Financing sustainability: How environmental disclosures shape bank lending decisions in emerging markets
被引:12
|
作者:
Hui, Zhiyang
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机构:
Chongqing Technol & Business Univ, Sch Finance, Chongqing, Peoples R ChinaChongqing Technol & Business Univ, Sch Finance, Chongqing, Peoples R China
Hui, Zhiyang
[1
]
Li, Haoyu
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机构:
Brunel Univ London, Brunel Business Sch, Kingston Lane, London UB8 3PH, EnglandChongqing Technol & Business Univ, Sch Finance, Chongqing, Peoples R China
Li, Haoyu
[2
]
Elamer, Ahmed A.
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机构:
Brunel Univ London, Brunel Business Sch, Kingston Lane, London UB8 3PH, England
Gulf Univ Sci & Technol, Gulf Financial Ctr, Kuwait, Kuwait
Azerbaijan State Univ Econ UNEC, UNEC Accounting & Finance Res Ctr, Baku, AzerbaijanChongqing Technol & Business Univ, Sch Finance, Chongqing, Peoples R China
Elamer, Ahmed A.
[2
,3
,4
]
机构:
[1] Chongqing Technol & Business Univ, Sch Finance, Chongqing, Peoples R China
[2] Brunel Univ London, Brunel Business Sch, Kingston Lane, London UB8 3PH, England
bank loans;
emerging markets;
environmental information disclosure;
green innovation;
CORPORATE SOCIAL-RESPONSIBILITY;
VOLUNTARY DISCLOSURE;
PERFORMANCE EVIDENCE;
GREEN INNOVATION;
CAPITAL-MARKETS;
COSTS EVIDENCE;
INFORMATION;
PROTECTION;
QUALITY;
FIRMS;
D O I:
10.1002/csr.2789
中图分类号:
F [经济];
学科分类号:
02 ;
摘要:
As global awareness of environmental responsibilities intensifies, the significance of corporate Environmental information disclosure (EID) in decision-making becomes increasingly prominent. However, its influence on bank lending decisions, especially in emerging markets like China, remains debated. Using 27,095 firm-year observations between 2008 and 2020, this study examines the impact of both voluntary and mandatory EID on bank lending decisions. Findings indicate that banks incorporate EID into their lending decisions, offering favorable bank loan terms, both in terms of size and costs to firms with strong EID. To mitigate endogeneity concerns, we employ propensity score matching and a difference-in-difference methodology grounded in China's newly amended Environmental Protection Law, with consistent results across both tests. Our research identifies two possible economic mechanisms to explain why EID influences bank loan features: EID's potential to reduce firm-specific risks and its alignment with local governmental incentives for green finance. Furthermore, our research suggests that voluntary EID, previously overlooked, proves more valuable than mandatory EID. We also find that the effectiveness of EID relies on banks' evaluations of the firm's sincerity and incentives behind the disclosure. Banks show a preference for voluntary EID from firms with minimal adverse selection concerns and mandatory EID from those highly motivated to disclose voluntarily. Moreover, we identify a synergy between EID and bank loans in fostering green innovation. This research not only bridges gaps in the existing bank financing literature but also offers insights into how EID can drive sustainable economic activities in developing economies.
机构:
De Montfort Univ, Leicester Castle Business Sch, Leicester, Leics, EnglandDe Montfort Univ, Leicester Castle Business Sch, Leicester, Leics, England
Lartey, Theophilus A.
Amankwah-Amoah, Joseph
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机构:
Univ Kent, Kent Business Sch, Canterbury, Kent, EnglandDe Montfort Univ, Leicester Castle Business Sch, Leicester, Leics, England
Amankwah-Amoah, Joseph
Danso, Albert
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机构:
De Montfort Univ, Leicester Castle Business Sch, Leicester, Leics, EnglandDe Montfort Univ, Leicester Castle Business Sch, Leicester, Leics, England
Danso, Albert
Adomako, Samuel
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机构:
Univ Bradford, Sch Management, Bradford, W Yorkshire, EnglandDe Montfort Univ, Leicester Castle Business Sch, Leicester, Leics, England
Adomako, Samuel
Khan, Zaheer
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机构:
Univ Aberdeen, Business Sch, Kings Coll, Aberdeen AB24 3FX, ScotlandDe Montfort Univ, Leicester Castle Business Sch, Leicester, Leics, England
Khan, Zaheer
Tarba, Shlomo Y.
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机构:
Univ Birmingham, Dept Strategy & Int Business, Birmingham, W Midlands, EnglandDe Montfort Univ, Leicester Castle Business Sch, Leicester, Leics, England
机构:
Inst Fortune Management Res, Guangzhou, Peoples R China
Univ Sydney, Business Sch, Sydney, NSW, AustraliaInst Fortune Management Res, Guangzhou, Peoples R China
Zhan, Shurui
Tang, Yangfei
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机构:
Sun Yat Sen Univ, Lingnan Coll, Guangzhou, Guangdong, Peoples R ChinaInst Fortune Management Res, Guangzhou, Peoples R China
Tang, Yangfei
Li, Shuai
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机构:
Inst Fortune Management Res, Guangzhou, Peoples R China
Guangdong Univ Foreign Studies, Sch Finance, Guangzhou, Guangdong, Peoples R ChinaInst Fortune Management Res, Guangzhou, Peoples R China
Li, Shuai
Yao, Yaojun
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机构:
Zhejiang Gongshang Univ, Sch Finance, Hangzhou, Zhejiang, Peoples R ChinaInst Fortune Management Res, Guangzhou, Peoples R China
Yao, Yaojun
Zhan, Minghua
论文数: 0引用数: 0
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机构:
Inst Fortune Management Res, Guangzhou, Peoples R China
Guangdong Univ Foreign Studies, Sch Finance, Guangzhou, Guangdong, Peoples R ChinaInst Fortune Management Res, Guangzhou, Peoples R China
Zhan, Minghua
NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE,
2021,
57