Corporate ESG performance and trade credit financing-Evidence from China

被引：58
|
作者：
Luo, Chunhua [1 ]
Wei, Dianlong [1 ]
He, Feng [2 ]
机构：
[1] Hangzhou Dianzi Univ, Sch Accounting, Hangzhou 310018, Peoples R China
[2] Capital Univ Econ & Business, Sch Finance, Beijing 100070, Peoples R China
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2023年 / 85卷
关键词：
ESG; Trade credit; Information asymmetry; Chinese market; SOCIAL-RESPONSIBILITY; TRUST; CRISIS; IMPACT; COST;
D O I：
10.1016/j.iref.2023.01.021
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper explores the impact of firms' comprehensive ESG (environmental, social, and governance) ratings on their trade credit financing in the Chinese market. Using a sample of publicly listed companies from 2011 to 2019, we find that corporate ESG performance could significantly increase a firm's access to trade credit. These results still hold after a series of robustness checks. Furthermore, ESG increases a firm's trade credit by mitigating information asymmetry, improving operating efficiency and reducing risk. Our study provides general implications to encourage firms to participate in ESG in the current carbon emission transition period.
引用
收藏
页码：337 / 351
页数：15
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