教師資料查詢 | 類別: 會議論文 | 教師: 黃國睿HUANG, KUO-JUI (瀏覽個人網頁)

標題:The ESG washing in banks: Evidence from the syndicated loan market
學年111
學期1
發表日期2022/08/05
作品名稱The ESG washing in banks: Evidence from the syndicated loan market
作品名稱(其他語言)
著者Kuo-Jui Huang; Dien Giau Bui; Chih-Yung Lin
作品所屬單位
出版者
會議名稱2022臺灣財務金融專題研討會—公司理財
會議地點台北市,台灣
摘要We investigate whether banks practice environmental, social, and governance (ESG) washing in their lending decisions and how the market reacts to it. That is, do banks with worse ESG performance intentionally lend to firms with better ESG performance to improve their ESG reputations? Banks with worse ESG performance offer
significantly lower loan spreads, longer loan maturities, fewer general covenants, and fewer collaterals to firms with better ESG performance. More importantly, the stock market generally reacts favorably to banks that make these kinds of deals that could explain why banks engage in ESG washing. We also find that the effects of ESG washing are significantly stronger for borrowers from high polluting industries and in the post-Kyoto Protocol period. These results support the idea that the banks with worse ESG performance divert the market's attention away from their ESG washing of their lending that thus, improves their ESG reputations.
關鍵字ESG;Syndicated loan;Market reactions;Kyoto Protocol;Bank sustainability performance
語言英文(美國)
收錄於
會議性質國內
校內研討會地點
研討會時間20220805~20220805
通訊作者Chih-Yung Lin
國別中華民國
公開徵稿
出版型式
出處
SDGs
  • 尊嚴就業與經濟發展,產業創新與基礎設施,永續城市與社區,氣候行動
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