The ESG washing in banks: Evidence from the syndicated loan market

淡江大學機構典藏 > 商管學院 > 財務金融學系暨研究所 > 會議論文 > Item 987654321/123692

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題名:	The ESG washing in banks: Evidence from the syndicated loan market
作者:	Huang, Kuo-Jui;Bui, Dien Giau;Lin, Chih-Yung
關鍵詞:	ESG;Syndicated loan;Market reactions;Kyoto Protocol;Bank sustainability performance
日期:	2022-08-05
上傳時間:	2023-04-28 19:06:31 (UTC+8)
摘要:	We investigate whether banks practice environmental, social, and governance (ESG) washing in their lending decisions and how the market reacts to it. That is, do banks with worse ESG performance intentionally lend to firms with better ESG performance to improve their ESG reputations? Banks with worse ESG performance offer significantly lower loan spreads, longer loan maturities, fewer general covenants, and fewer collaterals to firms with better ESG performance. More importantly, the stock market generally reacts favorably to banks that make these kinds of deals that could explain why banks engage in ESG washing. We also find that the effects of ESG washing are significantly stronger for borrowers from high polluting industries and in the post-Kyoto Protocol period. These results support the idea that the banks with worse ESG performance divert the market's attention away from their ESG washing of their lending that thus, improves their ESG reputations.
顯示於類別:	[財務金融學系暨研究所] 會議論文

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