ESG 披露质量和债务成本

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2024-11-15 DOI:10.1016/j.ememar.2024.101219

Xianghua You , Can Chen , Ke Peng , Yubin Li

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引用次数: 0

摘要

本研究揭示了2011-2020年中国上市公司ESG（环境、社会和治理）信息披露质量与债务融资成本之间的负相关关系。此外，这种关系仅对非上市公司、市场化水平较高地区的公司、会计透明度较低的公司、自愿发布社会责任报告的公司或在非高污染行业经营的公司显著。这些结果在一系列测试中都是稳健的，包括基于工具变量的两阶段回归和基于文本分析的其他信息披露质量衡量方法。

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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ESG disclosure quality and cost of debt

This study reveals a negative correlation between the quality of ESG (Environmental, Social, and Governance) disclosure and the cost of debt financing among Chinese listed companies from 2011 to 2020. Furthermore, this relationship is only significant for non-SOE firms, firms in areas with higher marketization level, firms with lower accounting transparency, firms voluntarily publishing social responsibility reports, or firms operating in non-high-pollution industries. These results are robust to a series of tests including two-stage regressions based on instrumental variable and alternative measures of disclosure quality based on textual analyses.

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.