Firm ESG reputation risk and debt choice

被引：1
|
作者：
Newton, David P. [1 ]
Ongena, Steven [2 ,3 ,4 ,5 ,6 ]
Xie, Ru [1 ]
Zhao, Binru [7 ]
机构：
[1] Univ Bath, Sch Management, Bath, England
[2] Swiss Finance Inst, Zurich, Switzerland
[3] NTNU Business Sch, Trondheim, Norway
[4] Katholieke Univ Leuven, Leuven, Belgium
[5] CEPR, London, England
[6] Univ Zurich, Zurich, Switzerland
[7] Bangor Business Sch, Bangor, Wales
来源：
EUROPEAN FINANCIAL MANAGEMENT | 2024年 / 30卷 / 04期
关键词：
capital structure; debt choices; debt structure; ESG reputation risk; information asymmetry; BANK DEBT; MARKET DISCIPLINE; SHAREHOLDER VALUE; PUBLIC DEBT; CORPORATE; INVESTMENT; MANAGEMENT; COST; OWNERSHIP; RELIGION;
D O I：
10.1111/eufm.12468
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using a novel sample covering 3783 US public firms from 2007 to 2020, we examine how negative media coverage of firm-level environmental, social, and governance (ESG) practices affects a firm's debt choice. We find that firms with higher ESG reputation risk rely more on public bond than bank loan. The social and governance components, in particular, matter. Moreover, firms that receive more negative news coverage display a higher propensity to issue new bonds as opposed to securing new bank debt. Overall, our study presents empirical evidence on the relation between firm ESG reputation risk and debt financing.
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页码：2071 / 2094
页数：24
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