Corporate ESG competitive disadvantage and cost of debt financing

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2024-09-11 DOI:10.1016/j.frl.2024.106102

引用次数: 0

Abstract

This paper examines the impact of firms' ESG competitive disadvantages on debt financing costs using data from Chinese A-share listed firms from 2011 to 2021. It reveals that (1) ESG competitive disadvantages heighten debt financing costs; (2) local environmental concerns and industry competition strengthen this relationship; (3) ESG competitive disadvantages increase financing costs through heightened financial risk and information asymmetry; and (4) this relationship is significant particularly for mature, declining, and privately-owned firms. This paper, for the first time, explores the penalisation mechanism of corporate negative ESG performance, providing new evidence to advocate for proactive ESG governance.

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企业 ESG 竞争劣势与债务融资成本

本文利用 2011 年至 2021 年中国 A 股上市公司的数据，研究了企业的环境、社会和治理竞争劣势对债务融资成本的影响。研究发现：（1）环境、社会和公司治理竞争劣势提高了债务融资成本；（2）当地环境问题和行业竞争强化了这种关系；（3）环境、社会和公司治理竞争劣势通过提高财务风险和信息不对称增加了融资成本；（4）这种关系对成熟、衰退和民营企业尤为显著。本文首次探讨了企业在环境、社会和治理方面负面表现的惩罚机制，为倡导积极的环境、社会和治理提供了新的证据。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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