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Do Lenders Applaud Corporate Environmental Performance? Evidence from Chinese Private-Owned Firms

Journal of business ethics, 2017-06, Vol.143 (1), p.179-207 [Peer Reviewed Journal]

Springer Science+Business Media Dordrecht 2017 ;Springer Science+Business Media Dordrecht 2015 ;Journal of Business Ethics is a copyright of Springer, 2017. ;ISSN: 0167-4544 ;EISSN: 1573-0697 ;DOI: 10.1007/s10551-015-2758-2

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Title:
Do Lenders Applaud Corporate Environmental Performance? Evidence from Chinese Private-Owned Firms
Author: Du, Xingqiang ; Weng, Jianying ; Zeng, Quan ; Chang, Yingying ; Pei, Hongmei
Subjects: Business and Management ; Business Ethics ; Companies ; Corporate responsibility ; Debt ; Education ; Environmental ethics ; Environmental management ; Ethics ; Green marketing ; Interest rates ; Lenders ; Management ; Philosophy ; Private sector ; Quality of Life Research ; Social responsibility ; Studies
Is Part Of: Journal of business ethics, 2017-06, Vol.143 (1), p.179-207
Description: This study extends previous literature on the association between corporate social responsibility and corporate financial behavior by investigating the influence of corporate environmental performance on the cost of debt. Using a sample of Chinese private-owned firms, we document strong and consistent evidence to show that corporate environmental performance is significantly negatively associated with the interest rate on debt—the proxy for the cost of debt. The findings suggest that lenders applaud better environmental performance. Moreover, internal control attenuates the negative association between corporate environmental performance and the interest rate on debt, implying substitutive effects between corporate environmental performance and internal control on the reduction of interest rates on debt. The results are robust to various sensitivity tests and are still valid after controlling for the potential endogeneity between corporate environmental performance and the interest rate on debt.
Publisher: Dordrecht: Springer
Language: English
Identifier: ISSN: 0167-4544
EISSN: 1573-0697
DOI: 10.1007/s10551-015-2758-2
Source: ProQuest One Psychology
ProQuest Central

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Do Lenders Applaud Corporate Environmental Performance? Evidence from Chinese Private-Owned Firms

Springer Science+Business Media Dordrecht 2017 ;Springer Science+Business Media Dordrecht 2015 ;Journal of Business Ethics is a copyright of Springer, 2017. ;ISSN: 0167-4544 ;EISSN: 1573-0697 ;DOI: 10.1007/s10551-015-2758-2

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