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

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub 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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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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