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Carbon disclosure: A legitimizing tool or a governance tool? Evidence from listed US companies 碳披露:合法化工具还是治理工具?来自美国上市公司的证据
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2022-06-17 DOI: 10.1111/jifm.12161
Yan Jiang, Hanlu Fan, Yan Zhu, Jian F. Xu

We study the motivations behind and consequences of firms disclosing carbon information. Specifically, we explain the bidirectional relationship between carbon disclosure and carbon performance and examine whether carbon disclosure is used as a legitimizing tool or a governance tool. We analyze carbon emissions and disclosure data from 2012 to 2015 for a sample of S&P 500 companies. After addressing issues of endogeneity, our findings support legitimacy theory and suggest that firms tend to greenwash carbon information and use carbon disclosure as a legitimizing tool. In particular, managers strategically select particular types of carbon information to disclose to the public. Our findings also indicate that firms in low-carbon sectors tend to use disclosure as a governance tool rather than a legitimizing tool, suggesting that firms in high carbon intensity sectors are likely to face serious legitimacy anxiety, and have stronger reasons to manage their green image. Implications of our empirical evidence for managers, investors, and policymakers are explored.

我们研究了企业披露碳信息背后的动机和后果。具体而言,我们解释了碳披露与碳绩效之间的双向关系,并考察了碳披露是被用作合法化工具还是治理工具。我们分析了2012年至2015年的碳排放和披露数据,样本为S&;P 500公司。在解决了内生性问题后,我们的研究结果支持合法性理论,并表明企业倾向于对碳信息进行绿色清洗,并将碳披露作为合法化工具。特别是,管理者战略性地选择特定类型的碳信息向公众披露。我们的研究结果还表明,低碳行业的公司倾向于将披露作为治理工具,而不是合法化工具,这表明高碳强度行业的公司可能面临严重的合法性焦虑,并有更充分的理由管理其绿色形象。探讨了我们的经验证据对管理者、投资者和决策者的影响。
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引用次数: 14
How can SMEs signal their quality and growth orientation to the market? An analysis of the cost of Italian corporate mini-bonds 中小企业如何向市场表明其质量和增长方向?意大利小型企业债券成本分析
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2022-03-28 DOI: 10.1111/jifm.12157
Simone Boccaletti, Emanuele Rossi, Monica Rossolini

We examine how small and medium-sized enterprises (SMEs) may signal their quality and growth orientation to the market and the effect on the cost of bond funding, which is often high for unlisted firms and SMEs mainly because of their information opacity and higher riskiness. The paper contributes to the growing European debate on market innovations aimed at facilitating funding for smaller and nonlisted firms, breaking from the prior main focus on the cost for large and listed companies of accessing liquid bond markets. We analyze 220 mini-bonds listed in Italy between 2013 and 2017 to examine determinants of yield spreads. Our explanatory variables are size, age, and tangible assets—all indicators of the firm's information opacity—together with the issuer's growth opportunities, rating availability, and the presence of a guarantee. The findings suggest that tangible assets can ease the asymmetric information and associated monitoring costs for investors, thus reducing the bond yield spread. More significantly, the yield spread depends on the type of investment project financed: risky growth projects are associated with a higher cost of funding than other types of projects. Under such circumstances, the rating represents an informative instrument for the market in assessing issuers' growth orientation.

我们研究了中小企业如何向市场表明其质量和增长方向,以及对债券融资成本的影响。对于非上市公司和中小企业来说,债券融资成本通常很高,主要是因为它们的信息不透明和风险更高。这篇论文有助于欧洲就旨在促进小型和非上市公司融资的市场创新展开日益激烈的辩论,打破了之前对大型和上市公司进入流动债券市场成本的主要关注。我们分析了2013年至2017年间在意大利上市的220只迷你债券,以检验收益率差的决定因素。我们的解释变量是规模、年龄和有形资产——所有这些都是公司信息不透明的指标——以及发行人的增长机会、评级可用性和担保的存在。研究结果表明,有形资产可以缓解投资者的信息不对称和相关监控成本,从而降低债券收益率差。更重要的是,收益率差取决于融资的投资项目类型:与其他类型的项目相比,风险增长项目的融资成本更高。在这种情况下,评级代表了市场评估发行人增长方向的信息工具。
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引用次数: 4
Credit spreads in the European green bond market: A daily analysis of the COVID-19 pandemic impact 欧洲绿色债券市场的信贷息差:COVID - 19大流行影响的每日分析
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2022-01-28 DOI: 10.1111/jifm.12150
Antonella Francesca Cicchiello, Matteo Cotugno, Stefano Monferrà, Salvatore Perdichizzi

Financial crises and economic downturns provide a unique opportunity to investigate the behavior of investors and financial instruments and shed light in the market's anticipation of future economic growth. In view of the current crisis, we examine how the COVID-19 pandemic affected the European green bond market. Using daily data from Thomson Reuter's Refinitiv, we conducted event studies on corporate credit spread changes over the period from January 1 to December 31, 2020. Our results reveal that green bonds' credit spreads increased significantly after the start of the coronavirus outbreak. However, as the fear of the pandemic eased in response to positive news about the vaccines, green bonds' credit spreads fell below conventional bonds. Overall, green bonds showed a higher risk exposure and lower resilience to distress while profiting during an upside. Our paper provides the first evidence about the impact of the COVID-19 pandemic and the announcement of vaccines' effectiveness on the European corporate green bond market. Our results suggest several key points that are relevant to both investors and issuers under the unprecedented conditions created by the pandemic.

金融危机和经济衰退提供了一个独特的机会来调查投资者和金融工具的行为,并阐明市场对未来经济增长的预期。鉴于当前的危机,我们研究了COVID-19大流行如何影响欧洲绿色债券市场。我们利用汤森路透旗下Refinitiv的每日数据,对2020年1月1日至12月31日期间的企业信用利差变化进行了事件研究。我们的研究结果显示,新冠肺炎疫情爆发后,绿色债券的信用利差显著扩大。然而,随着有关疫苗的积极消息缓解了对大流行的担忧,绿色债券的信用利差降至传统债券之下。总体而言,绿色债券显示出较高的风险敞口和较低的危机抵御能力,而在上行期间获利。我们的论文提供了关于COVID-19大流行和疫苗有效性宣布对欧洲企业绿色债券市场影响的第一个证据。我们的研究结果表明,在疫情造成的前所未有的情况下,与投资者和发行人相关的几个关键点。
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引用次数: 29
Are firms motivated to greenwash by financial constraints? Evidence from global firms' data 企业是否出于财政约束而进行“洗绿”?来自全球公司数据的证据
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2022-01-25 DOI: 10.1111/jifm.12153
Dongyang Zhang

Corporate social responsibility is the balance between a firm's economic outcomes and environmental protection. However, investors face increasing difficulties in selecting assets with suitable environmental, social, and governance (ESG) policies because companies may “greenwash” their activities by, for example, make misleading ESG disclosures. Here, we investigate the determinants that lead to companies engaging in ESG greenwashing. By analyzing international large-cap companies across 47 countries and territories, we create a peer-relative greenwashing score to measure the magnitude of ESG greenwashing by companies. First, we measure and evaluate the greenwashing by analyzing ESG disclosures and creating peer-relative performance scores that consider the level of disclosure and the real ESG performance. Second, we show that companies' greenwashing decisions are motivated by financial constraints and thus the financial environment is a determinant of greenwashing behavior. Third, we describe how intermediation can alleviate financial constraints and decrease greenwashing behavior. Moreover, highly leveraged companies may have increased financial pressure and thus may enhance their greenwashing behavior. Our findings are robust according to several different measurements of financial constraint indicators.

企业社会责任是企业经济成果与环境保护之间的平衡。然而,投资者在选择具有合适的环境、社会和治理(ESG)政策的资产时面临越来越多的困难,因为公司可能会通过例如误导性的ESG披露来“粉饰”其活动。在这里,我们调查了导致公司参与ESG洗绿的决定因素。通过分析47个国家和地区的国际大盘股公司,我们创建了一个同行相对的绿色洗涤得分,以衡量公司的ESG绿色洗涤程度。首先,我们通过分析ESG披露并创建考虑披露水平和实际ESG绩效的同行相对绩效分数来衡量和评估“漂绿”。其次,我们发现企业的“漂绿”决策是由财务约束驱动的,因此金融环境是“漂绿”行为的决定因素。第三,我们描述了中介如何缓解金融约束和减少“漂绿”行为。此外,高杠杆的公司可能会增加财务压力,从而可能会加强他们的绿色清洗行为。根据几种不同的财务约束指标测量,我们的发现是稳健的。
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引用次数: 46
Environmental violations, refinancing risk, and the corporate bond cost in China 环境违法、再融资风险与中国企业债券成本
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2022-01-18 DOI: 10.1111/jifm.12154
Rufei Ma, Qiang Ji, Pengxiang Zhai, Ruibo Yang

This paper examines the relationship between environmental violations and the cost of corporate bonds, and further analyzes whether refinancing constraints, the lending restrictions on penalized firms, are an important channel through which environmental violations affect the cost of corporate debt financing in China. Using the manually collected environmental violation events from 2008 to 2020, we find that the bond cost of firms violating environmental regulations increases significantly after being penalized. The finding is robust to potential sample selection bias and endogeneity problems. Furthermore, we find that the effect of environmental violations on the cost of corporate bonds is more profound in short-term debt-dependent firms and can be alleviated by the internal financing dependence. These results confirm that the refinancing risk arising from China's green loan policy on pollution-intensive firms plays a key role in the relation between environmental violations and the cost of capital in the firms. In the context of the growing concerns of global society about climate change, our findings have great implications for pollution-intensive firms, bond investors, and regulatory authorities in emerging economies to manage the increasing environmental risk.

本文考察了环境违法行为与公司债券成本之间的关系,并进一步分析了再融资约束,即对被处罚企业的贷款限制,是否是环境违法行为影响中国公司债券融资成本的重要渠道。使用2008年至2020年手动收集的环境违法事件,我们发现违反环境法规的企业在受到处罚后,债券成本显著增加。这一发现对于潜在的样本选择偏差和内生性问题是稳健的。此外,我们发现,在短期债务依赖型企业中,环境违规对公司债券成本的影响更为深远,并且可以通过内部融资依赖来缓解。这些结果证实,中国对污染密集型企业的绿色贷款政策产生的再融资风险在环境违法行为与企业资本成本之间的关系中起着关键作用。在全球社会日益关注气候变化的背景下,我们的研究结果对污染密集型企业、债券投资者和新兴经济体的监管机构管理日益增加的环境风险具有重大意义。
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引用次数: 0
Syndicated green lending and lead bank performance 银团绿色贷款和牵头银行业绩
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2022-01-18 DOI: 10.1111/jifm.12151
Belinda L. Del Gaudio, Daniele Previtali, Gabriele Sampagnaro, Vincenzo Verdoliva, Samuel Vigne

This study investigates the effect of the green lending propensity of banks on profitability and risk. Using a sample of 217 green facilities financing syndication worldwide, we create a variable of green lending approach measuring the weight of green loans on total credit exposure of the lead bank and investigate the effect of the green propensity so as the structure of syndication on bank accounting performance. We find two relevant findings. First, a higher propensity to green lending is associated with lower profitability, more moderate default risk, and lower credit risk than banks with a less green investment approach. Second, more collateralization and duration of green lending increase bank performance, while the larger syndicate size reduces profitability and risk. Overall, our study suggests that banks are prone to invest in green projects, but the risks may offset profitability requiring public support to empower the role of the banking sector in boosting ecological transition.

本研究考察了银行绿色贷款倾向对盈利能力和风险的影响。使用全球217家绿色贷款融资银团的样本,我们创建了一个衡量绿色贷款对牵头银行总信贷敞口的权重的绿色贷款方法变量,并研究了绿色倾向以及银团结构对银行会计业绩的影响。我们发现了两个相关的发现。首先,与绿色投资方式较差的银行相比,绿色贷款倾向越高,盈利能力越低,违约风险越中等,信用风险越低。其次,更多的绿色贷款抵押和期限会提高银行业绩,而更大的银团规模会降低盈利能力和风险。总的来说,我们的研究表明,银行倾向于投资绿色项目,但风险可能会抵消需要公众支持的盈利能力,以增强银行业在促进生态转型中的作用。
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引用次数: 0
Be good to be wise: Environmental, Social, and Governance awareness as a potential credit risk mitigation factor 明智行事:环境、社会和治理意识是潜在的信贷风险缓解因素
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2022-01-18 DOI: 10.1111/jifm.12156
Marina Brogi, Valentina Lagasio, Pasqualina Porretta

Integrating Environmental, Social, and Governance (ESG) factors into credit risk assessment is the new frontier for credit risk management as regulators and investors increasingly require banks to channel loans to “sustainable” borrowers and ultimately foster sustainable growth. Our findings show that higher ESG awareness is strongly associated with better creditworthiness (proxied by the Altman Z-score). We apply a two-step methodology to 3331 companies from various industries and geographies in the 2000–2016 period which reveals that high ESG awareness scores are strongly and very significantly associated with a reduction in firm credit risk. We check the robustness by using the Probability of Default as a dependent variable and an instrumental variable constructed with a factor analysis. Our results support the appropriateness of the introduction of ESG awareness parameters in the creditworthiness assessment of borrowers.

随着监管机构和投资者越来越多地要求银行向“可持续”借款人提供贷款,并最终促进可持续增长,将环境、社会和治理(ESG)因素纳入信贷风险评估是信贷风险管理的新前沿。我们的研究结果表明,更高的ESG意识与更好的信用度密切相关(以Altman Z-score为代表)。在2000-2016年期间,我们对来自不同行业和地区的3331家公司应用了两步方法,结果表明,高ESG意识分数与公司信用风险的降低密切相关。我们使用违约概率作为因变量和通过因子分析构建的工具变量来检查稳健性。我们的研究结果支持在借款人的信用评估中引入ESG意识参数的适当性。
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引用次数: 0
Sovereign green bond and country value and risk: Evidence from European Union countries 主权绿色债券与国家价值和风险:来自欧盟国家的证据
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2022-01-18 DOI: 10.1111/jifm.12155
Stefano Dell'Atti, Caterina Di Tommaso, Vincenzo Pacelli

The sovereign green bond market has been growing rapidly worldwide since its debut in 2016. The study investigates the empirical response of the stock and credit default swap (CDS) market to green bond issuance by 10 EU countries during the period 2016–2021. We document that the issuance of a green bond is regarded by the investors as reflecting as value-enhancing and risk-reducing behavior by EU countries. The issuance of sovereign green bond provides a strong signal of the country's involvement to a low-carbon economy by increasing the social and reputational benefits. This effect is even more evident during the pandemic crisis. The reaction of stock and CDS market is driven by several factors such as bond and country characteristics. Overall, our findings suggest that the sovereign issuance of green bonds acts as mitigation mechanism for country risk.

自2016年首次亮相以来,主权绿色债券市场在全球范围内迅速增长。本文研究了2016-2021年期间10个欧盟国家的股票和信用违约互换(CDS)市场对绿色债券发行的实证响应。我们发现,投资者认为绿色债券的发行反映了欧盟国家的增值和降低风险的行为。主权绿色债券的发行通过增加社会和声誉效益,为该国参与低碳经济提供了一个强烈的信号。这种影响在大流行危机期间更为明显。股票和CDS市场的反应受到债券和国家特征等几个因素的驱动。总体而言,我们的研究结果表明,绿色债券的主权发行是国家风险的缓解机制。
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引用次数: 7
How does the financial market influence firms' Green innovation? The role of equity analysts 金融市场如何影响企业的绿色创新?股票分析师的角色
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2022-01-18 DOI: 10.1111/jifm.12152
Paolo Fiorillo, Antonio Meles, Mario Mustilli, Dario Salerno

This paper investigates how equity analysts influence firms' green innovation across different financial markets. Using a unique data set consisting of more than 6000 listed firms across 56 different countries, we find that corporate green innovation is positively associated with the number of equity analysts following the firm. We attribute this result to the informational role of analysts, which encourages managers to invest more in eco-innovation. However, when we divide the full sample into two subsamples based on whether covered firms are incorporated in market-oriented or bank-oriented countries, we find that the association between firm's green innovation and analyst coverage becomes negative in the case of market-oriented financial systems. We argue that potential explanations for this result rely on the differences occurring among market-oriented and bank-oriented systems in terms of listed companies' ownership structure and the prevalence of arm's length transaction banking rather than long-term lender–borrower relationships.

本文研究了股票分析师在不同金融市场中对企业绿色创新的影响。利用56个不同国家6000多家上市公司的独特数据集,我们发现企业绿色创新与跟踪该公司的股票分析师数量呈正相关。我们将这一结果归因于分析师的信息作用,它鼓励管理者更多地投资于生态创新。然而,当我们根据被覆盖的公司是在市场导向国家还是在银行导向国家将整个样本分成两个子样本时,我们发现在市场导向的金融体系中,公司的绿色创新与分析师覆盖率之间的关联变为负相关。我们认为,对这一结果的潜在解释依赖于市场导向和银行导向系统之间在上市公司所有权结构和公平交易银行(而非长期借贷关系)盛行方面的差异。
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引用次数: 20
The effects of person-specific, task, and environmental factors on digital transformation and innovation in auditing: A review of the literature 个人、任务和环境因素对审计数字化转型和创新的影响:文献综述
IF 5.1 3区 管理学 Q1 BUSINESS, FINANCE Pub Date : 2022-01-18 DOI: 10.1111/jifm.12148
Dereck Barr-Pulliam, Helen L. Brown-Liburd, Ivy Munoko

This study reviews literature examining digital transformation in the external audit setting. Our review will inform the standard-setting initiatives of the International Auditing and Assurance Standards Board (IAASB) related to the use of technology in auditing. We identified 36 articles on digital transformation in the external audit published between 2000 and 2021 across 20 journals ranked A*, A, B, and C on the Australian Business Deans Council (ABDC) 2021 Journal Quality List. We also identified 18 advanced working papers. These articles cover conceptual frameworks and archival, experimental, interviews, case studies, and survey research methods. Fifty percent of the published articles appear in A* or A journals, of which nine were published in one of the premier six accounting research journals (i.e., A*) since 2020. This trend is a promising sign that there appears to be increasing interest in publishing digital transformation-related research in these general interest journals. We use the Bonner judgment and decision-making framework, coupled with the four primary data analytic tools, to organize and evaluate the literature. This study examines descriptive and diagnostic analytics; more complex techniques, such as predictive and prescriptive, are not as prevalent. Further, existing research insufficiently addresses how data analytic tools impact auditor judgment and decision-making, providing multiple future inquiry lines.

本研究回顾了研究外部审计设置中数字化转型的文献。我们的审查将为国际审计与鉴证准则理事会(IAASB)有关在审计中使用技术的准则制定举措提供信息。我们在2000年至2021年间发表的外部审计中确定了36篇关于数字化转型的文章,这些文章发表在澳大利亚商学院院长委员会(ABDC) 2021年期刊质量清单中排名A*、A、B和C的20种期刊上。我们还确定了18份高级工作文件。这些文章涵盖了概念框架和档案、实验、访谈、案例研究和调查研究方法。50%的发表文章出现在A*或A期刊上,其中9篇发表在2020年以来的六大会计研究期刊之一(即A*)上。这一趋势是一个有希望的迹象,表明人们对在这些普通兴趣期刊上发表与数字转型相关的研究越来越感兴趣。我们使用Bonner判断和决策框架,结合四种主要数据分析工具,对文献进行组织和评估。本研究考察了描述性和诊断性分析;更复杂的技术,如预测性和规范性,并不普遍。此外,现有的研究不足以解决数据分析工具如何影响审计师的判断和决策,提供多个未来的查询线。
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引用次数: 7
期刊
Journal of International Financial Management & Accounting
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