Related party transactions and corporate environmental responsibility

被引：12

作者：

Choi, Wonseok ^{[1
]}

Chung, Chune Young ^{[2
]}

Rabarison, Monika K. ^{[3
]}

Wang, Kainan ^{[4
]}

机构：

[1] Univ North Texas, Dept Hlth Behav & Hlth Syst, Hlth Sci Ctr, 3500 Camp Bowie Blvd, Ft Worth, TX 76107 USA

[2] Chung Ang Univ, Coll Business & Econ, Sch Business Adm, 84 Heukseok Ro, Seoul 06974, South Korea

[3] Univ Texas Rio Grande Valley, Dept Econ & Finance, 1201W Univ Dr, Edinburg, TX 78539 USA

[4] Univ Toledo, Coll Business & Innovat, Dept Finance, 2801W Bancroft Rd, Toledo, OH 43606 USA

来源：

FINANCE RESEARCH LETTERS | 2022年 / 46卷

关键词：

Corporate environmental responsibility; Pollution emission; Related party transaction; Internal capital market; Corporate governance; SOCIAL-RESPONSIBILITY; DETERMINANTS; COMPANIES; FIRM;

D O I：

10.1016/j.frl.2021.102490

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the effect of related party transactions on corporate environmental responsibility and find that firms with more related party transactions tend to have more controversial environmental reports, less emissions reduction, and less environmental expenditures. This relationship is more significant for firms with a high investment-cash flow sensitivity and those with a low ESG score. Overall, the results corroborate the hypothesis that the marginal costs of corporate environmental responsibility outweigh the benefits for financially constrained firms, thus deterring these firms from engaging in corporate environmental responsibility activities.

引用

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