Abstract
This paper investigates the impact of corporate environmental information disclosure on the cost of debt financing and further explores the impact of environmental information disclosure on the cost of debt financing based on the moderating effect of environmental inputs and also based on the heterogeneity of firm attributes. The findings of this study show that: environmental information disclosure is negatively related to firms' debt financing costs; environmental protection inputs play an enhanced moderating role in the effect of environmental information disclosure on debt financing costs; and the moderating effect of environmental protection inputs on the negative relationship between environmental information disclosure and debt financing costs is more significant in non-state-owned firms compared to state-owned firms.
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