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題名 ESG績效與貸款合約
ESG Performance and Loan Contracting
作者 胡芯瑋
HU, Hsin-Wei
貢獻者 詹凌菁
胡芯瑋
HU, Hsin-Wei
關鍵詞 ESG績效
貸款合約
資訊不對稱
ESG Performance
Loan Contracting
Information Asymmetry
日期 2024
上傳時間 4-Sep-2024 14:47:51 (UTC+8)
摘要 本研究探討企業環境、社會與治理（ESG）績效對聯合貸款合約特徵的影響。本研究利用2014年至2017年間美國公司的數據，發現ESG評分較高的公司通常能獲得較少的貸款條款。除此之外，當企業的資訊不對稱程度較高時，ESG評分對貸款利差和貸款期限的影響更加顯著。研究結果顯示，ESG績效在減少資訊不對稱和改善貸款條款方面具有重要作用，能幫助企業獲得更優惠的貸款條件。這些發現為金融機構在評估企業信用風險時提供了新的視角，並強調了ESG績效在企業融資中的重要性。
This study explores the impact of Environmental, Social, and Governance (ESG) performance on the characteristics of syndicated loan contracts. Through using data from U.S. companies between 2014 and 2017, the research finds that firms with higher ESG ratings had fewer financial covenants. Additionally, when information asymmetry is high, the influence of ESG ratings on loan spreads and maturities becomes more significant. The results indicate that the performance of ESG performance plays a crucial role in reducing information asymmetry and improving loan terms, helping firms obtain more favorable lending conditions. These findings provide new insights for financial institutions in assessing corporate credit risk and emphasize the importance of ESG performance in corporate financing.
參考文獻 Armstrong, J. (2003). The syndicated loan market: Developments in the North American context. Working papers, Bank of Canada. Avetisyan, E., and Hockerts, K. (2017). The Consolidation of the ESG rating industry as an enactment of institutional retrogression. Business Strategy and the Environment, 26(3), 316-330. Avramova, D., Cheng, S., Lioui, A., and Tarelli, A. (2021). Sustainable investing with ESG rating uncertainty. Journal of Financial Economics, 145(3), 642-664. Bae, K. H., and Goyal, V. K. (2009). Creditor rights, enforcement, and bank loans. The Journal of Finance, 64(2), 823-860. Bae, S. C., Chang, K., and Yi, H. C. (2017). Corporate social responsibility, credit rating, and private debt contracting: New evidence from syndicated loan market. Review of Quantitative Finance and Accounting, 50(2), 261-299. Berger, A. N., and Udell, G. F. (1990). Collateral, loan quality, and bank risk. Journal of Monetary Economics, 25(1), 21-42. Berger, A. N., and Udell, G. F. (1995). Relationship lending and lines of credit in small firm finance. The Journal of Business, 68(3), 351-381. Berger, A. N., and Udell, G. F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking and Finance, 22(6-8), 613-673. Bharath, S. T., Sunder, J., and Sunder, S. V. (2008). Accounting quality and debt contracting. The Accounting Review, 83(1), 1-28. Boot, A. W. A., and Thakor, A. V. (1994). Moral hazard and secured lending in an infinitely repeated credit market game. International Economic Review, 35(4), 899-920. Chen, C. P., and Lai, Y. H. (2001). Determinants of secured versus unsecured bank loans in Taiwan: An empirical analysis using the logit model. Management Review, 20(1), 129-159. Chen, C. P., Lai, Y. H., and Hsu, T. Y. (2004). Relationship lending at commercial banks: Some empirical evidence. Journal of Financial Studies, 12(1), 43-85. Clark, G. L., Feiner, A., and Viehs, M. (2015). From the stockholder to the stakeholder: How sustainability can drive financial outperformance. Oxford University and Arabesque Partners. Dennis, S. A., and Mullineaux, D. J. (1998). Syndicated loans. Journal of Financial Intermediation, 7(4), 306-334. Diamond, D. W. (1991). Debt maturity structure and liquidity risk. The Quarterly Journal of Economics, 106(3), 709-737. Doyle, Ge, and McVay (2007). Accruals quality and internal control over financial reporting. The Accounting Review, 82(5), 1141-1170. Eccles, R. G., Ioannou, I., and Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835-2857. Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3), 621-640. Franklin, D. (2008). Just good business. A special report on corporate social responsibility. The Economist, January, 1-14. Friede, G., Busch, T., and Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance and Investment, 5(4), 210-233. Galbreath, J. (2012). ESG in focus: The Australian evidence. Journal of Business Ethics, 118(3), 529-541. Goss, A., and Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking and Finance, 35(7), 1794-1810. Graham, J. R., Harvey, C. R., and Puri, M. (2015). Managerial attitudes and corporate actions. Journal of Financial Economics, 109(1), 103-121. Hart, S. L., and Ahuja, G. (1996). Does it pay to be green? An empirical examination of the relationship between emission reduction and firm performance. Business Strategy and the Environment, 5(1), 30-37. Hertina, D., Pranata, A. F., and Aulia, R. E. (2021). The influence of current ratio, debt to equity ratio and company size on return on assets. Turkish Journal of Computer and Mathematics Education, 12(3), 1702-1709. Ivashina, V., and Scharfstein, D. S. (2010). Bank lending during the financial crisis of 2008. Journal of Financial Economics, 97(3), 319-338. Jang, G. Y., Kang, H. G., Lee, J. Y., and Bae, K. H. (2020). This effect is particularly salient for the firms with high information asymmetry such as small firms. Sustainability, 12(8), 3456. Josefina, F. G., and Jesus, S. P. (2018). Impact of corporate social responsibility on value creation from a stakeholder perspective. Sustainability, 10(6), 2062. Khan, M., Serafeim, G., and Yoon, A. (2016). Corporate sustainability: First evidence on materiality. The Accounting Review, 91(6), 1697-1724. Kim, M., Kristiansen, E. G., and Vale, B. (2011). Endogenous product differentiation in credit markets: What do borrowers pay for? Journal of Banking and Finance, 29(3), 681-699. Lee, M. T., Raschke, R. L., and Krishen, A. S. (2021). Signaling green! Firm ESG signals in an interconnected environment that promote brand valuation. Journal of Business Research, 138, 1-11. Lin, M. C. 2021. Analysis of the Correlation between Enterprise ESG Performance and Financial Performance. National Quemoy University. Lang, M. H., and Lundholm, R. J. (1993). Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research, 31(2), 246-271. Malik, M. (2014). Value-enhancing capabilities of CSR: A brief review of contemporary literature. Journal of Business Ethics, 127(2), 419-438. Orlitzky, M., Schmidt, F. L., and Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403-441. Petersen, M. A., and Rajan, R. G. (1994). The benefits of lending relationships: Evidence from small business data. The Journal of Finance, 49(1), 3-37. Porter, M. E., Serafeim, G., and Kramer, M. (2019). Where ESG fails. Institutional Investor. Rajan, R. G. (1992). Insiders and outsiders: The choice between informed and arm's-length debt. The Journal of Finance, 47(4), 1367-1400. Servaes, H., and Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management Science, 59(5), 1045-1061. Shanaev, S., and Ghimire, B. (2022). When ESG meets AAA: The effect of ESG rating changes on stock returns. Finance Research Letters, 46, 102302. Sufi, A. (2007). Information asymmetry and financing arrangements: Evidence from syndicated loans. The Journal of Finance, 62(2), 629-668. Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 2041-2568. Waddock, S. A., and Graves, S. B. (1997). The corporate social performance-financial performance link. Strategic Management Journal, 18(4), 303-319. Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185-211. Yoon, B., Lee, J. H., and Byun, R. (2018). Does ESG performance enhance firm value? Evidence from Korea. Sustainability, 10(10), 3635. Zhao, R., and Zhu, L. (2024). Credit default swaps and corporate ESG performance. Journal of Banking and Finance, 159. Zumente, I., and Bistrova, J. (2021). ESG importance for long-term shareholder value creation: Literature vs. practice. Journal of Open Innovation: Technology, Market, and Complexity, 7(2), 127. Zumente, I., and Lāce, N. (2021). ESG rating—Necessity for the investor or the company? Sustainability, 13(16), 8940.
描述 碩士
國立政治大學
會計學系
111353045
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111353045
資料類型 thesis
dc.contributor.advisor 詹凌菁zh_TW
dc.contributor.author (Authors) 胡芯瑋zh_TW
dc.contributor.author (Authors) HU, Hsin-Weien_US
dc.creator (作者) 胡芯瑋zh_TW
dc.creator (作者) HU, Hsin-Weien_US
dc.date (日期) 2024en_US
dc.date.accessioned 4-Sep-2024 14:47:51 (UTC+8)-
dc.date.available 4-Sep-2024 14:47:51 (UTC+8)-
dc.date.issued (上傳時間) 4-Sep-2024 14:47:51 (UTC+8)-
dc.identifier (Other Identifiers) G0111353045en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/153336-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 111353045zh_TW
dc.description.abstract (摘要) 本研究探討企業環境、社會與治理（ESG）績效對聯合貸款合約特徵的影響。本研究利用2014年至2017年間美國公司的數據，發現ESG評分較高的公司通常能獲得較少的貸款條款。除此之外，當企業的資訊不對稱程度較高時，ESG評分對貸款利差和貸款期限的影響更加顯著。研究結果顯示，ESG績效在減少資訊不對稱和改善貸款條款方面具有重要作用，能幫助企業獲得更優惠的貸款條件。這些發現為金融機構在評估企業信用風險時提供了新的視角，並強調了ESG績效在企業融資中的重要性。zh_TW
dc.description.abstract (摘要) This study explores the impact of Environmental, Social, and Governance (ESG) performance on the characteristics of syndicated loan contracts. Through using data from U.S. companies between 2014 and 2017, the research finds that firms with higher ESG ratings had fewer financial covenants. Additionally, when information asymmetry is high, the influence of ESG ratings on loan spreads and maturities becomes more significant. The results indicate that the performance of ESG performance plays a crucial role in reducing information asymmetry and improving loan terms, helping firms obtain more favorable lending conditions. These findings provide new insights for financial institutions in assessing corporate credit risk and emphasize the importance of ESG performance in corporate financing.en_US
dc.description.tableofcontents 第一章 Introduction 1 第一節 Research Purpose 1 第二節 Research Process 4 第二章 Literature Review 5 第一節 ESG Rating 5 第二節 Loan Contracting 9 第三章 Hypotheses Development 11 第四章 Data and Research Design 14 第一節 Data Source 14 第二節 Sample Selection 15 第三節 Variable Definition 16 第四節 Empirical Model 20 第五章 Empirical Results 22 第一節 Summary Statistics 22 第二節 Correlation Analyses and Multicollinearity Test 24 第三節 Test of Hypothesis 1 26 第四節 Test of Hypothesis 2 29 第五節 Additional Tests 32 第六章 Conclusion 38 第一節 Research Conclusion 38 第二節 Research Limitations and Suggestions 38 參考文獻 40zh_TW
dc.format.extent 2025639 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111353045en_US
dc.subject (關鍵詞) ESG績效zh_TW
dc.subject (關鍵詞) 貸款合約zh_TW
dc.subject (關鍵詞) 資訊不對稱zh_TW
dc.subject (關鍵詞) ESG Performanceen_US
dc.subject (關鍵詞) Loan Contractingen_US
dc.subject (關鍵詞) Information Asymmetryen_US
dc.title (題名) ESG績效與貸款合約zh_TW
dc.title (題名) ESG Performance and Loan Contractingen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Armstrong, J. (2003). The syndicated loan market: Developments in the North American context. Working papers, Bank of Canada. Avetisyan, E., and Hockerts, K. (2017). The Consolidation of the ESG rating industry as an enactment of institutional retrogression. Business Strategy and the Environment, 26(3), 316-330. Avramova, D., Cheng, S., Lioui, A., and Tarelli, A. (2021). Sustainable investing with ESG rating uncertainty. Journal of Financial Economics, 145(3), 642-664. Bae, K. H., and Goyal, V. K. (2009). Creditor rights, enforcement, and bank loans. The Journal of Finance, 64(2), 823-860. Bae, S. C., Chang, K., and Yi, H. C. (2017). Corporate social responsibility, credit rating, and private debt contracting: New evidence from syndicated loan market. Review of Quantitative Finance and Accounting, 50(2), 261-299. Berger, A. N., and Udell, G. F. (1990). Collateral, loan quality, and bank risk. Journal of Monetary Economics, 25(1), 21-42. Berger, A. N., and Udell, G. F. (1995). Relationship lending and lines of credit in small firm finance. The Journal of Business, 68(3), 351-381. Berger, A. N., and Udell, G. F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking and Finance, 22(6-8), 613-673. Bharath, S. T., Sunder, J., and Sunder, S. V. (2008). Accounting quality and debt contracting. The Accounting Review, 83(1), 1-28. Boot, A. W. A., and Thakor, A. V. (1994). Moral hazard and secured lending in an infinitely repeated credit market game. International Economic Review, 35(4), 899-920. Chen, C. P., and Lai, Y. H. (2001). Determinants of secured versus unsecured bank loans in Taiwan: An empirical analysis using the logit model. Management Review, 20(1), 129-159. Chen, C. P., Lai, Y. H., and Hsu, T. Y. (2004). Relationship lending at commercial banks: Some empirical evidence. Journal of Financial Studies, 12(1), 43-85. Clark, G. L., Feiner, A., and Viehs, M. (2015). From the stockholder to the stakeholder: How sustainability can drive financial outperformance. Oxford University and Arabesque Partners. Dennis, S. A., and Mullineaux, D. J. (1998). Syndicated loans. Journal of Financial Intermediation, 7(4), 306-334. Diamond, D. W. (1991). Debt maturity structure and liquidity risk. The Quarterly Journal of Economics, 106(3), 709-737. Doyle, Ge, and McVay (2007). Accruals quality and internal control over financial reporting. The Accounting Review, 82(5), 1141-1170. Eccles, R. G., Ioannou, I., and Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835-2857. Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3), 621-640. Franklin, D. (2008). Just good business. A special report on corporate social responsibility. The Economist, January, 1-14. Friede, G., Busch, T., and Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance and Investment, 5(4), 210-233. Galbreath, J. (2012). ESG in focus: The Australian evidence. Journal of Business Ethics, 118(3), 529-541. Goss, A., and Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking and Finance, 35(7), 1794-1810. Graham, J. R., Harvey, C. R., and Puri, M. (2015). Managerial attitudes and corporate actions. Journal of Financial Economics, 109(1), 103-121. Hart, S. L., and Ahuja, G. (1996). Does it pay to be green? An empirical examination of the relationship between emission reduction and firm performance. Business Strategy and the Environment, 5(1), 30-37. Hertina, D., Pranata, A. F., and Aulia, R. E. (2021). The influence of current ratio, debt to equity ratio and company size on return on assets. Turkish Journal of Computer and Mathematics Education, 12(3), 1702-1709. Ivashina, V., and Scharfstein, D. S. (2010). Bank lending during the financial crisis of 2008. Journal of Financial Economics, 97(3), 319-338. Jang, G. Y., Kang, H. G., Lee, J. Y., and Bae, K. H. (2020). This effect is particularly salient for the firms with high information asymmetry such as small firms. Sustainability, 12(8), 3456. Josefina, F. G., and Jesus, S. P. (2018). Impact of corporate social responsibility on value creation from a stakeholder perspective. Sustainability, 10(6), 2062. Khan, M., Serafeim, G., and Yoon, A. (2016). Corporate sustainability: First evidence on materiality. The Accounting Review, 91(6), 1697-1724. Kim, M., Kristiansen, E. G., and Vale, B. (2011). Endogenous product differentiation in credit markets: What do borrowers pay for? Journal of Banking and Finance, 29(3), 681-699. Lee, M. T., Raschke, R. L., and Krishen, A. S. (2021). Signaling green! Firm ESG signals in an interconnected environment that promote brand valuation. Journal of Business Research, 138, 1-11. Lin, M. C. 2021. Analysis of the Correlation between Enterprise ESG Performance and Financial Performance. National Quemoy University. Lang, M. H., and Lundholm, R. J. (1993). Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research, 31(2), 246-271. Malik, M. (2014). Value-enhancing capabilities of CSR: A brief review of contemporary literature. Journal of Business Ethics, 127(2), 419-438. Orlitzky, M., Schmidt, F. L., and Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403-441. Petersen, M. A., and Rajan, R. G. (1994). The benefits of lending relationships: Evidence from small business data. The Journal of Finance, 49(1), 3-37. Porter, M. E., Serafeim, G., and Kramer, M. (2019). Where ESG fails. Institutional Investor. Rajan, R. G. (1992). Insiders and outsiders: The choice between informed and arm's-length debt. The Journal of Finance, 47(4), 1367-1400. Servaes, H., and Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management Science, 59(5), 1045-1061. Shanaev, S., and Ghimire, B. (2022). When ESG meets AAA: The effect of ESG rating changes on stock returns. Finance Research Letters, 46, 102302. Sufi, A. (2007). Information asymmetry and financing arrangements: Evidence from syndicated loans. The Journal of Finance, 62(2), 629-668. Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 2041-2568. Waddock, S. A., and Graves, S. B. (1997). The corporate social performance-financial performance link. Strategic Management Journal, 18(4), 303-319. Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185-211. Yoon, B., Lee, J. H., and Byun, R. (2018). Does ESG performance enhance firm value? Evidence from Korea. Sustainability, 10(10), 3635. Zhao, R., and Zhu, L. (2024). Credit default swaps and corporate ESG performance. Journal of Banking and Finance, 159. Zumente, I., and Bistrova, J. (2021). ESG importance for long-term shareholder value creation: Literature vs. practice. Journal of Open Innovation: Technology, Market, and Complexity, 7(2), 127. Zumente, I., and Lāce, N. (2021). ESG rating—Necessity for the investor or the company? Sustainability, 13(16), 8940.zh_TW