债券所有权结构对环境、社会和公司治理绩效的影响

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2024-10-09 DOI:10.1016/j.jcorpfin.2024.102678

Hye Seung Lee , Jesus M. Salas , Ke Shen , Ke Yang

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引用次数: 0

摘要

我们研究了公司的环境、社会和公司治理表现是否受债券持有人偏好的影响。我们认为，保险公司在资产负债表和交易业务中面临着更大的环境、社会和公司治理冲击风险，因此保险公司有独特的动机来监督债券发行人的环境、社会和公司治理表现。与这一论点相一致，我们发现保险公司持有较多债券的公司与较高的未来 ESG 评级相关。为了解决潜在的识别问题，我们检验了保险公司初始债券投资后债券发行人 ESG 评级的变化。我们发现，保险公司首次投资债券后，公司的环境、社会和公司治理表现有所改善。我们还发现，这种环境、社会和公司治理表现的改善主要集中在那些更依赖于债券融资和保险公司投资资本的公司。我们的研究强调了债券所有权结构对企业环境、社会和治理绩效影响的重要性。

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The effect of bond ownership structure on ESG performance

We examine whether firms' ESG performance is influenced by bondholder preferences. We argue that insurance companies have unique incentives to monitor bond issuers' ESG performance because insurers face enhanced exposures to ESG shocks in their balance sheets and trading operations. Consistent with this argument, we find that firms with higher bond ownership by insurance companies are associated with higher future ESG ratings. To address potential identification concerns, we test changes in bond issuers' ESG ratings following the initial bond investment by insurance companies. We find that firms' ESG performance improves after insurance companies' initial bond investment. We also find that this improvement in ESG performance is concentrated in firms with greater reliance on bond financing and investment capital from insurance companies. Our study underscores the importance of bond ownership structure in influencing corporate ESG performance.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.