The ESG washing in banks: Evidence from the syndicated loan market
學年 112
學期 2
出版（發表）日期 2024-02-23
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 Huang, Kuo-Jui; Dien Giau Bui; Yuan-Teng Hsu; Chih-Yung Lin
單位
出版者
著錄名稱、卷期、頁數 Journal of International Money and Finance 142, 103043
摘要 We investigate whether banks practice environmental, social, and governance (ESG) washing in their lending decisions and how the market reacts. 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, which 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 use ESG-washing lending to improve their ESG reputations.
關鍵字 ESG;Syndicated loan;Market reactions;Kyoto Protocol;Bank sustainability performance
語言 en_US
ISSN 1873-0639
期刊性質 國外
收錄於 SSCI EconLit Scopus ABS* NotTSSCI
產學合作
通訊作者 Yuan-Teng Hsu
審稿制度 是
國別 GBR
公開徵稿
出版型式 ,電子版,紙本
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/125195 )