RT info:eu-repo/semantics/article
T1 Carbon performance and financial debt: effect of formal and informal institutions
A1 Ferreras González, Adrian
A1 Castro Castro, Paula
A1 Tascón Fernández, María Teresa
A2 Economia Financiera y Contabilidad
K1 Economía
K1 Carbon performance
K1 Cultural factors
K1 Financial debt
K1 Financial framework
K1 Political factors
K1 5308 Economía General
AB [EN] Climate change has led to a transformation of the economy, with institutions such asthe European Commission pushing for decarbonization. Using a sample of 4607European-listed firms from 2005 to 2019, we find evidence that political and financialfactors 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 withmore access to debt. Similarly, better carbon performers obtain more debt in countrieswith concentrated banking markets, greater financial stability, and lower governmentdebt. Furthermore, the cultural factors uncertainty avoidance and long-term orientationmoderate the relationship between carbon performance and financial debt, as wellas the effect of political and financial institutions on this relationship. These resultsshow the relevant role formal and informal institutions play in facilitating the decarbonizationof firms, as well as the importance of coordinating European policies
PB Wiley
SN 1535-3958
LK https://hdl.handle.net/10612/17707
UL https://hdl.handle.net/10612/17707
NO 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
DS BULERIA. Repositorio Institucional de la Universidad de León
RD 14-jun-2024