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Carbon emissions and debt maturity structure: do ESG controversies matter?

Author

Listed:
  • Souad Brinette

    (EDC - EDC Paris Business School)

  • Sabrina Khemiri

    (LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris], IMT-BS - DEFI - Département Droit, Economie et Finances - TEM - Télécom Ecole de Management - IMT - Institut Mines-Télécom [Paris] - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris])

  • Pinar Sener Tourus

    (ESSCA - Ecole Supérieure des Sciences Commerciales d'Angers)

Abstract

This study investigates the impact of carbon emissions on a firm's debt maturity structure and the role of ESG controversies on this dynamic. Analyzing a sample comprising firms listed on the FTSE 250 from 2012 to 2021, the results indicate that firms with lower carbon-emissions benefit from a longer debt maturity, due to lower perceived risk than firms with higher carbon-emissions. The study further highlights that ESG controversies exacerbate the effect of carbon emissions on debt maturity. These findings should motivate firms to advance their decarbonization efforts, consequently leading to significant economic benefits.

Suggested Citation

  • Souad Brinette & Sabrina Khemiri & Pinar Sener Tourus, 2024. "Carbon emissions and debt maturity structure: do ESG controversies matter?," Post-Print hal-04661490, HAL.
    • Handle: RePEc:hal:journl:hal-04661490
    DOI: 10.3905/jai.2024.1.216
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