Corporate Social Responsibility and Environmental Management · 2022 · 93 citations · 38 references
ManagementCorporate GovernanceFinanceCorporate FinanceCorporate Social ResponsibilitySustainable FinanceCapital Structure AnalysisCapital Structure DeterminantsCorporate Social Responsibility GovernanceCorporate SustainabilityCorporate Sustainability StrategySustainability Performance ManagementCorporate Financing StrategyCorporate Governance RatingsCorporate Sustainability AssessmentEsg Performance MetricsInformation Risk ManagementOperation RiskTrade Credit FinancingTrade Financing
Abstract Using Chinese listed companies from 2009 to 2020, this study investigates the impact of corporate sustainability (measure by environmental, social and governance [ESG] ratings) of listed companies on trade credit financing. Empirical results show that better ESG performance is related to lower information risk and operation risk, which can further increase corporate trade credit financing. The results remain significant after a series of robustness tests. Moreover, such relationship is more pronounced for non‐state‐owned enterprises. The findings of this paper enrich the existing studies on the economic consequences of ESG performance, and influencing factors of corporate trade credit financing. Meanwhile, the findings may provide some implications for corporate managers, investors, and suppliers in making management or investment decisions.
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Asset pricing and the bid-ask spread
Yakov Amihud, Haim Mendelson · Journal of Financial Economics · 1986 · 5.3K citations
Craig Deegan · Accounting Auditing & Accountability Journal · 2002 · 3.7K citations