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 en_US
收錄於
會議性質 國內
校內研討會地點 無
研討會時間 20220805~20220805
通訊作者 Chih-Yung Lin
國別 TWN
公開徵稿
出版型式
出處
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/123692 )

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