ESG information disclosure, industrial policy support, debt financing costs

被引:6
|
作者
He, Liying [1 ]
Ismail, Kamisah [2 ]
机构
[1] Henan Inst Sci & Technol, Finance Dept, Xinxiang 453000, Peoples R China
[2] Univ Malaya, Fac Business & Econ, Dept Accounting, Kuala Lumpur, Malaysia
关键词
ESG information disclosure; Industrial policy support; Debt costss; Information asymmetry; Heterogeneity;
D O I
10.1016/j.frl.2024.105630
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
This study uses the data of Chinese listed companies from 2011 to 2022 as a sample for empirical analysis. The results show that ESG information disclosure can significantly reduce the cost of corporate debt financing, and 15.48 % of the utility is achieved by reducing the information asymmetry between enterprises and creditors. In addition, the debt costs of enterprises supported by non-industrial policies is more sensitive to ESG information disclosure. In the process of reducing debt costs supported by non-industrial policies, enterprises need to focus on ESG practice and improve the rating of ESG information disclosure.
引用
收藏
页数:7
相关论文
共 24 条
  • [11] Going Green: Effect of green bond issuance on corporate debt financing costs
    Ruan, Qingsong
    Li, Chengyu
    Lv, Dayong
    Wei, Xiaokun
    NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE, 2025, 75
  • [12] Impact of carbon information disclosure on corporate financing constraints: Evidence from the Carbon Disclosure Project
    Huang, Heshu
    Zou, Yuchen
    Wang, Liukai
    Wang, Weiqing
    Ren, Xiaohong
    AUSTRALIAN JOURNAL OF MANAGEMENT, 2025, 50 (01) : 104 - 131
  • [13] Geopolitical uncertainty and the cost of debt financing: the moderating role of information asymmetry
    Mokdadi, Salma
    Saadaoui, Zied
    JOURNAL OF RISK FINANCE, 2023, 24 (05) : 684 - 720
  • [14] Information disclosure, product market competition and payout policy
    Ho, Kung-Cheng
    Lee, Shih-Cheng
    Pan, Lee-Hsien
    PACIFIC-BASIN FINANCE JOURNAL, 2024, 86
  • [15] Political/Policy Uncertainty, Corporate Disclosure, and Information Asymmetry
    Lei, Lijun
    Luo, Yan
    ACCOUNTING PERSPECTIVES, 2023, 22 (01) : 87 - 110
  • [16] Effects of Information Asymmetry on Listed Companies' Debt Financing: Evidence from China
    Feng Yumei
    Wang Chunfeng
    Fang Zhenming
    2007 INTERNATIONAL CONFERENCE ON WIRELESS COMMUNICATIONS, NETWORKING AND MOBILE COMPUTING, VOLS 1-15, 2007, : 3977 - +
  • [17] Does firms' ESG information disclosure have contagion effect? Evidence from China
    Zhang, Zhengyong
    You, Jiayi
    CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT, 2024, 31 (04) : 3274 - 3296
  • [18] Information disclosure and ESG rating disagreement: Evidence from green bond issuance in China
    Wang, Xue
    Liu, Qingyuan
    PACIFIC-BASIN FINANCE JOURNAL, 2024, 85
  • [19] Information asymmetry and financing choice between debt, equity and dual issues by Indian firms
    Sony, Bipin
    Bhaduri, Saumitra
    INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2021, 72 : 90 - 101
  • [20] Mandatory ESG disclosure, information asymmetry, and litigation risk: Evidence from initial public offerings
    Boulton, Thomas J.
    EUROPEAN FINANCIAL MANAGEMENT, 2024, 30 (05) : 2790 - 2839