Journal ArticleDOI
Do creditors price firms’ environmental, social and governance risks?
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TLDR
In this paper, the relationship between Corporate Social Performance (CSP) and firm value has received a growing attention in recent academic literature, but despite the rich contributions it has led to, few studies attempted to investigate the link between CSP and firms' credit risk.About:
This article is published in Research in International Business and Finance.The article was published on 2017-07-01. It has received 48 citations till now. The article focuses on the topics: Corporate governance & Enterprise value.read more
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ESG practices and the cost of debt: evidence from EU countries
TL;DR: In this paper, the authors investigated whether lending institutions reward firms for their environmental, social and governance performance and disclosure in terms of lowering their cost of debt capital, and they found that firms with stronger ESG performance have a lower cost-of-debt capital.
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The Impact of Green Lending on Credit Risk in China
TL;DR: Li et al. as discussed by the authors explored whether green loans are less risky than non-green loans and concluded that institutional pressure by the Chinese Green Credit Policy has a positive effect on both the environmental and the financial performance of banks.
Journal ArticleDOI
The effect of environmental information disclosure and energy product type on the cost of debt: Evidence from energy firms in China
TL;DR: In this article, the effect of environmental information disclosure and energy product type on Chinese energy firms' cost of debt (COD) was examined, and a significant negative association between EID and the COD was found.
Journal ArticleDOI
Corporate social responsibility disclosure and debt financing
TL;DR: In this paper, the authors examined the relationship between the extent of CSR disclosure and access to debt financing and showed that the levels of long-term and short-term debt increase with the disclosure of ESG information, thus suggesting that CSR disclosures play a significant role in reducing information asymmetry and improving transparency around companies' ESG activities.
Journal ArticleDOI
Economic policy uncertainty, stakeholder engagement, and environmental, social, and governance practices: The moderating effect of competition
TL;DR: In this paper, the effect of economic policy uncertainty (EPU) on corporate environmental, social, and governance practices (ESG), using 6,562 firm-year observations from 15 developed European countries covering the period from 2004 to 2017, was investigated.
References
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Journal ArticleDOI
Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
Journal ArticleDOI
Toward a New Conception of the Environment-Competitiveness Relationship
TL;DR: In this article, the authors argue that the trade-off between environmental regulation and competitiveness unnecessarily raises costs and slows down environmental progress, and that instead of simply adding to cost, properly crafted environmental standards can trigger innovation offsets, allowing companies to improve their resource productivity.
Journal ArticleDOI
Financial Intermediation and Delegated Monitoring
TL;DR: In this paper, the authors developed a theory of financial intermediation based on minimizing the cost of monitoring information which is useful for resolving incentive problems between borrowers and lenders, and presented a characterization of the costs of providing incentives for delegated monitoring by a financial intermediary.
Journal ArticleDOI
A Three-Dimensional Conceptual Model of Corporate Performance
TL;DR: In this article, a conceptual model that comprehensively describes essential aspects of corporate social performance is presented, and three aspects of the model address major questions of concern to academics and managers alike: What is included in corporate social responsibility? What are the social issues the organization must address? and what is the organization's philosophy or mode of social responsiveness?
ReportDOI
Financial Dependence and Growth
Raghuram G. Rajan,Raghuram G. Rajan,Raghuram G. Rajan,Luigi Zingales,Luigi Zingales,Luigi Zingales +5 more
TL;DR: This paper examined whether financial development facilitates economic growth by scrutinizing one rationale for such a relationship; that financial development reduces the costs of external finance to firms, and found that industrial sectors that are relatively more in need of foreign finance develop disproportionately faster in countries with more developed financial markets.
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