation is affected by the degree of national stakeholder orientation in the context of bank loan contracting. We find that firms with superior CSR performance are more likely to enjoy lower bank loan costs in more stakeholder-oriented countries. This study contributes to CSR literature by highlighting the importance of nation-level institutional environments in determining the economic consequences of CSR commitments. Our results remain a battery of sensitivity tests.

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