{"title":"ESG disclosure quality and cost of debt","authors":"Xianghua You , Can Chen , Ke Peng , Yubin Li","doi":"10.1016/j.ememar.2024.101219","DOIUrl":null,"url":null,"abstract":"<div><div>This study reveals a negative correlation between the quality of ESG (Environmental, Social, and Governance) disclosure and the cost of debt financing among Chinese listed companies from 2011 to 2020. Furthermore, this relationship is only significant for non-SOE firms, firms in areas with higher marketization level, firms with lower accounting transparency, firms voluntarily publishing social responsibility reports, or firms operating in non-high-pollution industries. These results are robust to a series of tests including two-stage regressions based on instrumental variable and alternative measures of disclosure quality based on textual analyses.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"64 ","pages":"Article 101219"},"PeriodicalIF":5.6000,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Emerging Markets Review","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1566014124001146","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
This study reveals a negative correlation between the quality of ESG (Environmental, Social, and Governance) disclosure and the cost of debt financing among Chinese listed companies from 2011 to 2020. Furthermore, this relationship is only significant for non-SOE firms, firms in areas with higher marketization level, firms with lower accounting transparency, firms voluntarily publishing social responsibility reports, or firms operating in non-high-pollution industries. These results are robust to a series of tests including two-stage regressions based on instrumental variable and alternative measures of disclosure quality based on textual analyses.
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The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.
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