When green meets green

被引：43
作者：
Degryse, Hans [1 ,2 ]
Goncharenko, Roman [1 ]
Theunisz, Carola [1 ,3 ]
Vadasz, Tamas [1 ]
机构：
[1] Katholieke Univ Leuven, Leuven, Belgium
[2] CEPR, London, England
[3] Frankfurt Sch Finance & Management, Frankfurt, Germany
来源：
JOURNAL OF CORPORATE FINANCE | 2023年 / 78卷
关键词：
Paris agreement; Green firms; Green banks; Bank lending;
D O I：
10.1016/j.jcorpfin.2023.102355
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We investigate whether and how the environmental consciousness (greenness for short) of firms and banks is reflected in the pricing of bank credit. Using a large international sample of syndicated loans over the period 2011-2019, we find that green banks indeed reward firms for being green in the form of cheaper loans-however, only after the ratification of the Paris Agreement in 2015. Such loans are also more likely term loans, with fewer covenants and reflect firms' project choices. Thus, we find that environmental attitudes matter "when green meets green."
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页数：25
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