Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/151950
|
| Title: | 企業ESG爭議事件對銀行貸款成本之影響
The Impact of ESG Controversies on Cost of Bank Loans |
| Authors: | 翁鈺雅
Weng, Yu-Ya |
| Contributors: | 戚務君
翁鈺雅
Weng, Yu-Ya |
| Keywords: | ESG爭議事件
銀行貸款
ESG controversies
Bank loans |
| Date: | 2024 |
| Issue Date: | 2024-07-01 12:07:35 (UTC+8) |
| Abstract: | 本研究探討企業ESG爭議事件之風險對銀行貸款成本的影響，以及不同構面的爭議事件風險與銀行貸款成本的關聯。實證結果顯示，企業ESG爭議事件風險會導致銀行貸款利率上升，其中又以社會及治理構面的風險影響最為顯著，與國外情況有所不同。而本研究也進一步將銀行分組，發現不論銀行的績效如何，都會重視企業ESG爭議事件風險，因此兩組銀行之間並無顯著差異；但績效較佳的銀行對於社會構面的爭議事件更加關注，因而對貸款利率有增額調整。本研究提供在台灣市場中，ESG爭議事件對企業借款產生衝擊的實證證據。
This study explores the impact of Environmental, Social, and Governance (ESG) controversies on the cost of bank loans and investigates the relationship between different dimensions of controversies and the cost of bank loans. The empirical results show that corporate ESG controversies increase loan rates, with a more significant impact stemming from social and governance dimension, differing from the situation abroad. Furthermore, this study further divides banks into groups and finds that regardless of bank performance, banks pay attention to the risk of corporate ESG controversies, hence no significant differences exist between the two groups of banks. However, banks with better performance pay more attention to controversies in the social dimension, thereby exerting additional influence on loan rates. This study provides empirical evidence of the impact of ESG controversies on corporate borrowing ability in the Taiwan market. |
| Reference: | 中文部分
王佑鈞. (2023). How Do Banks Charge on Loans to Firms with Insiders Borrowing from Banks with Share Pledges?. 財務金融學刊, 31(2), 61-92.
台灣經濟新報(2023)，TCFD為何？內容、核心要素、揭露資訊一次看，https://www.tejwin.com/insight/tcfd/，擷取日期：2024年5月21日
金融監督管理委員會證券期貨局 (2024)，「公司治理3.0-永續發展藍圖」，https://www.sfb.gov.tw/ch/home.jsp?id=992&parentpath=0,8,882,884，擷取日期：2024年3月5日
金融監督管理委員會 (2022)，「綠色金融行動方案3.0」，
https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202209260001&dtable=News，擷取日期：2024年2月23日
金融監督管理委員會 (2021)，金管會發布「本國銀行氣候風險財務揭露指引」銀行業者應自112年起揭露氣候相關風險財務資訊，
https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202111300008&dtable=News，擷取日期：2024年5月21日
劉俊儒, 張育琳, & 傅彧偉. (2019). 環境資訊揭露程度與資金成本之關係-以我國電子產業為例. 當代會計, 20(2), 217-264.
證券櫃檯買賣中心 (2024)，永續報告書，https://dsp.tpex.org.tw/web/csr/cpexample4.php，擷取日期：2024年2月23日
英文部分
Acheampong, A., & Elshandidy, T. (2021). Does soft information determine credit risk? Text-based evidence from European banks. Journal of international financial markets, institutions and money, 75, 101303.
Akerlof, G. A. (1978). The market for “lemons”: Quality uncertainty and the market mechanism. In Uncertainty in economics (pp. 235-251). Academic Press.
Aman, H., Beekes, W., Chang, M., & Wee, M. (2019). The role of credibility in the relation between management forecasts and analyst forecasts in Japan. Pacific-Basin Finance Journal, 55, 29-45.
Amiraslani, H., Lins, K. V., Servaes, H., & Tamayo, A. (2023). Trust, social capital, and the bond market benefits of ESG performance. Review of Accounting Studies, 28(2), 421-462.
Aouadi, A., & Marsat, S. (2018). Do ESG controversies matter for firm value? Evidence from international data. Journal of Business Ethics, 151, 1027-1047.
Apergis, N., Poufinas, T., & Antonopoulos, A. (2022). ESG scores and cost of debt. Energy Economics, 112, 106186.
Athanasoglou, P. P., Brissimis, S. N., & Delis, M. D. (2008). Bank-specific, industry-specific and macroeconomic determinants of bank profitability. Journal of international financial Markets, Institutions and Money, 18(2), 121-136.
Bae, K. H., Purda, L., Welker, M., & Zhong, L. (2013). Credit rating initiation and accounting quality for emerging-market firms. Journal of International Business Studies, 44, 216-234.
Bang, J., Ryu, D., & Webb, R. I. (2023). ESG controversy as a potential asset-pricing factor. Finance Research Letters, 58, 104315.
Bang, J., Ryu, D., & Yu, J. (2023). ESG controversies and investor trading behavior in the Korean market. Finance Research Letters, 54, 103750.
Barreto, I., & Baden‐Fuller, C. (2006). To conform or to perform? Mimetic behaviour, legitimacy‐based groups and performance consequences. Journal of management studies, 43(7), 1559-1581.
Becchetti, L., Cucinelli, D., Ielasi, F., & Rossolini, M. (2023). Corporate social irresponsibility: the relationship between ESG misconduct and the cost of equity. International Review of Financial Analysis, 89, 102833.
Bharath, S. T., Sunder, J., & Sunder, S. V. (2008). Accounting quality and debt contracting. The accounting review, 83(1), 1-28.
Bocken, N. M., Short, S. W., Rana, P., & Evans, S. (2014). A literature and practice review to develop sustainable business model archetypes. Journal of cleaner production, 65, 42-56.
Booth, J. R., & Booth, L. C. (2006). Loan collateral decisions and corporate borrowing costs. Journal of Money, Credit and Banking, 67-90.
Bowen, H. R. (1953). Social responsibilities of the businessman. New York, NY: Harper & Brothers
Brinette, S., Sonmez, F. D., & Tournus, P. S. (2023). ESG Controversies and Firm Value: Moderating Role of Board Gender Diversity and Board Independence. IEEE Transactions on Engineering Management.
Broadstock, D. C., Chan, K., Cheng, L. T., & Wang, X. (2021). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance research letters, 38, 101716.
Capelle-Blancard, G., & Petit, A. (2019). Every little helps? ESG news and stock market reaction. Journal of Business Ethics, 157, 543-565.
Capelle-Blancard, G., Desroziers, A., & Scholtens, B. (2021). Shareholders and the environment: a review of four decades of academic research. Environmental Research Letters, 16(12), 123005.
Carnini Pulino, S., Ciaburri, M., Magnanelli, B. S., & Nasta, L. (2022). Does ESG disclosure influence firm performance?. Sustainability, 14(13), 7595.
Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. Academy of management review, 4(4), 497-505.
Carroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business horizons, 34(4), 39-48.
Chang, C. H., Chen, S. S., Chen, Y. S., & Peng, S. C. (2019). Commitment to build trust by socially responsible firms: Evidence from cash holdings. Journal of Corporate Finance, 56, 364-387
Chava, S. (2014). Environmental externalities and cost of capital. Management science, 60(9), 2223-2247.
Chen, Y. F., Lin, F. L., & Huang, W. K. (2022). Environment, social and governance (ESG) and bank loan interest rates. 交大管理學報, 42(2), 51-79.
Chen, Z., & Xie, G. (2022). ESG disclosure and financial performance: Moderating role of ESG investors. International Review of Financial Analysis, 83, 102291.
Cheung, Y. L., Tan, W., & Wang, W. (2020). Where do banks value corporate social responsibility more? Evidence on the role of national culture. Journal of Banking & Finance, 118, 105810
Chi, W., & Chen, Y. (2021). Employee satisfaction and the cost of corporate borrowing. Finance Research Letters, 40, 101666.
Chintrakarn, P., Jiraporn, P., & Treepongkaruna, S. (2021). How do independent directors view corporate social responsibility (CSR) during a stressful time? Evidence from the financial crisis. International Review of Economics & Finance, 71, 143-160.
Chiu, T. T., Guan, Y., & Kim, J. B. (2018). The effect of risk factor disclosures on the pricing of credit default swaps. Contemporary Accounting Research, 35(4), 2191-2224.
Cho, C. H., Michelon, G., Patten, D. M., & Roberts, R. W. (2015). CSR disclosure: the more things change…?. Accounting, Auditing & Accountability Journal, 28(1), 14-35.
Cho, S. Y., Lee, C., & Pfeiffer Jr, R. J. (2013). Corporate social responsibility performance and information asymmetry. Journal of Accounting and Public Policy, 32(1), 71-83.
Chouaibi, S., Rossi, M., Siggia, D., & Chouaibi, J. (2021). Exploring the moderating role of social and ethical practices in the relationship between environmental disclosure and financial performance: Evidence from ESG companies. Sustainability, 14(1), 209.
Cornée, S. (2019). The relevance of soft information for predicting small business credit default: Evidence from a social bank. Journal of Small Business Management, 57(3), 699-719.
DasGupta, R. (2022). Financial performance shortfall, ESG controversies, and ESG performance: Evidence from firms around the world. Finance Research Letters, 46, 102487.
Deephouse, D. L., & Carter, S. M. (2005). An examination of differences between organizational legitimacy and organizational reputation. Journal of management Studies, 42(2), 329-360.
Denis, D. J., & Mihov, V. T. (2003). The choice among bank debt, non-bank private debt, and public debt: evidence from new corporate borrowings. Journal of financial Economics, 70(1), 3-28.
Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. The accounting review, 87(3), 723-759.
Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of management Review, 20(1), 65-91.
Du, X., Weng, J., Zeng, Q., Chang, Y., & Pei, H. (2017). Do lenders applaud corporate environmental performance? Evidence from Chinese private-owned firms. Journal of Business Ethics, 143, 179-207.
Eliwa, Y., Aboud, A., & Saleh, A. (2021). ESG practices and the cost of debt: Evidence from EU countries. Critical Perspectives on Accounting, 79, 102097.
Elkington, J. (1997). Cannibals with forks: The triple bottom line of 21st century business. Oxford, UK: Capstone.
Fama, E. F. (1985). What's different about banks?. Journal of monetary economics, 15(1), 29-39.
Ferreira, M. A., & Matos, P. (2012). Universal banks and corporate control: Evidence from the global syndicated loan market. Review of Financial Studies, 25(9), 2703-2744.
Fields, L. P., Fraser, D. R., & Subrahmanyam, A. (2012). Board quality and the cost of debt capital: The case of bank loans. Journal of Banking & Finance, 36(5), 1536-1547.
Florou, A., & Kosi, U. (2015). Does mandatory IFRS adoption facilitate debt financing? Review of Accounting Studies, 20, 1407-1456.
Francis, B., Hasan, I., Liu, L., & Wang, H. (2019). Employee treatment and contracting with bank lenders: An instrumental approach for stakeholder management. Journal of Business Ethics, 158, 1029-1046.
Gangi, F., Daniele, L. M., & Varrone, N. (2020). How do corporate environmental policy and corporate reputation affect risk‐adjusted financial performance?. Business Strategy and the Environment, 29(5), 1975-1991.
García-Amate, A., Ramírez-Orellana, A., Rojo-Ramírez, A. A., & Casado-Belmonte, M. P. (2023). Do ESG controversies moderate the relationship between CSR and corporate financial performance in oil and gas firms?. Humanities and Social Sciences Communications, 10(1), 1-14.
Garel, A., & Petit-Romec, A. (2021). Investor rewards to environmental responsibility: Evidence from the COVID-19 crisis. Journal of Corporate Finance, 68, 101948.
Ghouma, H., Ben-Nasr, H., & Yan, R. (2018). Corporate governance and cost of debt financing: Empirical evidence from Canada. The Quarterly Review of Economics and Finance, 67, 138-148.
Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889.
Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic management journal, 30(4), 425-445.
Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. The quarterly journal of economics, 118(1), 107-156.
Gonçalves, T. C., Dias, J., & Barros, V. (2022). Sustainability performance and the cost of capital. International Journal of Financial Studies, 10(3), 63.
Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of banking & finance, 35(7), 1794-1810.
Graham, J. R., Li, S., & Qiu, J. (2008). Corporate misreporting and bank loan contracting. Journal of Financial Economics, 89(1), 44-61.
Grossman, S. J., & Stiglitz, J. E. (1980). On the impossibility of informationally efficient markets. The American economic review, 70(3), 393-408.
Hamrouni, A., Uyar, A., & Boussaada, R. (2020). Are corporate social responsibility disclosures relevant for lenders? Empirical evidence from France. Management Decision, 58(2), 267-279.）
Han, Y. G., Huang, H. W., Liu, W. P., & Hsu, Y. L. (2023). Firm-value effects of carbon emissions and carbon disclosures: evidence from Taiwan. Accounting Horizons, 37(3), 171-191.
Hasan, I., Hoi, C. K. S., Wu, Q., & Zhang, H. (2014). Beauty is in the eye of the beholder: The effect of corporate tax avoidance on the cost of bank loans. Journal of financial economics, 113(1), 109-130.
He, F., Qin, S., Liu, Y., & Wu, J. G. (2022). CSR and idiosyncratic risk: Evidence from ESG information disclosure. Finance Research Letters, 49, 102936.
He, G., Liu, Y., & Chen, F. (2023). Research on the impact of environment, society, and governance (ESG) on firm risk: An explanation from a financing constraints perspective. Finance Research Letters, 58, 104038.
He, R., Chen, X., Chen, C., Zhai, J., & Cui, L. (2021). Environmental, social, and governance incidents and bank loan contracts. Sustainability, 13(4), 1885.
Henisz, W. J., & McGlinch, J. (2019). ESG, material credit events, and credit risk. Journal of Applied Corporate Finance, 31(2), 105-117.
Herbohn, K., Gao, R., & Clarkson, P. (2019). Evidence on whether banks consider carbon risk in their lending decisions. Journal of Business Ethics, 158, 155-175.
Hmaittane, A., Gueyie, J. P., Mnasri, M., & El Guengue, H. (2023). Do Lenders Value a Corporate Sustainability Structure?—Evidence from the Cost of Bank Loans. Sustainability, 15(6), 4720.
Hoepner, A. G., Oikonomou, I., Sautner, Z., Starks, L. T., & Zhou, X. (2018). ESG shareholder engagement and downside risk.
Hoepner, A., Oikonomou, I., Scholtens, B., & Schröder, M. (2016). The effects of corporate and country sustainability characteristics on the cost of debt: An international investigation. Journal of Business Finance & Accounting, 43(1-2), 158-190.
Houqe, M. N., Ahmed, K., & Richardson, G. (2020). The effect of environmental, social, and governance performance factors on firms’ cost of debt: International evidence. The International Journal of Accounting, 55(03), 2050014.
Houston, J. F., & Shan, H. (2022). Corporate ESG profiles and banking relationships. The Review of Financial Studies, 35(7), 3373-3417.
Huang, H. H., Kerstein, J., Wang, C., & Wu, F. (2022). Firm climate risk, risk management, and bank loan financing. Strategic Management Journal, 43(13), 2849-2880.
Ilhan, E., Sautner, Z., & Vilkov, G. (2021). Carbon tail risk. The Review of Financial Studies, 34(3), 1540-1571.
Ioannou, I., & Serafeim, G. (2015). The impact of corporate social responsibility on investment recommendations: Analysts' perceptions and shifting institutional logics. Strategic management journal, 36(7), 1053-1081.
Jiraporn, P., Jiraporn, N., Boeprasert, A., & Chang, K. (2014). Does corporate social responsibility (CSR) improve credit ratings? Evidence from geographic identification. Financial management, 43(3), 505-531.
Jo, H., & Harjoto, M. A. (2011). Corporate governance and firm value: The impact of corporate social responsibility. Journal of business ethics, 103, 351-383.
Jones, R., & Murrell, A. J. (2001). Signaling positive corporate social performance: An event study of family-friendly firms. Business & Society, 40(1), 59-78.
Kanno, M. (2023). Does ESG performance improve firm creditworthiness?. Finance Research Letters, 55, 103894.
Kim, J. B., Song, B. Y., & Zhang, L. (2011). Internal control weakness and bank loan contracting: Evidence from SOX Section 404 disclosures. The Accounting Review, 86(4), 1157-1188.
Kim, M., Surroca, J., & Tribó, J. A. (2014). Impact of ethical behavior on syndicated loan rates. Journal of Banking & Finance, 38, 122-144.
Kim, M., Yin, X., & Lee, G. (2020). The effect of CSR on corporate image, customer citizenship behaviors, and customers’ long-term relationship orientation. International Journal of Hospitality Management, 88, 102520.
Kim, S., & Li, Z. (2021). Understanding the impact of ESG practices in corporate finance. Sustainability, 13(7), 3746.
Kölbel, J. F., Busch, T., & Jancso, L. M. (2017). How media coverage of corporate social irresponsibility increases financial risk. Strategic Management Journal, 38(11), 2266-2284.
Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of financial economics, 115(2), 304-329.
Lassoued, N., & Elmir, A. (2012). Portfolio selection: does corporate governance matter? Corporate Governance: The international journal of business in society, 12(5), 701-713
Lavin, J. F., & Montecinos-Pearce, A. A. (2022). Heterogeneous Firms and Benefits of ESG Disclosure: Cost of Debt Financing in an Emerging Market. Sustainability, 14(23), 15760.
Leland, H. E., & Pyle, D. H. (1977). Informational asymmetries, financial structure, and financial intermediation. The journal of Finance, 32(2), 371-387.
Leuz, C., Lins, K. V., & Warnock, F. E. (2009). Do foreigners invest less in poorly governed firms?. The Review of Financial Studies, 22(8), 3245-3285.
Li, T. T., Wang, K., Sueyoshi, T., & Wang, D. D. (2021). ESG: Research progress and future prospects. Sustainability, 13(21), 11663.
Lin, C. Y., Chuang, Y. W., Tsai, W. C., & Wu, Y. X. (2015). The Benefits of Firms Holding Bank Shares on Bank Loans: Evidence from the Global Financial Crisis. 中山管理評論, 23(2), 563-590.
Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. the Journal of Finance, 72(4), 1785-1824.
López-Concepción, A., Gil-Lacruz, A., Saz-Gil, I., & Bazán-Monasterio, V. (2022). Social well-being for a sustainable future: The influence of trust in big business and banks on perceptions of technological development from a life satisfaction perspective in Latin America. Sustainability, 15(1), 628.
Manes-Rossi, F., Tiron-Tudor, A., Nicolò, G., & Zanellato, G. (2018). Ensuring more sustainable reporting in Europe using non-financial disclosure—De facto and de jure evidence. Sustainability, 10(4), 1162.
Mankiw, N. G. (1986). The allocation of credit and financial collapse. The Quarterly Journal of Economics, 101(3), 455-470.
MSCI. 2021. Global institutional investor survey. Available at: https://www.msci.com/documents/1296102/22910163/MSCI-Investment-Insights-2021-Report.pdf
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
Ng, A. C., & Rezaee, Z. (2015). Business sustainability performance and cost of equity capital. Journal of Corporate Finance, 34, 128-149.
Nicolas, M. L., Desroziers, A., Caccioli, F., & Aste, T. (2024). ESG reputation risk matters: An event study based on social media data. Finance Research Letters, 59, 104712.
Nirino, N., Santoro, G., Miglietta, N., & Quaglia, R. (2021). Corporate controversies and company's financial performance: Exploring the moderating role of ESG practices. Technological Forecasting and Social Change, 162, 120341.
Oikonomou, I., Brooks, C., & Pavelin, S. (2012). The impact of corporate social performance on financial risk and utility: A longitudinal analysis. Financial management, 41(2), 483-515.
Ott, C., & Schiemann, F. (2023). The market value of decomposed carbon emissions. Journal of Business Finance & Accounting, 50(1-2), 3-30.
Passas, I., Ragazou, K., Zafeiriou, E., Garefalakis, A., & Zopounidis, C. (2022). ESG controversies: A quantitative and qualitative analysis for the sociopolitical determinants in EU Firms. Sustainability, 14(19), 12879
Popescu, C. R. G. (2019). Corporate social responsibility, corporate governance and business performance: Limits and challenges imposed by the implementation of directive 2013/34/EU in Romania. Sustainability, 11(19), 5146.
Porumb, V. A., Zengin‐Karaibrahimoglu, Y., Lobo, G. J., Hooghiemstra, R., & De Waard, D. (2021). Expanded auditor's report disclosures and loan contracting. Contemporary Accounting Research, 38(4), 3214-3253.
Qian, K., Shi, B., Song, Y., & Wu, H. (2023). ESG performance and loan contracting in an emerging market. Pacific-Basin Finance Journal, 78, 101973.
Raimo, N., Caragnano, A., Zito, M., Vitolla, F., & Mariani, M. (2021). Extending the benefits of ESG disclosure: The effect on the cost of debt financing. Corporate Social Responsibility and Environmental Management, 28(4), 1412-1421.
Ramirez, A. G., Monsalve, J., González-Ruiz, J. D., Almonacid, P., & Peña, A. (2022). Relationship between the cost of capital and environmental, social, and governance scores: Evidence from latin america. Sustainability, 14(9), 5012.
Richardson, G., Obaydin, I., & Kent, P. F. (2023). Are environmental lawsuits related to the cost of bank loans?. Journal of Accounting Literature, 45(3), 458-473.
Sabbaghi, O. (2022). The impact of news on the volatility of ESG firms. Global Finance Journal, 51, 100570.
Saona, P. (2016). Intra-and extra-bank determinants of Latin American Banks' profitability. International Review of Economics & Finance, 45, 197-214.
Schiemann, F., & Tietmeyer, R. (2022). ESG controversies, ESG disclosure and analyst forecast accuracy. International Review of Financial Analysis, 84, 102373.
Serafeim, G., & Yoon, A. (2022). Stock price reactions to ESG news: The role of ESG ratings and disagreement. Review of accounting studies, 1-31.
Shakil, M. H. (2021). Environmental, social and governance performance and financial risk: Moderating role of ESG controversies and board gender diversity. Resources Policy, 72, 102144.
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of management review, 20(3), 571-610.
Sufi, A. (2007). Information asymmetry and financing arrangements: Evidence from syndicated loans. The Journal of Finance, 62(2), 629-668.
Suto, M., & Takehara, H. (2017). CSR and cost of capital: evidence from Japan. Social Responsibility Journal, 13(4), 798-816.
Tamayo-Torres, I., Gutierrez-Gutierrez, L., & Ruiz-Moreno, A. (2019). Boosting sustainability and financial performance: the role of supply chain controversies. International Journal of Production Research, 57(11), 3719-3734.
Treepongkaruna, S., Kyaw, K., & Jiraporn, P. (2024). ESG controversies, corporate governance, and the market for corporate control. Journal of Sustainable Finance & Investment, 1-28.
Usman, M., Farooq, M. U., Zhang, J., Makki, M. A. M., & Khan, M. K. (2019). Female directors and the cost of debt: does gender diversity in the boardroom matter to lenders?. Managerial Auditing Journal, 34(4), 374-392.
Van Duuren, E., Plantinga, A., & Scholtens, B. (2016). ESG integration and the investment management process: Fundamental investing reinvented. Journal of Business Ethics, 138, 525-533.
Wong, J. B., & Zhang, Q. (2022). Stock market reactions to adverse ESG disclosure via media channels. The British Accounting Review, 54(1), 101045.
World Bank 2004. Who Cares Wins Available at: https://www.unepfi.org/fileadmin/events/2004/stocks/who_cares_wins_global_compact_2004.pdf
Xu, H., Xu, X., & Yu, J. (2021). The impact of mandatory CSR disclosure on the cost of debt financing: Evidence from China. Emerging Markets Finance and Trade, 57(8), 2191-2205.
Yang, D., Zhao, Z., & Wang, L. (2024). Is ESG Reporting Informative to Debtholders?—-Evidence from a Quasi-Experiment in China. Finance Research Letters, 105100.
Zhang, S., Magnan, M., Qiu, Y., & Zeng, C. C. (2022). Do banks price production process failures? Evidence from product recalls. Journal of Banking & Finance, 135, 106366.
Zhao, C., Guo, Y., Yuan, J., Wu, M., Li, D., Zhou, Y., & Kang, J. (2018). ESG and corporate financial performance: Empirical evidence from China’s listed power generation companies. Sustainability, 10(8), 2607 |
| Description: | 碩士
國立政治大學
會計學系
111353018 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111353018 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
Files in This Item:
| File |
Description |
Size | Format | |
|---|
| 301801.pdf | | 1108Kb | Adobe PDF | 0 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
