金砖国家企业资本结构:ESG、企业、行业和宏观经济决定因素的综合分析

IF 2.8 3区 经济学 Q2 BUSINESS, FINANCE
Tanveer Bagh, Ahmed Imran Hunjra, Yongsheng Guo, Elie Bouri
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引用次数: 0

摘要

在本研究中,我们考察了环境、社会和治理(ESG)绩效、公司、行业、宏观经济和金融决定因素对公司资本结构的影响。通过对2013年至2022年金砖国家(巴西、俄罗斯、印度、中国和南非)3420家上市公司的样本分析,主要发现总结如下:ESG绩效对市场杠杆产生负面影响,而对账面杠杆产生积极影响,这意味着ESG得分较高的公司受益于较低的融资成本。企业特征,如资产的有形性和企业规模,对杠杆有积极影响,而盈利能力,增长机会和商业风险有消极影响。行业层面的决定因素,如慷慨度和行业集中度,对杠杆产生负面影响,而活力则有积极影响。此外,较高的GDP增长和较低的通胀与杠杆率呈负相关。私人信贷正向影响资本结构,而股票市场发展对资本结构有负向影响。子样本(以国家为单位)分析强调了金砖国家之间的不同影响,显示出对账面杠杆的积极影响。ESG分数对杠杆的影响各不相同。研究结果对企业管理者和政策制定者具有启示意义,强调有必要使融资战略与这些有影响力的国家的可持续性、企业特征和经济状况保持一致。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Corporate capital structure in BRICS economies: An integrated analysis of ESG, firm, industry, and macroeconomic determinants

In this study, we examine the effect of environmental, social, and governance (ESG) performance, firms, industry, macroeconomics, and financial determinants on corporate capital structure. Using a sample of 3420 listed firms from BRICS (Brazil, Russia, India, China, and South Africa) countries over the period 2013 to 2022, the key findings are summarised as follows: ESG performance negatively impacts market leverage, whereas it positively affects book leverage, implying that firms with a higher ESG score benefit from lower financing costs. Firm characteristics, such as the tangibility of assets and the size of the firm, have a positive impact on leverage, whereas profitability, growth opportunity, and business risk have a negative impact. Industry-level determinants, such as munificence and industry concentration, negatively affect leverage, whereas dynamism has a positive effect. Additionally, higher GDP growth and lower inflation are negatively associated with leverage. Private credit positively impacts capital structure, while stock market development has a negative impact. A sub-sample (country-wise) analysis highlights varying impacts across BRICS countries, showing positive effects on book leverage. ESG scores have varying effects on leverage. The study findings have implications for firm managers and policymakers, stressing the need to align financing strategies with sustainability, firm characteristics, and economic conditions in these influential countries.

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来源期刊
CiteScore
5.70
自引率
6.90%
发文量
143
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