The effect of environmental information disclosure and energy product type on the cost of debt: Evidence from energy firms in China
The effect of environmental information disclosure and energy product type on the cost of debt: Evidence from energy firms in China
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DOI：
10.1016/j.pacfin.2018.05.001
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发表时间：
2019-04-01
影响因子：
4.6
通讯作者：
Richardson, Grant
中科院分区：
文献类型：
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作者：
Fonseka, Mohan;Rajapakse, Theja;Richardson, Grant
本研究探讨了环境信息披露（EID）和能源产品类型对中国能源企业债务成本（COD）的影响。通过 2008-2014 年中国能源公司的样本，我们发现 EID 和 COD 之间存在显着的负相关关系。我们还观察到几种能源产品类型（水力发电、石油、太阳能和风能）与能源公司的 COD 之间存在显着的负相关关系。最后，我们分析了EID和能源产品类型对能源企业COD的共同影响，发现当天然气、火力发电和水力发电企业提高其EID水平时，其COD增加，而当太阳能和风电企业提高其EID水平时，其COD降低。我们的研究结果对于多项内生性检查是稳健的。
This study examines the effect of environmental information disclosure (EID) and energy product type on Chinese energy firms' cost of debt (COD). Using a sample of Chinese energy firms over 2008-2014, we find a significant negative association between EID and the COD. We also observe a significant negative association between several energy product types (hydro power, oil, solar and wind) and energy firms' COD. Finally, we analyze the joint effect of EID and energy product type on energy firms' COD and find that when gas, thermal power generation, and hydro firms increase their level of EID their COD increases, but when solar and wind power firms increase their level of EID, this decreases their COD. Our findings are robust to several endogeneity checks.