Climate-related Disclosure Commitment of the Lenders, Credit Rationing, and Borrower Environmental Performance

简介:

Using lenders becoming members of the Task Force on Climate-Related Financial Disclosures (TCFD) as a plausible exogeneous shock, we examine whether and how lenders’ commitment to transparent climate-related disclosures affects borrower firms’ environmental performance. We find that client firms of TCFD-member lenders, relative to control firms, significantly improve their environmental performance after the TCFD launch. The effects are stronger for polluting firms. Moreover, TCFD-member lenders influence their borrowers’ environmental performance via charging higher loan spread and reducing the number and amount of new loans issued to polluting firms. Finally, polluting clients of TCFD-member lenders experience tightened financial constraints subsequently.

时间:2022-11-15 (Tuesday) 16:40-18:00
地点:Room N303, Economics Building
会议语言:English
主办单位:厦门大学经济学院、王亚南经济研究院、邹至庄经济研究院
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专题网站:
联系人信息:许老师,电话:0592-2182991,邮箱:ysxu@xmu.edu.cn

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