U-shaped relationships between corporate carbon performance and cost of debt: Evidence of China
學年 113
學期 1
出版（發表）日期 2025-01-07
作品名稱 U-shaped relationships between corporate carbon performance and cost of debt: Evidence of China
作品名稱（其他語言）
著者 Hua Wang; Haodong Chang; Kun-Shan Wu
單位
出版者
著錄名稱、卷期、頁數 Corporate Social Responsibility and Environmental Management,32(1), 465-480
摘要 The increasing environmental pressures and sustainability targets have necessitated organizations to actively adopting carbon-efficiency practices, thereby, emphasize key stakeholders' increasing awareness of the decarbonization projects in their decision-making. This paper seeks insights into whether and how corporate carbon performance (CCP) initiatives affect cost of debt (COD). Using a sample of publicly listed firms in China that disclosed carbon emissions from 2018 to 2022, this research verifies the U-shaped CCP–COD relationship. Furthermore, information asymmetric moderates the U-shaped CCP–COD relationship, with lower information asymmetric flattening the shape of the U-shaped curve. Overall, the existence of a non-linear pattern reconciles the extant inconsistent evidence that suggests either a positive or a negative CCP–COD linkage. This research provides comprehensive evidence that CCP implementations, while motived by ethical intention, can have a double-edged effect. These findings are pertinent to corporate stakeholders and governmental policymakers concerning the consequences of carbon-related activities of their organizations.
關鍵字 corporate carbon performance;cost of debt financing;double-edged effect;information asymmetric;U-shaped
語言 en
ISSN 1535-3966
期刊性質 國外
收錄於 SSCI Scopus ABS*
產學合作
通訊作者 Kun-Shan Wu
審稿制度 是
國別 USA
公開徵稿
出版型式 ,電子版
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