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Título
Carbon performance and financial debt: effect of formal and informal institutions
Autor
Facultad/Centro
Área de conocimiento
Título de la revista
Corporate Social Responsibility and Environmental Management
Cita Bibliográfica
Ferreras, A., Castro, P., & Tascón, M. T. (2024). Carbon performance and financial debt: Effect of formal and informal institutions. Corporate Social Responsibility and Environmental Management, 1–22. https://doi.org/10.1002/csr.2709
Editorial
Wiley
Fecha
2024
ISSN
1535-3958
Resumen
[EN] Climate change has led to a transformation of the economy, with institutions such as
the European Commission pushing for decarbonization. Using a sample of 4607
European-listed firms from 2005 to 2019, we find evidence that political and financial
factors moderate the relationship between carbon performance and financial debt.
Environmentally responsible firms operating in countries with better democratic values,
associated with higher degrees of freedom and law enforcement, are favored with
more access to debt. Similarly, better carbon performers obtain more debt in countries
with concentrated banking markets, greater financial stability, and lower government
debt. Furthermore, the cultural factors uncertainty avoidance and long-term orientation
moderate the relationship between carbon performance and financial debt, as well
as the effect of political and financial institutions on this relationship. These results
show the relevant role formal and informal institutions play in facilitating the decarbonization
of firms, as well as the importance of coordinating European policies
Materia
Palabras clave
Peer review
SI
ID proyecto
- info:eu-repo/grantAgreement/AEI/ Programa Estatal de Generación de Conocimiento y Fortalecimiento Científico y Tecnológico del Sistema de I+D+i / PID2020-114797GB-I00/ES/ SOSTENIBILIDAD, DECISIONES FINANCIERAS Y GOBIERNO CORPORATIVO. EFECTO SOBRE EL VALOR DE LA EMPRESA
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