U-shaped relationships between corporate carbon performance and cost of debt: Evidence of China

doi:10.1002/csr.2953

淡江大學機構典藏 > 商管學院 > 企業管理學系暨研究所 > 期刊論文 > Item 987654321/126650

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題名:	U-shaped relationships between corporate carbon performance and cost of debt: Evidence of China
作者:	Wang, Hua;Chang, Haodong;Wu, Kun-Shan
關鍵詞:	corporate carbon performance;cost of debt financing;double-edged effect;information asymmetric;U-shaped
日期:	2025-01-07
上傳時間:	2025-01-14 12:05:33 (UTC+8)
摘要:	The increasing environmental pressures and sustainability targets have necessitated organizations to actively adopting carbon-efficiency practices, thereby, emphasize key stakeholders' increasing awareness of the decarbonization projects in their decision-making. This paper seeks insights into whether and how corporate carbon performance (CCP) initiatives affect cost of debt (COD). Using a sample of publicly listed firms in China that disclosed carbon emissions from 2018 to 2022, this research verifies the U-shaped CCP–COD relationship. Furthermore, information asymmetric moderates the U-shaped CCP–COD relationship, with lower information asymmetric flattening the shape of the U-shaped curve. Overall, the existence of a non-linear pattern reconciles the extant inconsistent evidence that suggests either a positive or a negative CCP–COD linkage. This research provides comprehensive evidence that CCP implementations, while motived by ethical intention, can have a double-edged effect. These findings are pertinent to corporate stakeholders and governmental policymakers concerning the consequences of carbon-related activities of their organizations.
關聯:	Corporate Social Responsibility and Environmental Management,32(1), 465-480
DOI:	10.1002/csr.2953
顯示於類別:	[企業管理學系暨研究所] 期刊論文

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