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Do Banks Value Borrowers' Environmental Record? Evidence from Financial Contracts

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Listed:
  • I-Ju Chen

    (Yuan Ze University)

  • Iftekhar Hasan

    (Fordham University, Bank of Finland and University of Sydney)

  • Chih-Yung Lin

    (National Chiao-Tung University)

  • Tra Ngoc Vy Nguyen

    (Quy Nhon University)

Abstract

Banks play a unique role in society. They not only maximize profits but also consider the interests of stakeholders. We investigate whether banks consider firms’ pollution records in their lending decisions. The evidence shows that banks offer significantly higher loan spreads, higher total borrowing costs, shorter loan maturities, and greater collateral to firms with higher levels of chemical pollution. The costly effects are stronger for borrowers with greater risk and weaker corporate governance. Further, the results show that banks with higher social responsibility account for their borrowers’ environmental performance and charge higher loan spreads to those with poor performance. These results support the idea that banks with higher social responsibility can promote the practice of business ethics in firms.

Suggested Citation

  • I-Ju Chen & Iftekhar Hasan & Chih-Yung Lin & Tra Ngoc Vy Nguyen, 2021. "Do Banks Value Borrowers' Environmental Record? Evidence from Financial Contracts," Journal of Business Ethics, Springer, vol. 174(3), pages 687-713, December.
    • Handle: RePEc:kap:jbuset:v:174:y:2021:i:3:d:10.1007_s10551-020-04621-2
    DOI: 10.1007/s10551-020-04621-2
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