In recent years, with the increasing awareness of sustainable development, the ESG performance of enterprises has gradually attracted extensive attention from investors, and has a continuous impact on the long-term stable operation of enterprises. In the new stage of development,…
In recent years, with the increasing awareness of sustainable development, the ESG performance of enterprises has gradually attracted extensive attention from investors, and has a continuous impact on the long-term stable operation of enterprises. In the new stage of development, whether ESG performance can reduce the cost of corporate debt financing deserves further study. This paper takes domestic A-share listed non-financial companies with ESG ratings from 2011 to 2021 as samples to empirically study the impact of domestic corporate ESG performance on corporate debt financing costs. The empirical results show that: First, the improvement of ESG performance can effectively reduce the cost of corporate debt financing. Second, the moderating variable analysis shows that corporate transparency, CEO's academic background, and whether the company is in a recession period all have a positive moderating effect on the negative relationship between ESG performance and debt financing costs. However, the moderating effect of internal control and CEO's overseas study background on the relationship between ESG performance and debt financing cost is not significant. The innovation of this paper is that CEO characteristics (whether the CEO has overseas study background and academic background) are innovatively introduced as moderating variables, and further analysis is carried out to further analyze whether CEO characteristics play a moderating role in the relationship between ESG and debt financing costs.Key words: ESG, Corporate Debt Financing Costs, Internal Control , Corporate Transparency , CEO Characteristics
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Cities are developing innovative strategies to combat climate change but there remains little knowledge of the winners and losers from climate-adaptive land use planning and design. We examine the distribution of health benefits associated with land use policies designed to…
Cities are developing innovative strategies to combat climate change but there remains little knowledge of the winners and losers from climate-adaptive land use planning and design. We examine the distribution of health benefits associated with land use policies designed to increase vegetation and surface reflectivity in three US metropolitan areas: Atlanta, GA, Philadelphia, PA, and Phoenix, AZ. Projections of population and land cover at the census tract scale were combined with climate models for the year 2050 at 4 km × 4 km resolution to produce future summer temperatures which were input into a comparative risk assessment framework for the temperature-mortality relationship. The findings suggest disparities in the effectiveness of urban heat management strategies by age, income, and race. We conclude that, to be most protective of human health, urban heat management must prioritize areas of greatest population vulnerability.
Date Created
The date the item was original created (prior to any relationship with the ASU Digital Repositories.)