VIETNAM NATIONAL UNIVERSITY - UNIVERSITY OF ECONOMICS AND BUSINESS DEBT EQUITY FINANCING CHOICE UNDER FINANCIAL CONSTRAINTS: DOES CORPORATE SOCIAL RESPONSIBILITY MATTER? Anh Ngo1*, Hong Duong2, Thanh Nguyen3, Zuobao (Eddie) Wei4 School of Business Norfolk State University, Strome College of Business Old Dominion Univeristy, College of Business and Economics University of South Carolina-Upstate, College of Business Administration University of Texas-El Paso ABSTRACT This study examines the role of corporate social responsibility (CSR) activities in a firm’s debt and equity financing decisions and in the level of underpricing of secondary equity offerings (SEO) We find that high CSR firms tend to use more debt financing and less equity financing than low CSR firms We also find that when firms are financially constrained, they have to raise capital in equity market Finally, we find that high CSR firms are rewarded in equity investors through a significantly lower SEO underpricing than low CSR firms *Corresponding author Email address: adngo@nsu.edu 725 VIETNAM NATIONAL UNIVERSITY UNIVERSITY OF ECONOMICS AND BUSINESS International Conference On CONTEMPORARY ISSUES IN FINANCE, BANKING AND ACCOUNTING FOR SUSTAINABLE DEVELOPMENT Responsible for pulication VO TUAN HAI Editor: Nguyen Quynh Anh Layout: Nguyen Minh Thao SCIENCE AND TECHNICS PUBLISHING HOUSE 70 Tran Hung Dao St, Hoan Kiem Dist, Ha Noi, Viet Nam Tel: 024 3822 0686 - Fax: 024 3822 0658 Website: http://www.nxbkhkt.com.vn BRANCH IN HO CHI MINH CITY 28 Dong khoi St, Dist 1, HCM city, Viet Nam Tel: 028 3822 5062 - Fax: 028 3829 6628 Quantity: 100 copies, size 20,5 × 29 cm at Tran Cong Company Address: No 12, 155/176, Truong Chinh Ward, Thanh Xuan Dist, Ha Noi, Viet Nam Publishing license No: 5435-2019-CXBIPH/3-147/KHKT Publishing decision No: 200/QĐ-NXBKHKT, issued on 30/12/2019 ISBN: 987-604-67-1458-3 Printing completed and copyright deposited in the 4nd quarter of 2019