企业 ESG 声誉风险与债务选择

IF 2.1 3区经济学 Q2 BUSINESS, FINANCE

European Financial Management Pub Date : 2023-11-08 DOI:10.1111/eufm.12468

David P. Newton, Steven Ongena, Ru Xie, Binru Zhao

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引用次数: 0

摘要

我们使用一个涵盖 2007 年至 2020 年 3783 家美国上市公司的新样本，研究了媒体对公司层面的环境、社会和治理（ESG）实践的负面报道如何影响公司的债务选择。我们发现，ESG 声誉风险较高的公司更依赖公共债券，而不是银行贷款。社会和治理部分尤其重要。此外，负面新闻报道较多的公司更倾向于发行新债券，而不是获得新的银行贷款。总之，我们的研究提供了企业环境、社会和治理声誉风险与债务融资之间关系的经验证据。

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Firm ESG reputation risk and debt choice

Using a novel sample covering 3783 US public firms from 2007 to 2020, we examine how negative media coverage of firm-level environmental, social, and governance (ESG) practices affects a firm's debt choice. We find that firms with higher ESG reputation risk rely more on public bond than bank loan. The social and governance components, in particular, matter. Moreover, firms that receive more negative news coverage display a higher propensity to issue new bonds as opposed to securing new bank debt. Overall, our study presents empirical evidence on the relation between firm ESG reputation risk and debt financing.

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来源期刊

European Financial Management BUSINESS, FINANCE-

CiteScore

4.30

自引率

18.20%

发文量

期刊介绍： European Financial Management publishes the best research from around the world, providing a forum for both academics and practitioners concerned with the financial management of modern corporation and financial institutions. The journal publishes signficant new finance research on timely issues and highlights key trends in Europe in a clear and accessible way, with articles covering international research and practice that have direct or indirect bearing on Europe.