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Corporate Environmental Responsibility and Capital Structure

In: Corporate Environmental Responsibility, Accounting and Corporate Finance in the EU

Author

Listed:
  • Panagiotis Dimitropoulos

    (University of Peloponnese
    Hellenic Open University)

  • Konstantinos Koronios

    (University of Peloponnese)

Abstract

The aim of this chapter is to examine the impact of CER related performance on firm capital structure decisions, by distinguishing between short-term debt, long term debt and common equity capital and taking into consideration potential endogeneity between the examined factors and their bidirectional association, evidenced by previous studies on the field. Empirical analysis suggested that CER performance is negatively impacting long term debt but positively on short term debt and shareholders’ equity indicating a differential impact of CER on capital structure decisions. Practically, we can argue the CER performing firms rely more on their own shareholders’ equity and short term debt to finance their activities, and less on long term debt.

Suggested Citation

  • Panagiotis Dimitropoulos & Konstantinos Koronios, 2021. "Corporate Environmental Responsibility and Capital Structure," CSR, Sustainability, Ethics & Governance, in: Corporate Environmental Responsibility, Accounting and Corporate Finance in the EU, chapter 0, pages 133-156, Springer.
    • Handle: RePEc:spr:csrchp:978-3-030-72773-4_7
    DOI: 10.1007/978-3-030-72773-4_7
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