The effect of environmental information disclosure and energy product type on the cost of debt: Evidence from energy firms in China

被引：83
|
作者：
Fonseka, Mohan [1 ]
Rajapakse, Theja [2 ]
Richardson, Grant [3 ]
机构：
[1] Xi An Jiao Tong Univ, Sch Management, 28 Xianning West Rd, Xian 710049, Shaanxi, Peoples R China
[2] Xi An Jiao Tong Univ, Sch Power & Energy, 28 Xianning West Rd, Xian 710049, Shaanxi, Peoples R China
[3] Univ Adelaide, Business Sch, 10 Pulteney St, Adelaide, SA 5005, Australia
来源：
PACIFIC-BASIN FINANCE JOURNAL | 2019年 / 54卷
关键词：
Environmental information disclosure; Energy firms; Energy product type; Cost of debt; China; CORPORATE SOCIAL-RESPONSIBILITY; PERFORMANCE; RISK; US; GOVERNANCE; QUALITY; POWER; FEES; OIL;
D O I：
10.1016/j.pacfin.2018.05.001
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines the effect of environmental information disclosure (EID) and energy product type on Chinese energy firms' cost of debt (COD). Using a sample of Chinese energy firms over 2008-2014, we find a significant negative association between EID and the COD. We also observe a significant negative association between several energy product types (hydro power, oil, solar and wind) and energy firms' COD. Finally, we analyze the joint effect of EID and energy product type on energy firms' COD and find that when gas, thermal power generation, and hydro firms increase their level of EID their COD increases, but when solar and wind power firms increase their level of EID, this decreases their COD. Our findings are robust to several endogeneity checks.
引用
收藏
页码：159 / 182
页数：24
相关论文
共 50 条
  • [1] The impact of environmental information disclosure on the cost of debt: evidence from China
    Yang, Yongliang
    Wen, Jing
    Li, Yi
    [J]. JOURNAL OF APPLIED ECONOMICS, 2024, 27 (01)
  • [2] The Effects of Environmental Information Disclosure and Energy Types on the Cost of Equity: Evidence from the Energy Industry in China
    Fonseka, Mohan
    Rajapakse, Theja
    Tian, Gao-Liang
    [J]. ABACUS-A JOURNAL OF ACCOUNTING FINANCE AND BUSINESS STUDIES, 2019, 55 (02): : 362 - 410
  • [3] Environmental information disclosure and energy efficiency: empirical evidence from China
    Wang, Lianghu
    Shao, Jun
    [J]. ENVIRONMENT DEVELOPMENT AND SUSTAINABILITY, 2024, 26 (02) : 4781 - 4800
  • [4] Environmental information disclosure and energy efficiency: empirical evidence from China
    Lianghu Wang
    Jun Shao
    [J]. Environment, Development and Sustainability, 2024, 26 : 4781 - 4800
  • [5] Peer effect in corporate environmental information disclosure: evidence from listed firms in China
    Ji, Zhiying
    Chen, Zhuo
    Onwachukwu, Chinedu Increase
    [J]. ENVIRONMENT DEVELOPMENT AND SUSTAINABILITY, 2024,
  • [6] Environmental information disclosure and firms? green innovation: Evidence from China
    Ding, Jinxiu
    Lu, Zhe
    Yu, Chin-Hsien
    [J]. INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2022, 81 : 147 - 159
  • [7] Does environmental information disclosure affect the performance of energy-intensive firms' borrowing ability? Evidence from China
    Hu, Haiqing
    Chang, Chun-Ping
    Dong, Minyi
    Meng, Wei-Na
    Hao, Yu
    [J]. ENERGY & ENVIRONMENT, 2018, 29 (05) : 685 - 705
  • [8] Regulation intensity, environmental disclosure, and cost of capital: evidence from listed firms in China
    Yan, Sen
    Na, Wenpeng
    Yu, Xueying
    Zhang, Xuhang
    [J]. ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH, 2023, 30 (05) : 12283 - 12306
  • [9] Regulation intensity, environmental disclosure, and cost of capital: evidence from listed firms in China
    Sen Yan
    Wenpeng Na
    Xueying Yu
    Xuhang Zhang
    [J]. Environmental Science and Pollution Research, 2023, 30 (5) : 12283 - 12306
  • [10] D&O Insurance and Firms' Environmental Information Disclosure: Evidence from China
    Zhao, Yuliang
    Yang, Xiandong
    [J]. EMERGING MARKETS FINANCE AND TRADE, 2024,
12345