The Effect and Mechanism of ESG Performance on Corporate Debt Financing Costs: Empirical Evidence from Listed Companies in the Heavy-Polluting Industries

IF 1.4 4区环境科学与生态学 Q4 ENVIRONMENTAL SCIENCES

Polish Journal of Environmental Studies Pub Date : 2023-12-19 DOI:10.15244/pjoes/173999

QiaoYu Hou, Qiang Zhang

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Abstract

This study investigates the potential benefits of positive environmental, social, and governance (ESG) performance for enterprises operating in heavily polluting industries. Regression analyses using Stata were conducted on a sample of A-share listed enterprises in these industries from 2010 to 2020. The findings reveal that higher ESG performance leads to lower debt financing costs. Furthermore, the analysis of mechanisms indicates that the green innovation behavior of enterprises enhances the impact of ESG performance on debt financing costs. Heterogeneity analysis demonstrates that the ESG performance of heavily polluting enterprises in central China has a more significant influence on debt financing costs. For non-state-owned heavily polluting enterprises, the relationship between standard audit opinions is substantial, as audit opinions contain sufficient information and risk disclosure. This study contributes to our understanding of the economic implications of ESG performance and provides valuable evidence supporting enterprises in their efforts to improve ESG performance.

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环境、社会和治理绩效对企业债务融资成本的影响及机制：来自重污染行业上市公司的经验证据

本研究探讨了环境、社会和治理（ESG）方面的积极表现对重度污染行业企业的潜在益处。使用 Stata 对 2010 年至 2020 年这些行业的 A 股上市企业样本进行了回归分析。研究结果表明，较高的环境、社会和治理绩效会导致较低的债务融资成本。此外，机制分析表明，企业的绿色创新行为增强了环境、社会和治理绩效对债务融资成本的影响。异质性分析表明，华中地区重污染企业的环境、社会和治理绩效对债务融资成本的影响更为显著。对于非国有重污染企业，由于审计意见包含了充分的信息和风险披露，因此标准审计意见之间的关系是实质性的。本研究有助于我们理解环境、社会和治理绩效的经济影响，并为企业提高环境、社会和治理绩效提供了有价值的证据。

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

Polish Journal of Environmental Studies 环境科学-环境科学

CiteScore

3.10

自引率

11.10%

发文量

430

审稿时长

4 months

期刊介绍： One of the most important challenges facing the contemporary scientific world are problems connected with environmental protection. Intensive development of industry and agriculture has led to a rise in living standards on one hand, but an increase in environmental degradation on the other. This degradation poses a direct threat to human health and life. Solving these ever-increasing problems which seriously endanger our civilization require the united efforts of scientists and field researchers of many branches. The "Polish Journal of Environmental Studies" publishes original papers and critical reviews on the following subjects: -Basic and applied environmental pollution research, including environmental engineering -Pollution control of atmospheric, water (marine and fresh), soil and biological materials -Determination of harmful substances, including their metabolic breakdown patterns -Analytical methods for metabolic breakdown patterns or other chemical degradation patterns in the environment and in biological samples -Development of new analytical methods, instruments and techniques for controlling pollutants -Circulation of pollutants in the environment and their effect on living organisms -Environmentally oriented catalysis -Hazards to human health and safety -Waste utilization and management -Land reclamation -Conference reports, scientific and technical reports and book reviews