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Climate-Related Transition Risk and Corporate Debt Financing: Evidence from Southeast Asia

Asian development review, 2023-09, Vol.40 (2), p.87-110 [Tạp chí có phản biện]

2023. This work is published under https://creativecommons.org/licenses/by/3.0/ (the“License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 0116-1105 ;EISSN: 1996-7241 ;DOI: 10.1142/S0116110523400036

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  • Nhan đề:
    Climate-Related Transition Risk and Corporate Debt Financing: Evidence from Southeast Asia
  • Tác giả: ESTRADA, GEMMA ; OLIVARES, RESI ONG ; PARK, DONGHYUN ; TIAN, SHU
  • Chủ đề: Association of Southeast Asian Nations ; Borrowing ; Carbon ; Climate change ; climate-related risks ; Companies ; Corporate debt ; cost of debt ; Costs ; debt finance ; Debt financing ; Emissions ; Financial leverage ; leverage ; Paris Agreement ; Ratification ; Securities markets ; Toxicity
  • Là 1 phần của: Asian development review, 2023-09, Vol.40 (2), p.87-110
  • Mô tả: The Paris Agreement signals increased climate awareness and potential changes in the business environment as an economy decarbonizes. Ratification of the Paris Agreement could heighten climate-related transition risks, especially for companies in high-emitting industries. This research analyzes the impact of Paris Agreement ratification on the debt financing decisions of publicly listed companies in Southeast Asian economies. Our empirical evidence shows that, after announcement of Paris Agreement ratification, firms in high-emitting industries have leverage and financial leverage that are an average of 1.8% and 4.2% lower, respectively, than firms in low-emitting industries. Firms in the region also witnessed higher risks 2 years after ratification, and these risks do not differ significantly between high- and low-emitting industries. This finding implies that firms become riskier under heightened transition risks, and this influences their financial decisions. Governments might thus consider introducing policies that facilitate their response to a low-carbon transition.
  • Nơi xuất bản: Manila: Asian Development Bank
  • Ngôn ngữ: English
  • Số nhận dạng: ISSN: 0116-1105
    EISSN: 1996-7241
    DOI: 10.1142/S0116110523400036
  • Nguồn: Free E Journals
    Digital Library of the Commons
    ProQuest Central
    DOAJ Directory of Open Access Journals
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