ESG评级分歧与动态资本结构调整

IF 5.3 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-06-15 DOI:10.1016/j.pacfin.2025.102844

Yifan Yang, Yi Deng

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引用次数: 0

摘要

本文研究了ESG评级分歧对企业资本结构调整速度的影响。我们的研究结果表明，ESG评级差异每增加一个标准差，导致资本结构调整的平均速度降低7.8%。这种阻碍效应在偏离目标资本结构的公司中尤为明显。分析发现，融资约束、金融资源配置效率和投资者信心是降低调整速度的主要机制。此外，较高的ESG绩效有助于降低ESG评级分歧对调整速度的抑制作用。根据不同的评级机构来源，我们还发现国内对ESG的平均分歧对调整速度的阻碍更大。最后，提高企业信息披露质量可以有效降低这种负面影响。

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ESG rating disagreement and dynamic capital structure adjustment

This paper investigates the impact of ESG rating disagreement on the speed of corporate capital structure adjustment. Our findings reveal that a one standard deviation increase in ESG rating disagreement leads to a 7.8 % reduction in the average rate of capital structure adjustment. This hindering effect is particularly pronounced in companies with downward deviations from their target capital structure. The analysis identifies financing constraints, financial resource allocation efficiency, and investor confidence are the main mechanisms that reduce the speed of adjustment. Furthermore, higher ESG performance would help reduce the dampening effect of ESG rating disagreement on the speed of adjustment. According to different rating agency sources, we also find that the average domestic ESG disagreement is a greater impediment to the speed of adjustment. Finally, improving the quality of corporate information disclosure effectively reduces this negative impact.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.