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Do environmentally sustainable practices lead to financially less constrained firms? International evidence

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  • Banerjee, Rajabrata
  • Gupta, Kartick
  • Mudalige, Priyantha

Abstract

In this study, we utilise a comprehensive dataset from 41 countries spanning 2002–2013 and show that environmentally sustainable practices (ESP) are negatively associated with financial constraints of firms. We refine ESP into three components: emission reduction, product innovation and resource reduction, and show that firms which are more innovative and efficient in reducing wastage of resources are most benefited by ESP. The findings are even stronger for firms operating in countries with high institutional qualities, in high emission and highly competitive industries. These results are important to lending institutions for making financing decisions. Policymakers and investors could also utilise ESP as a key distinguishing factor for firms to benefit from lower financial constraints. Appropriate support and initiatives from local and national regulators could motivate firms to be more environmentally friendly.

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  • Banerjee, Rajabrata & Gupta, Kartick & Mudalige, Priyantha, 2020. "Do environmentally sustainable practices lead to financially less constrained firms? International evidence," International Review of Financial Analysis, Elsevier, vol. 68(C).
    • Handle: RePEc:eee:finana:v:68:y:2020:i:c:s1057521918305015
    DOI: 10.1016/j.irfa.2019.03.009
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    19. Takacs, Andras, 2023. "The positive effects of green technology investments on growth expectations," Technology in Society, Elsevier, vol. 75(C).
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    More about this item

    Keywords

    Financial constraints; Environmentally sustainable practices; Institutional quality;
    All these keywords.

    JEL classification:

    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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