Environmental Regulation and Access to Credit

IF 4.5 2区 管理学 Q1 BUSINESS
Viet A. Dang, Ning Gao, Tiancheng Yu
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引用次数: 0

Abstract

We show that climate priorities codified in regulations significantly impact firms’ access to credit, especially long‐term credit, an important financial resource required for achieving business viability and sustainability goals. Following the implementation of a prominent cap‐and‐trade programme aimed at controlling nitrogen oxides (NOx) in the United States (the NOx Budget Trading Program, NBP), manufacturers experienced decreased debt maturity structures, driven by reduced access to long‐maturity debt, but did not alter their use of short‐term debt or trade credit. The NBP's effect on long‐term credit is more pronounced for firms with higher degrees of electricity intensity, financial constraints, information frictions or rollover risk. It ultimately led to deteriorating firm value and operating performance. Increased energy costs and elevated operating leverage explain firms’ reduced access to long‐term credit. Our findings highlight the potential unintended consequences of policy instruments designed to boost a specific aspect of sustainability and the complex nature of managing corporate financial and sustainability goals.
环境监管与获得信贷
我们的研究表明,法规中规定的气候优先事项极大地影响了企业获得信贷的机会,尤其是长期信贷,而长期信贷是实现企业生存能力和可持续发展目标所需的重要金融资源。在美国实施了一项旨在控制氮氧化物(NOx)的重要上限与交易计划(NOx 预算交易计划,NBP)后,制造商的债务期限结构有所下降,原因是获得长期债务的机会减少了,但他们对短期债务或贸易信贷的使用并没有改变。国家预算交易计划对长期信贷的影响对于电力密集度、财务限制、信息摩擦或展期风险较高的企业更为明显。它最终导致了企业价值和经营业绩的恶化。能源成本的增加和经营杠杆的提高解释了企业获得长期信贷的机会减少的原因。我们的研究结果凸显了旨在促进可持续发展某一特定方面的政策工具可能带来的意外后果,以及管理企业财务和可持续发展目标的复杂性。
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来源期刊
CiteScore
10.00
自引率
12.50%
发文量
87
期刊介绍: The British Journal of Management provides a valuable outlet for research and scholarship on management-orientated themes and topics. It publishes articles of a multi-disciplinary and interdisciplinary nature as well as empirical research from within traditional disciplines and managerial functions. With contributions from around the globe, the journal includes articles across the full range of business and management disciplines. A subscription to British Journal of Management includes International Journal of Management Reviews, also published on behalf of the British Academy of Management.
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