WITHDRAWN: Identifying the endogenous optimization pathways for improving environmental performance

Wang, S.Y.; Wu, Fei; Zhou, P.

doi:10.1016/j.eneco.2022.106303

Cited by 1 publication

(2 citation statements)

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“…The existing literature focuses on the economic effects caused by environmental performance, and its economic effects pay more attention to enterprise innovation [9,10]. From the perspective of corporate financing costs, this paper discusses the impact of environ-mental performance on corporate financing constraints, which enriches the research on the economic consequences of environmental performance.…”

Section: Introductionmentioning

confidence: 99%

“…Improving environmental performance has been widely recognized as a key action to promote environmental sustainability. According to environmental sustainability regulations, enterprises may be eliminated if they do not actively transform and upgrade [9]. Therefore, it is necessary to explore the relationship between environmental performance, sustainable development, and financing costs from multiple perspectives.…”

Section: Introductionmentioning

confidence: 99%

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Corporate Sustainable Development, Corporate Environmental Performance and Cost of Debt

Sun¹,

Wang²,

Bai³

et al. 2022

Sustainability

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High environmental performance of enterprises may reduce financing costs, while good environmental performance can promote sustainable development of enterprises. Therefore, this paper examines the impact mechanism of China’s corporate environmental performance on financing costs, and whether corporate sustainable development plays a regulatory role in the research of heavy pollution industries. This study is conducted through the Breusch and Pagan Lagrange multiplier test for random effects and the Hausman test to determine whether to adopt Fixed-effects regression or Random-effects GLS regression as an estimation method to control individual effects and endogenous problems brought by time. By collecting the samples of listed companies in China from 2010 to 2021, the empirical results show that corporate environmental performance is negatively related to financing costs. Sustainable development, as a moderator variable, is negatively related to financing costs and has weakened the inhibition of corporate environmental performance on financing costs. Although the existing literature shows that environmental performance will lead to changes in debt costs, this study has made contributions to the literature by revealing the sustainable development mechanism in the relationship between corporate environmental performance and financing costs and has verified that sustainable development is one of the important factors affecting financing costs.

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%