Effects of ESG performance and sustainability disclosure on GSS bonds’ yields and spreads: A global analysis
Author
Abstract
Suggested Citation
DOI: 10.1016/j.frl.2024.105988
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Duffie, Darrell & Lando, David, 2001. "Term Structures of Credit Spreads with Incomplete Accounting Information," Econometrica, Econometric Society, vol. 69(3), pages 633-664, May.
- Xu, Guoquan & Lu, Nuotian & Tong, Yan, 2022. "Greenwashing and credit spread: Evidence from the Chinese green bond market," Finance Research Letters, Elsevier, vol. 48(C).
- Li, Quan & Zhang, Kai & Wang, Li, 2022. "Where's the green bond premium? Evidence from China," Finance Research Letters, Elsevier, vol. 48(C).
- Liu, Sufang & Li, Shengquan, 2024. "Corporate green bond issuance and high-quality corporate development," Finance Research Letters, Elsevier, vol. 61(C).
- Yang, Ji & Shi, Yajie & Zhang, Lifeng & Hu, Suhuan, 2023. "The influence of environmental information transparency of green bond on credit rating," Finance Research Letters, Elsevier, vol. 58(PB).
- Hong Zhou & Guoping Li & Wanfa Lin, 2016. "Corporate Social Responsibility and Credit Spreads: An Empirical Study in Chinese Context," Annals of Economics and Finance, Society for AEF, vol. 17(1), pages 79-103, May.
- Martin, Patrick R. & Moser, Donald V., 2016. "Managers’ green investment disclosures and investors’ reaction," Journal of Accounting and Economics, Elsevier, vol. 61(1), pages 239-254.
- Tahani Tahmid & Muhammad Nazmul Hoque & Jamaliah Said & Paolo Saona & Md. Abul Kalam Azad, 2022. "Does ESG initiatives yield greater firm value and performance? New evidence from European firms," Cogent Business & Management, Taylor & Francis Journals, vol. 9(1), pages 2144098-214, December.
- Florian Barth & Benjamin Hübel & Hendrik Scholz, 2022. "ESG and corporate credit spreads," Journal of Risk Finance, Emerald Group Publishing Limited, vol. 23(2), pages 169-190, February.
- Hami Amiraslani & Karl V. Lins & Henri Servaes & Ane Tamayo, 2023.
"Trust, social capital, and the bond market benefits of ESG performance,"
Review of Accounting Studies, Springer, vol. 28(2), pages 421-462, June.
- Amiraslani, Hami & Lins, Karl V. & Servaes, Henri & Tamayo, Ane, 2022. "Trust, social capital, and the bond market benefits of ESG performance," LSE Research Online Documents on Economics 112448, London School of Economics and Political Science, LSE Library.
- Raf Orens & Walter Aerts & Denis Cormier, 2010. "Web‐Based Non‐Financial Disclosure and Cost of Finance," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(9‐10), pages 1057-1093, November.
- Healy, Paul M. & Palepu, Krishna G., 2001. "Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 405-440, September.
- Koziol, Christian & Proelss, Juliane & Roßmann, Philipp & Schweizer, Denis, 2022. "The price of being green," Finance Research Letters, Elsevier, vol. 50(C).
- Tsagkanos, Athanasios & Argyropoulou, Despoina & Androulakis, Georgios, 2022. "Asymmetric economic effects via the dependence structure of green bonds and financial stress index," The Journal of Economic Asymmetries, Elsevier, vol. 26(C).
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Wang, Congcong & Wang, Chong & Long, Huaigang & Zaremba, Adam & Zhou, Wenyu, 2024. "Green bond credit spreads and bank loans in China," International Review of Financial Analysis, Elsevier, vol. 94(C).
- Yun Lou, 2019. "Disclosure of Pending Lawsuits and Bond Terms," Management Science, INFORMS, vol. 65(4), pages 1926-1947, April.
- Martin, Rachel, 2019. "Examination and implications of experimental research on investor perceptions," Journal of Accounting Literature, Elsevier, vol. 43(C), pages 145-169.
- Robert Rieg & Ute Vanini, 2023. "Value relevance of voluntary intellectual capital disclosure: a meta-analysis," Review of Managerial Science, Springer, vol. 17(7), pages 2587-2631, October.
- Garay, Urbi & González, Maximiliano & Guzmán, Alexander & Trujillo, María Andrea, 2013.
"Internet-based corporate disclosure and market value: Evidence from Latin America,"
Emerging Markets Review, Elsevier, vol. 17(C), pages 150-168.
- González, Maximiliano & Garay, Urbi, 2010. "Internet-Based Corporate Disclosure and Market Value: Evidence from Latin America," Galeras. Working Papers Series 028, Universidad de Los Andes. Facultad de Administración. School of Management.
- Andrew C. Stuart & Jean C. Bedard & Cynthia E. Clark, 2021. "Corporate Social Responsibility Disclosures and Investor Judgments in Difficult Times: The Role of Ethical Culture and Assurance," Journal of Business Ethics, Springer, vol. 171(3), pages 565-582, July.
- Steve Fortin & Jeffrey A. Pittman, 2007. "The Role of Auditor Choice in Debt Pricing in Private Firms," Contemporary Accounting Research, John Wiley & Sons, vol. 24(3), pages 859-896, September.
- Schreder, Max, 2018. "Idiosyncratic information and the cost of equity capital: A meta-analytic review of the literature," Journal of Accounting Literature, Elsevier, vol. 41(C), pages 142-172.
- Tang, Ying & Wang, Biliang & Pan, Ningning & Li, Zhiyong, 2023. "The impact of environmental information disclosure on the cost of green bond: Evidence from China," Energy Economics, Elsevier, vol. 126(C).
- Anastasia Axjonow & Jürgen Ernstberger & Christiane Pott, 2018. "The Impact of Corporate Social Responsibility Disclosure on Corporate Reputation: A Non-professional Stakeholder Perspective," Journal of Business Ethics, Springer, vol. 151(2), pages 429-450, August.
- Hans B. Christensen & Luzi Hail & Christian Leuz, 2021.
"Mandatory CSR and sustainability reporting: economic analysis and literature review,"
Review of Accounting Studies, Springer, vol. 26(3), pages 1176-1248, September.
- Hans B. Christensen & Luzi Hail & Christian Leuz, 2019. "Mandatory CSR and Sustainability Reporting: Economic Analysis and Literature Review," NBER Working Papers 26169, National Bureau of Economic Research, Inc.
- Hichem Khlif & Kamran Ahmed & Mohsen Souissi, 2017. "Ownership structure and voluntary disclosure: A synthesis of empirical studies," Australian Journal of Management, Australian School of Business, vol. 42(3), pages 376-403, August.
- Chen, Hao & Meng, Yijun & Ning, Xueping & Qi, Yuanbo, 2024. "The pricing of green bonds: Does social capital matter? Evidence from China," Finance Research Letters, Elsevier, vol. 67(PA).
- Cristiana Cardi & Camilla Mazzoli & Sabrina Severini, 2018. "Friend or foe? The effect of corporate governance on intellectual capital disclosure in IPOs," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 15(1), pages 1-12, February.
- Patrick J. Ferguson & Jane Hronsky & Matt Pinnuck, 2023. "Who pays attention to sustainability reports and why? Evidence from Google search activity," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(3), pages 3519-3551, September.
- Su-Lien Lu & Kuo-Jung Lee, 2021. "Investigating the Determinants of Credit Spread Using a Markov Regime-Switching Model: Evidence from Banks in Taiwan," Sustainability, MDPI, vol. 13(17), pages 1-25, August.
- Charlotte Disle & Philippe Protin & Nathalie Gonthier-Besacier & Frédéric Bertrand & Stéphane Périer, 2016. "Divulgation volontaire sur le Business model : le cas des entreprises du CAC40," Post-Print hal-01900531, HAL.
- Hsin-Yi Yu & Li-Wen Chen, 2017. "Ambiguous Customer Identity Disclosure and the Cost of Equity Capital," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 20(03), pages 1-29, September.
- Ali Nejadmalayeri & Sheri Faircloth & Jeanne Wendel & Surya Chelikani, 2017. "GASB mandatory disclosure rules and municipal bond yield spreads," Review of Quantitative Finance and Accounting, Springer, vol. 49(2), pages 379-405, August.
- Hu, Xin & Zhu, Bo & Lin, Renda & Li, Xiru & Zeng, Lidan & Zhou, Sitong, 2024. "How does greenness translate into greenium? Evidence from China's green bonds," Energy Economics, Elsevier, vol. 133(C).
More about this item
Keywords
GSS bonds; debt capital markets; ESG; sustainability; yield spread; credit rating;All these keywords.
JEL classification:
- D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
- G1 - Financial Economics - - General Financial Markets
- Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:68:y:2024:i:c:s1544612324010183. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.