Theory

Rationale

CSP

Strengths

Concerns

Stakeholder theory (Freeman, 1984)

Good management

+

+

−

Slack resources theory

Funds availability

+

+

−

Risk management

CSP as insurance mechanism

+

+

−

Reputation and investor base (Merton, 1987)

Investor’s preference

+

+

−

Managerial opportunism

CSP as private benefits

−

−

+