Firm ESG reputation risk and debt choice
Allbwn ymchwil: Cyfraniad at gyfnodolyn › Erthygl › adolygiad gan gymheiriaid
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- Euro Fin Management - 2023 - Newton - Firm ESG reputation risk and debt choice
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Dangosydd eitem ddigidol (DOI)
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.
Allweddeiriau
| Iaith wreiddiol | Saesneg |
|---|---|
| Cyfnodolyn | European Financial Management |
| Dyddiad ar-lein cynnar | 8 Tach 2023 |
| Dynodwyr Gwrthrych Digidol (DOIs) | |
| Statws | E-gyhoeddi cyn argraffu - 8 Tach 2023 |
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