Green bond financing, environmental regulation, and long-term value orientation: evidence from Chinese-listed companies.
Environ Sci Pollut Res Int
; 30(59): 123335-123350, 2023 Dec.
Article
em En
| MEDLINE
| ID: mdl-37981607
ABSTRACT
In recent years, green bonds have become an important part of the green financial system. In this paper, we investigate theoretically and empirically how green bond financing impacts corporate long-term value orientation. To study this relationship, we manually collect green bond financing data and use Python to construct a measure reflecting corporate long-term value. Using a sample of Chinese A-share bond issuing companies from 2016 to 2021, we find that (1) green bond financing can significantly promote companies to pursue long-term value, in which financing costs, management's strategic risk-taking, and external supervision are the underlying mechanisms. (2) There is a synergistic effect between green bond financing and environmental regulation, which can jointly improve the intensity of corporate long-term value orientation. (3) The relationship between green bond financing and corporate long-term value is more significant in enterprises with heavily polluting, lower risk-taking levels, less strategic change, and lower financial mismatch risk. Our findings reveal the "corrective" effect of green bond financing on management's strategic decision-making, which provides new empirical evidence for comprehensively and accurately evaluating the role of green bonds and promoting the development of the green bond market.
Palavras-chave
Texto completo:
1
Temas:
ECOS
/
Aspectos_gerais
/
Financiamentos_gastos
Bases de dados:
MEDLINE
Assunto principal:
Regulamentação Governamental
/
Poluição Ambiental
País/Região como assunto:
Asia
Idioma:
En
Revista:
Environ Sci Pollut Res Int
Assunto da revista:
SAUDE AMBIENTAL
/
TOXICOLOGIA
Ano de publicação:
2023
Tipo de documento:
Article
País de afiliação:
China