期刊論文
| 學年 | 115 |
|---|---|
| 學期 | 1 |
| 出版（發表）日期 | 2026-08-26 |
| 作品名稱 | Does ESG reduce hospitality firms’ cost of debt? Roles of information asymmetric and internal control quality |
| 作品名稱（其他語言） | |
| 著者 | Haodong Chang; Kun-Shan Wu |
| 單位 | |
| 出版者 | |
| 著錄名稱、卷期、頁數 | International Journal of Hospitality Management 140, p. 104882 |
| 摘要 | Sustainability is increasingly vital for hospitality firms whose operations depend on natural and social resources. However, the financial consequences of environmental, social, and governance (ESG) practices—particularly their effect on the cost of debt (COD)—remain inconclusive and even contradictory. Using panel regression based on Chinese listed hospitality firms (2010–2023), this article proposes and empirically confirms a U-shaped ESG–COD nexus. The robustness of this U-shaped pattern demonstrates the double-edged nature of corporate sustainability initiatives: debt costs initially decline with ESG engagement; however, beyond a critical threshold, the effect turns upwards as ESG over-investment entails potential trade-offs. Further, mechanism analyses reveal the information asymmetry (IA) mediates this nonlinear relationship, while internal control quality (ICQ) moderates it. Practically, hospitality managers should recognize the U-shaped nature of ESG investments and the underlying mechanisms, through which lower information asymmetry and higher internal control quality weaken the adverse effects of ESG over-investing. |
| 關鍵字 | Cost of debt; ESG; Information asymmetry; Internal control quality; U-shaped; Double-edged effect |
| 語言 | en |
| ISSN | |
| 期刊性質 | 國外 |
| 收錄於 | SSCI ABS* |
| 產學合作 | |
| 通訊作者 | Kun-Shan Wu |
| 審稿制度 | 是 |
| 國別 | NLD |
| 公開徵稿 | |
| 出版型式 | ,電子版 |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/129741 ) |