Climate awareness in management and deviation from target leverage: Evidence from China

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2025-04-01 Epub Date: 2025-02-12 DOI:10.1016/j.frl.2025.106915

Rufei Ma , Xinxin Fu , Qiang Ji , Pengxiang Zhai

引用次数: 0

Abstract

We explore the impact of managerial climate attention on leverage deviation (i.e., the distance between actual leverage and the target leverage). The results show that greater managerial attention to climate issues is associated with smaller deviations from target leverage in the future, indicating that managers concerning climate issues tend to achieve a more optimized capital structure. This effect is robust to potential leverage measure bias, confounding effect of external crisis, and sample selection bias. Moreover, this effect is more pronounced in firms with concentrated ownership, significant institutional holdings, and government ownership, emphasizing the critical role that ownership structure plays in this relationship.

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管理中的气候意识与目标杠杆偏离：来自中国的证据

我们探讨了管理气候关注对杠杆偏差（即实际杠杆与目标杠杆之间的距离）的影响。研究结果表明，管理层对气候问题的关注程度越高，未来与目标杠杆的偏差越小，这表明关注气候问题的管理者倾向于实现更优化的资本结构。该效应对潜在杠杆测量偏差、外部危机混淆效应和样本选择偏差具有鲁棒性。此外，这种效应在所有权集中、大量机构持股和政府持股的公司中更为明显，强调了所有权结构在这种关系中所起的关键作用。

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

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance