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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Firm ESG reputation risk and debt choice |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | European financial management |
| Publisher | Wiley-Blackwell Publishing, Inc. |
| Geographical Reach | international |
| ISSN | 1354-7798 |
| Volume | 30 |
| Number | 4 |
| Page Range | 2071 - 2094 |
| Date | 2024 |
| Abstract Text | Using a novel sample covering 3783 US public firms from 2007 to 2020, we examine how negative media coverage of firm‐level environmental, social, and governance (ESG) practices affects a firm's debt choice. We find that firms with higher ESG reputation risk rely more on public bond than bank loan. The social and governance components, in particular, matter. Moreover, firms that receive more negative news coverage display a higher propensity to issue new bonds as opposed to securing new bank debt. Overall, our study presents empirical evidence on the relation between firm ESG reputation risk and debt financing. |
| Free access at | DOI |
| Digital Object Identifier | 10.1111/eufm.12468 |
| Other Identification Number | merlin-id:24230 |
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| Keywords | capital structure, debt choices, debt structure, ESG reputation risk, information asymmetry |