The impact of carbon risk on the cost of debt in the listed firms in G7 economies: The role of the Paris agreement
The Paris Agreement, signed in 2015, sets ambitious goals for diminishing greenhouse gas emissions and restricting the rise in global temperature to achieve a less carbon-intensive and climate-resilient global economy. The Paris Agreement marked a defining moment in the worldwide response to global...
Saved in:
Published in | Energy economics Vol. 139; p. 107925 |
---|---|
Main Authors | , , , |
Format | Journal Article |
Language | English |
Published |
Elsevier B.V
01.11.2024
|
Subjects | |
Online Access | Get full text |
Cover
Loading…
Abstract | The Paris Agreement, signed in 2015, sets ambitious goals for diminishing greenhouse gas emissions and restricting the rise in global temperature to achieve a less carbon-intensive and climate-resilient global economy. The Paris Agreement marked a defining moment in the worldwide response to global warming and has significantly affected the financial sector. Given this background, this research explores the effects of carbon risk on the cost of debt (CoD) in 1428 listed firms across seven economies from 2011 to 2020. The paper also reflects the post-Paris Agreement's involvement and the ESG factors' moderating effect in the empirical models. The study finds a significant impact of carbon risk on CoD following the implementation of the Paris Agreement. Notably, companies with higher carbon risk face higher borrowing rates. However, the effect of ESG on moderating the relationship between carbon risk and CoD is found to be insignificant. Further analyses confirm this finding, as individual pillars of ESG (governance and social aspects) also show insignificant moderating effects.
•We investigate the impact of carbon risk on the cost of debt in G7 economies.•Data from 1428 listed firms in G7 economies from 2011 to 2020 is used.•Significant effect of carbon risk on the cost of debt post-Paris Agreement.•Companies with higher carbon risk face higher borrowing costs.•ESG has no significant moderating impact on carbon risk and the cost of debt. |
---|---|
AbstractList | The Paris Agreement, signed in 2015, sets ambitious goals for diminishing greenhouse gas emissions and restricting the rise in global temperature to achieve a less carbon-intensive and climate-resilient global economy. The Paris Agreement marked a defining moment in the worldwide response to global warming and has significantly affected the financial sector. Given this background, this research explores the effects of carbon risk on the cost of debt (CoD) in 1428 listed firms across seven economies from 2011 to 2020. The paper also reflects the post-Paris Agreement's involvement and the ESG factors' moderating effect in the empirical models. The study finds a significant impact of carbon risk on CoD following the implementation of the Paris Agreement. Notably, companies with higher carbon risk face higher borrowing rates. However, the effect of ESG on moderating the relationship between carbon risk and CoD is found to be insignificant. Further analyses confirm this finding, as individual pillars of ESG (governance and social aspects) also show insignificant moderating effects.
•We investigate the impact of carbon risk on the cost of debt in G7 economies.•Data from 1428 listed firms in G7 economies from 2011 to 2020 is used.•Significant effect of carbon risk on the cost of debt post-Paris Agreement.•Companies with higher carbon risk face higher borrowing costs.•ESG has no significant moderating impact on carbon risk and the cost of debt. |
ArticleNumber | 107925 |
Author | Owolabi, Ayotola Li, Jing Mousavi, Mohammad Mahdi Gozgor, Giray |
Author_xml | – sequence: 1 givenname: Ayotola surname: Owolabi fullname: Owolabi, Ayotola email: aaowolab@student.bradford.ac.uk – sequence: 2 givenname: Mohammad Mahdi surname: Mousavi fullname: Mousavi, Mohammad Mahdi email: m.mousavi@bradford.ac.uk – sequence: 3 givenname: Giray surname: Gozgor fullname: Gozgor, Giray email: g.gozgor@bradford.ac.uk – sequence: 4 givenname: Jing surname: Li fullname: Li, Jing email: j.li15@bradford.ac.uk |
BookMark | eNp9UMtKAzEUzaKCbfUL3OQHpuY1L8GFFK1CQRd1HTKZG83YSUoyCP69Sce1qwPndS9nhRbOO0DohpINJbS6HTbgQPsNI0wkpm5ZuUBLQgUp2qbhl2gV40AIKauyWaJw-ARsx5PSE_YGaxU673Cw8QsnnJKofTxLPXQTtjN3tHGCHhsbxpi5XY3TSedHC_EO58rgj5BT2f2mUh9WHwFgBDddoQujjhGu_3CN3p8eD9vnYv-6e9k-7AtNuaBFTXTXtJz1pOMt6zjUymgj6kp1SpSCqkYQ1mpGKsMEZKcCZpiulWrLhhG-Rnzu1cHHGMDIU7CjCj-SEpmnkoM8TyXzVHKeKqXu5xSk174tBBm1BaehtwH0JHtv_83_Aj-OdkY |
Cites_doi | 10.2308/accr-50629 10.1016/j.jbankfin.2004.06.010 10.1016/j.jfs.2023.101206 10.1002/bse.2056 10.1016/j.irfa.2023.102556 10.1017/S0022109020000605 10.1108/RAF-08-2012-0074 10.1002/bse.2550 10.1016/j.eneco.2022.106186 10.1016/j.jbankfin.2015.07.004 10.1111/j.1530-9290.2008.00066.x 10.1002/csr.1662 10.1016/j.jenvman.2020.110162 10.1007/s10551-009-0030-3 10.1007/s11356-019-07324-y 10.1108/02652329810241384 10.1093/rfs/hhaa071 10.1111/jbfa.12183 10.1016/j.cpa.2019.102097 10.1007/s11156-019-00829-0 10.1016/j.jbankfin.2011.02.007 10.1002/bse.737 10.1016/j.jclepro.2020.121634 10.1080/09638180.2014.927782 10.1111/jifm.12053 10.1007/s10551-013-1714-2 10.1111/1911-3846.12298 10.1016/j.eneco.2024.107320 10.1016/j.frl.2021.102376 10.1016/j.irfa.2022.102444 10.1016/j.jbankfin.2010.12.002 10.1016/j.ecolecon.2019.106571 10.3390/ijfs8040061 10.1016/j.irfa.2024.103240 10.1016/j.jacceco.2010.10.001 10.1002/smj.678 10.1016/j.jacceco.2003.06.005 10.1016/j.eneco.2023.107275 10.1016/j.enpol.2008.04.023 10.1016/j.jbankfin.2021.106180 10.1016/j.egyr.2022.01.238 10.1007/s10551-016-3207-6 10.1111/jofi.12505 10.1287/mnsc.2013.1863 10.1007/s11142-021-09646-0 10.1016/j.ecolecon.2020.106632 |
ContentType | Journal Article |
Copyright | 2024 The Authors |
Copyright_xml | – notice: 2024 The Authors |
DBID | 6I. AAFTH AAYXX CITATION |
DOI | 10.1016/j.eneco.2024.107925 |
DatabaseName | ScienceDirect Open Access Titles Elsevier:ScienceDirect:Open Access CrossRef |
DatabaseTitle | CrossRef |
DatabaseTitleList | |
DeliveryMethod | fulltext_linktorsrc |
Discipline | Economics |
ExternalDocumentID | 10_1016_j_eneco_2024_107925 S0140988324006339 |
GroupedDBID | --K --M .~1 0R~ 1B1 1RT 1~. 1~5 29G 4.4 457 4G. 5GY 5VS 6I. 7-5 71M 8P~ 9JN 9JO AABNK AACTN AAEDT AAEDW AAFFL AAFTH AAHCO AAIKJ AAKOC AALRI AAOAW AAPFB AAQFI AAQXK AARJD AAXKI AAXUO ABFNM ABFRF ABJNI ABMAC ABXDB ACDAQ ACGFO ACGFS ACHQT ACIWK ACRLP ACROA ADBBV ADEZE ADFHU ADIYS ADMHG ADMUD AEBSH AEFWE AEKER AEYQN AFJKZ AFKWA AFODL AFRAH AFTJW AGHFR AGTHC AGUBO AGYEJ AHHHB AHIDL AIEXJ AIIAU AIKHN AITUG AJOXV AJWLA AKRWK ALMA_UNASSIGNED_HOLDINGS AMFUW AMRAJ ASPBG AVWKF AXJTR AXLSJ AZFZN BEHZQ BELTK BEZPJ BGSCR BKOJK BKOMP BLXMC BNTGB BPUDD BULVW BZJEE CS3 DU5 EBS EFJIC EJD EO8 EO9 EP2 EP3 FDB FEDTE FGOYB FIRID FNPLU FYGXN G-2 G-Q GBLVA HMB HVGLF HZ~ IHE J1W JARJE KOM KZ1 LY5 LY6 M41 MO0 MS~ N9A O-L O9- OAUVE OZT P-8 P-9 P2P PC. PQQKQ Q38 R2- RIG ROL RPZ SAC SCC SDF SDG SDP SEB SEE SES SEW SPC SPCBC SSB SSF SSR SSZ T5K TN5 U5U WH7 WUQ YK3 ~02 ~G- AAYXX CITATION |
ID | FETCH-LOGICAL-c1341-70cb8932d0b392b3e7afcf476aba4541a84029c206f24e8932ae2f2c7aa958203 |
IEDL.DBID | AIKHN |
ISSN | 0140-9883 |
IngestDate | Wed Oct 23 14:25:21 EDT 2024 Sat Oct 05 15:37:07 EDT 2024 |
IsDoiOpenAccess | true |
IsOpenAccess | true |
IsPeerReviewed | true |
IsScholarly | true |
Keywords | Cost of debt Paris agreement ESG factors Carbon risk |
Language | English |
License | This is an open access article under the CC BY license. |
LinkModel | DirectLink |
MergedId | FETCHMERGED-LOGICAL-c1341-70cb8932d0b392b3e7afcf476aba4541a84029c206f24e8932ae2f2c7aa958203 |
OpenAccessLink | https://www.sciencedirect.com/science/article/pii/S0140988324006339 |
ParticipantIDs | crossref_primary_10_1016_j_eneco_2024_107925 elsevier_sciencedirect_doi_10_1016_j_eneco_2024_107925 |
PublicationCentury | 2000 |
PublicationDate | November 2024 2024-11-00 |
PublicationDateYYYYMMDD | 2024-11-01 |
PublicationDate_xml | – month: 11 year: 2024 text: November 2024 |
PublicationDecade | 2020 |
PublicationTitle | Energy economics |
PublicationYear | 2024 |
Publisher | Elsevier B.V |
Publisher_xml | – name: Elsevier B.V |
References | Last accessed 24-08-2024. Zhou, Zhang, Wen, Zeng, Chen (bb0260) 2018; 27 Nguyen, Pham, Tram (bb0185) 2020; 261 Xu, Wu, Dao (bb0255) 2020; 54 Monasterolo, De Angelis (bb0180) 2020; 170 Pittman, Fortin (bb0210) 2004; 37 Delis, De Greiff, Ongena (bb0080) 2018 Danisman, Tarazi (bb0075) 2024; 70 Altman, Iwanicz‐Drozdowska, Laitinen, Suvas (bib264) 2017; 28 Ho, Yan, Gozgor, Gu (bb0120) 2024; 130 Matsumura, Prakash, Vera-Muñoz (bb0175) 2014; 89 Ehlers, Packer, De Greiff (bb0090) 2022; 136 Ilhan, Sautner, Vilkov (bb0145) 2021; 34 Thompson (bb0225) 1998; 16 Chava (bb0050) 2014; 60 Gao, Li, Ma (bb0105) 2021; 56 Alves, Meneses (bib261) 2024; 94 CDP, 2024. CDP About us. Li, Eddie, Liu (bb0160) 2014; 13 Armstrong, Guay, Weber (bb0015) 2010; 50 Chen, Silva Gao (bb0055) 2012; 12 Ding, Ren, Tan, Wu (bb0085) 2023; 86 Li, Haneklaus (bb0155) 2022; 8 Attig, El Ghoul, Guedhami, Suh (bb0020) 2013; 117 Palea, Drogo (bb0195) 2020; 29 Lins, Servaes, Tamayo (bb0165) 2017; 72 Capasso, Gianfrate, Spinelli (bb0040) 2020; 266 Hoepner, Oikonomou, Scholtens, Schröder (bb0125) 2016; 43 Goss, Roberts (bb0110) 2011; 35 Hoffmann, Busch (bb0130) 2008; 12 Cahan, Chen, Chen, Nguyen (bb0035) 2015; 59 Conte, Cotterlaz, Mayer (bb0070) 2022 El Ghoul, Guedhami, Kwok, Mishra (bb0095) 2011; 35 Barbose, Wiser, Phadke, Goldman (bb0025) 2008; 36 Amiraslani, Lins, Servaes, Tamayo (bb0005) 2023; 28 Jung, Herbohn, Clarkson (bb0150) 2018; 150 Apergis, Poufinas, Antonopoulos (bb0010) 2022; 112 Pizzutilo, Mariani, Caragnano, Zito (bb0215) 2020; 8 Griffin, Lont, Sun (bb0115) 2017; 34 Chen, Gozgor, Koo, Lau (bb0060) 2020; 27 Clarkson, Li, Pinnuck, Richardson (bb0065) 2015; 24 Sharfman, Fernando (bb0220) 2008; 29 Wang, Qiang, Liang, Huang, Zhong (bb0240) 2024; 129 Huang, Li, Lin, McBrayer (bb0135) 2022; 72 Weber (bb0245) 2012; 21 Hull, Predescu, White (bb0140) 2004; 28 Eliwa, Aboud, Saleh (bb0100) 2021; 79 Petersen, Vredenburg (bb0200) 2009; 90 Phan, Tran, Ming, Le (bb0205) 2022; 46 Cevik, Jalles (bb0045) 2024; 107 Trinks, Mulder, Scholtens (bb0235) 2020; 175 Nguyen, Diaz-Rainey, Kuruppuarachchi (bb0190) 2023; 85 Bauer, Hann (bb0030) 2010 Maaloul (bb0170) 2018; 25 World Bank (bb0250) 2024 Conte (10.1016/j.eneco.2024.107925_bb0070) 2022 Trinks (10.1016/j.eneco.2024.107925_bb0235) 2020; 175 Hoffmann (10.1016/j.eneco.2024.107925_bb0130) 2008; 12 Wang (10.1016/j.eneco.2024.107925_bb0240) 2024; 129 Chava (10.1016/j.eneco.2024.107925_bb0050) 2014; 60 El Ghoul (10.1016/j.eneco.2024.107925_bb0095) 2011; 35 Matsumura (10.1016/j.eneco.2024.107925_bb0175) 2014; 89 Ho (10.1016/j.eneco.2024.107925_bb0120) 2024; 130 Danisman (10.1016/j.eneco.2024.107925_bb0075) 2024; 70 Delis (10.1016/j.eneco.2024.107925_bb0080) 2018 Lins (10.1016/j.eneco.2024.107925_bb0165) 2017; 72 Palea (10.1016/j.eneco.2024.107925_bb0195) 2020; 29 Li (10.1016/j.eneco.2024.107925_bb0155) 2022; 8 Pizzutilo (10.1016/j.eneco.2024.107925_bb0215) 2020; 8 Goss (10.1016/j.eneco.2024.107925_bb0110) 2011; 35 Barbose (10.1016/j.eneco.2024.107925_bb0025) 2008; 36 Clarkson (10.1016/j.eneco.2024.107925_bb0065) 2015; 24 Eliwa (10.1016/j.eneco.2024.107925_bb0100) 2021; 79 Alves (10.1016/j.eneco.2024.107925_bib261) 2024; 94 Thompson (10.1016/j.eneco.2024.107925_bb0225) 1998; 16 Weber (10.1016/j.eneco.2024.107925_bb0245) 2012; 21 Huang (10.1016/j.eneco.2024.107925_bb0135) 2022; 72 Nguyen (10.1016/j.eneco.2024.107925_bb0190) 2023; 85 Ding (10.1016/j.eneco.2024.107925_bb0085) 2023; 86 Zhou (10.1016/j.eneco.2024.107925_bb0260) 2018; 27 Amiraslani (10.1016/j.eneco.2024.107925_bb0005) 2023; 28 Ilhan (10.1016/j.eneco.2024.107925_bb0145) 2021; 34 Gao (10.1016/j.eneco.2024.107925_bb0105) 2021; 56 Ehlers (10.1016/j.eneco.2024.107925_bb0090) 2022; 136 Cevik (10.1016/j.eneco.2024.107925_bb0045) 2024; 107 Chen (10.1016/j.eneco.2024.107925_bb0060) 2020; 27 Phan (10.1016/j.eneco.2024.107925_bb0205) 2022; 46 Altman (10.1016/j.eneco.2024.107925_bib264) 2017; 28 Apergis (10.1016/j.eneco.2024.107925_bb0010) 2022; 112 Cahan (10.1016/j.eneco.2024.107925_bb0035) 2015; 59 Monasterolo (10.1016/j.eneco.2024.107925_bb0180) 2020; 170 Chen (10.1016/j.eneco.2024.107925_bb0055) 2012; 12 Capasso (10.1016/j.eneco.2024.107925_bb0040) 2020; 266 Attig (10.1016/j.eneco.2024.107925_bb0020) 2013; 117 Hoepner (10.1016/j.eneco.2024.107925_bb0125) 2016; 43 Hull (10.1016/j.eneco.2024.107925_bb0140) 2004; 28 Jung (10.1016/j.eneco.2024.107925_bb0150) 2018; 150 Nguyen (10.1016/j.eneco.2024.107925_bb0185) 2020; 261 Griffin (10.1016/j.eneco.2024.107925_bb0115) 2017; 34 Maaloul (10.1016/j.eneco.2024.107925_bb0170) 2018; 25 10.1016/j.eneco.2024.107925_bib262 Pittman (10.1016/j.eneco.2024.107925_bb0210) 2004; 37 Petersen (10.1016/j.eneco.2024.107925_bb0200) 2009; 90 Armstrong (10.1016/j.eneco.2024.107925_bb0015) 2010; 50 World Bank (10.1016/j.eneco.2024.107925_bb0250) 2024 Xu (10.1016/j.eneco.2024.107925_bb0255) 2020; 54 Sharfman (10.1016/j.eneco.2024.107925_bb0220) 2008; 29 Bauer (10.1016/j.eneco.2024.107925_bb0030) 2010 Li (10.1016/j.eneco.2024.107925_bb0160) 2014; 13 |
References_xml | – volume: 85 year: 2023 ident: bb0190 article-title: In search of climate distress risk publication-title: Int. Rev. Financ. Anal. contributor: fullname: Kuruppuarachchi – volume: 36 start-page: 3300 year: 2008 end-page: 3311 ident: bb0025 article-title: Managing carbon regulatory risk in utility resource planning: current practices in the Western United States publication-title: Energy Policy contributor: fullname: Goldman – volume: 12 start-page: 505 year: 2008 end-page: 520 ident: bb0130 article-title: Corporate carbon performance indicators: carbon intensity, dependency, exposure, and risk publication-title: J. Ind. Ecol. contributor: fullname: Busch – volume: 72 start-page: 1785 year: 2017 end-page: 1824 ident: bb0165 article-title: Social capital, trust, and firm performance: the value of corporate social responsibility during the financial crisis publication-title: J. Financ. contributor: fullname: Tamayo – volume: 60 start-page: 2223 year: 2014 end-page: 2247 ident: bb0050 article-title: Environmental externalities and cost of capital publication-title: Manag. Sci. contributor: fullname: Chava – volume: 25 start-page: 1407 year: 2018 end-page: 1415 ident: bb0170 article-title: The effect of greenhouse gas emissions on cost of debt: evidence from Canadian firms publication-title: Corp. Soc. Responsib. Environ. Manag. contributor: fullname: Maaloul – volume: 28 start-page: 131 year: 2017 end-page: 171 ident: bib264 article-title: Financial distress prediction in an international context: A review and empirical analysis of Altman’s Z‐score model publication-title: J. Int. Financ. Manag. Account. contributor: fullname: Suvas – volume: 107 year: 2024 ident: bb0045 article-title: This changes everything: climate shocks and sovereign bonds publication-title: Energy Econ. contributor: fullname: Jalles – year: 2010 ident: bb0030 article-title: Corporate environmental management and credit risk publication-title: Available at SSRN, No. 1660470 contributor: fullname: Hann – volume: 35 start-page: 1794 year: 2011 end-page: 1810 ident: bb0110 article-title: The impact of corporate social responsibility on the cost of bank loans publication-title: J. Bank. Financ. contributor: fullname: Roberts – volume: 35 start-page: 2388 year: 2011 end-page: 2406 ident: bb0095 article-title: Does corporate social responsibility affect the cost of capital? publication-title: J. Bank. Financ. contributor: fullname: Mishra – volume: 54 start-page: 1389 year: 2020 end-page: 1416 ident: bb0255 article-title: Corporate social responsibility and trade credit publication-title: Rev. Quant. Finan. Acc. contributor: fullname: Dao – volume: 8 start-page: 61 year: 2020 ident: bb0215 article-title: Dealing with carbon risk and the cost of debt: evidence from the European market publication-title: Int. J. Financ. Stud. contributor: fullname: Zito – volume: 27 start-page: 8548 year: 2020 end-page: 8556 ident: bb0060 article-title: Does international cooperation affect CO2 emissions? Evidence from OECD countries publication-title: Environ. Sci. Pollut. Res. contributor: fullname: Lau – volume: 16 start-page: 243 year: 1998 end-page: 252 ident: bb0225 article-title: Bank lending and the environment: policies and opportunities publication-title: Int. J. Bank Mark. contributor: fullname: Thompson – volume: 37 start-page: 113 year: 2004 end-page: 136 ident: bb0210 article-title: Auditor choice and the cost of debt capital for newly public firms publication-title: J. Account. Econ. contributor: fullname: Fortin – volume: 59 start-page: 409 year: 2015 end-page: 422 ident: bb0035 article-title: Corporate social responsibility and media coverage publication-title: J. Bank. Financ. contributor: fullname: Nguyen – volume: 56 start-page: 1908 year: 2021 end-page: 1944 ident: bb0105 article-title: Stakeholder orientation and the cost of debt: evidence from state-level adoption of constituency statutes publication-title: J. Financ. Quant. Anal. contributor: fullname: Ma – volume: 130 year: 2024 ident: bb0120 article-title: Energy related public environmental concerns and intra-firm pay gap in polluting enterprises: evidence from China publication-title: Energy Econ. contributor: fullname: Gu – volume: 79 year: 2021 ident: bb0100 article-title: ESG practices and the cost of debt: Evidence from EU countries publication-title: Crit. Perspect. Account. contributor: fullname: Saleh – volume: 43 start-page: 158 year: 2016 end-page: 190 ident: bb0125 article-title: The effects of corporate and country sustainability characteristics on the cost of debt: an international investigation publication-title: J. Bus. Financ. Acc. contributor: fullname: Schröder – volume: 34 start-page: 1540 year: 2021 end-page: 1571 ident: bb0145 article-title: Carbon tail risk publication-title: Rev. Financ. Stud. contributor: fullname: Vilkov – volume: 112 year: 2022 ident: bb0010 article-title: ESG scores and cost of debt publication-title: Energy Econ. contributor: fullname: Antonopoulos – volume: 150 start-page: 1151 year: 2018 end-page: 1171 ident: bb0150 article-title: Carbon risk, carbon risk awareness and the cost of debt financing publication-title: J. Bus. Ethics contributor: fullname: Clarkson – volume: 261 year: 2020 ident: bb0185 article-title: Role of information and communication technologies and innovation in driving carbon emissions and economic growth in selected G-20 countries publication-title: J. Environ. Manag. contributor: fullname: Tram – volume: 117 start-page: 679 year: 2013 end-page: 694 ident: bb0020 article-title: Corporate social responsibility and credit ratings publication-title: J. Bus. Ethics contributor: fullname: Suh – year: 2022 ident: bb0070 article-title: The CEPII Gravity Database. CEPII Working Paper, No. 2022–05 contributor: fullname: Mayer – volume: 46 year: 2022 ident: bb0205 article-title: Carbon risk and corporate investment: cross-country evidence publication-title: Financ. Res. Lett. contributor: fullname: Le – year: 2018 ident: bb0080 article-title: Being stranded on the carbon bubble? Climate policy risk and the pricing of bank loans publication-title: SFI Research Paper, No. 8–10 contributor: fullname: Ongena – volume: 24 start-page: 551 year: 2015 end-page: 580 ident: bb0065 article-title: The valuation relevance of greenhouse gas emissions under the European Union carbon emissions trading scheme publication-title: Eur. Account. Rev. contributor: fullname: Richardson – volume: 175 year: 2020 ident: bb0235 article-title: An efficiency perspective on carbon emissions and financial performance publication-title: Ecol. Econ. contributor: fullname: Scholtens – volume: 129 year: 2024 ident: bb0240 article-title: How carbon risk affects corporate debt defaults: evidence from Paris agreement publication-title: Energy Econ. contributor: fullname: Zhong – volume: 27 start-page: 1131 year: 2018 end-page: 1144 ident: bb0260 article-title: Carbon risk, cost of debt financing and the moderation effect of media attention: evidence from Chinese companies operating in high-carbon industries publication-title: Bus. Strateg. Environ. contributor: fullname: Chen – volume: 34 start-page: 1265 year: 2017 end-page: 1297 ident: bb0115 article-title: The relevance to investors of greenhouse gas emission disclosures publication-title: Contemp. Account. Res. contributor: fullname: Sun – volume: 90 start-page: 1 year: 2009 end-page: 14 ident: bb0200 article-title: Morals or economics? Institutional investor preferences for corporate social responsibility publication-title: J. Bus. Ethics contributor: fullname: Vredenburg – volume: 21 start-page: 248 year: 2012 end-page: 263 ident: bb0245 article-title: Environmental credit risk management in banks and financial service institutions publication-title: Bus. Strateg. Environ. contributor: fullname: Weber – volume: 89 start-page: 695 year: 2014 end-page: 724 ident: bb0175 article-title: Firm-value effects of carbon emissions and carbon disclosures publication-title: Account. Rev. contributor: fullname: Vera-Muñoz – volume: 170 year: 2020 ident: bb0180 article-title: Blind to carbon risk. An analysis of stock market reaction to the Paris agreement publication-title: Ecol. Econ. contributor: fullname: De Angelis – volume: 94 start-page: 103240 year: 2024 ident: bib261 article-title: ESG scores and debt costs: Exploring indebtedness, agency costs, and financial system impact publication-title: Int. Rev. Financ. Anal. contributor: fullname: Meneses – volume: 136 year: 2022 ident: bb0090 article-title: The pricing of carbon risk in syndicated loans: which risks are priced and why? publication-title: J. Bank. Financ. contributor: fullname: De Greiff – volume: 266 year: 2020 ident: bb0040 article-title: Climate change and credit risk publication-title: J. Clean. Prod. contributor: fullname: Spinelli – volume: 86 year: 2023 ident: bb0085 article-title: Does carbon emission of firms matter for bank loans decision? Evidence from China publication-title: Int. Rev. Financ. Anal. contributor: fullname: Wu – volume: 28 start-page: 421 year: 2023 end-page: 462 ident: bb0005 article-title: Trust, social capital, and the bond market benefits of ESG performance publication-title: Rev. Acc. Stud. contributor: fullname: Tamayo – year: 2024 ident: bb0250 article-title: World Development Indicators contributor: fullname: World Bank – volume: 72 year: 2022 ident: bb0135 article-title: Natural disasters, risk salience, and corporate ESG disclosure publication-title: Finance contributor: fullname: McBrayer – volume: 12 start-page: 115 year: 2012 end-page: 131 ident: bb0055 article-title: The pricing of climate risk publication-title: J. Financ. Econom. Pract. contributor: fullname: Silva Gao – volume: 50 start-page: 179 year: 2010 end-page: 234 ident: bb0015 article-title: The role of information and financial reporting in corporate governance and debt contracting publication-title: J. Account. Econ. contributor: fullname: Weber – volume: 13 start-page: 400 year: 2014 end-page: 420 ident: bb0160 article-title: Carbon emissions and the cost of capital: Australian evidence publication-title: Rev. Acc. Financ. contributor: fullname: Liu – volume: 28 start-page: 2789 year: 2004 end-page: 2811 ident: bb0140 article-title: The relationship between credit default swap spreads, bond yields, and credit rating announcements publication-title: J. Bank. Financ. contributor: fullname: White – volume: 70 year: 2024 ident: bb0075 article-title: ESG activity and bank lending during financial crises publication-title: J. Financ. Stab. contributor: fullname: Tarazi – volume: 29 start-page: 2953 year: 2020 end-page: 2972 ident: bb0195 article-title: Carbon emissions and the cost of debt in the Eurozone: the role of public policies, climate-related disclosure and corporate governance publication-title: Bus. Strateg. Environ. contributor: fullname: Drogo – volume: 29 start-page: 569 year: 2008 end-page: 592 ident: bb0220 article-title: Environmental risk management and the cost of capital publication-title: Strateg. Manag. J. contributor: fullname: Fernando – volume: 8 start-page: 704 year: 2022 end-page: 713 ident: bb0155 article-title: Reducing CO2 emissions in G7 countries: the role of clean energy consumption, trade openness and urbanization publication-title: Energy Rep. contributor: fullname: Haneklaus – ident: 10.1016/j.eneco.2024.107925_bib262 – volume: 89 start-page: 695 issue: 2 year: 2014 ident: 10.1016/j.eneco.2024.107925_bb0175 article-title: Firm-value effects of carbon emissions and carbon disclosures publication-title: Account. Rev. doi: 10.2308/accr-50629 contributor: fullname: Matsumura – volume: 28 start-page: 2789 issue: 11 year: 2004 ident: 10.1016/j.eneco.2024.107925_bb0140 article-title: The relationship between credit default swap spreads, bond yields, and credit rating announcements publication-title: J. Bank. Financ. doi: 10.1016/j.jbankfin.2004.06.010 contributor: fullname: Hull – volume: 70 year: 2024 ident: 10.1016/j.eneco.2024.107925_bb0075 article-title: ESG activity and bank lending during financial crises publication-title: J. Financ. Stab. doi: 10.1016/j.jfs.2023.101206 contributor: fullname: Danisman – volume: 27 start-page: 1131 issue: 8 year: 2018 ident: 10.1016/j.eneco.2024.107925_bb0260 article-title: Carbon risk, cost of debt financing and the moderation effect of media attention: evidence from Chinese companies operating in high-carbon industries publication-title: Bus. Strateg. Environ. doi: 10.1002/bse.2056 contributor: fullname: Zhou – year: 2010 ident: 10.1016/j.eneco.2024.107925_bb0030 article-title: Corporate environmental management and credit risk contributor: fullname: Bauer – volume: 86 year: 2023 ident: 10.1016/j.eneco.2024.107925_bb0085 article-title: Does carbon emission of firms matter for bank loans decision? Evidence from China publication-title: Int. Rev. Financ. Anal. doi: 10.1016/j.irfa.2023.102556 contributor: fullname: Ding – volume: 56 start-page: 1908 issue: 6 year: 2021 ident: 10.1016/j.eneco.2024.107925_bb0105 article-title: Stakeholder orientation and the cost of debt: evidence from state-level adoption of constituency statutes publication-title: J. Financ. Quant. Anal. doi: 10.1017/S0022109020000605 contributor: fullname: Gao – volume: 13 start-page: 400 issue: 4 year: 2014 ident: 10.1016/j.eneco.2024.107925_bb0160 article-title: Carbon emissions and the cost of capital: Australian evidence publication-title: Rev. Acc. Financ. doi: 10.1108/RAF-08-2012-0074 contributor: fullname: Li – volume: 29 start-page: 2953 issue: 8 year: 2020 ident: 10.1016/j.eneco.2024.107925_bb0195 article-title: Carbon emissions and the cost of debt in the Eurozone: the role of public policies, climate-related disclosure and corporate governance publication-title: Bus. Strateg. Environ. doi: 10.1002/bse.2550 contributor: fullname: Palea – volume: 112 year: 2022 ident: 10.1016/j.eneco.2024.107925_bb0010 article-title: ESG scores and cost of debt publication-title: Energy Econ. doi: 10.1016/j.eneco.2022.106186 contributor: fullname: Apergis – volume: 59 start-page: 409 year: 2015 ident: 10.1016/j.eneco.2024.107925_bb0035 article-title: Corporate social responsibility and media coverage publication-title: J. Bank. Financ. doi: 10.1016/j.jbankfin.2015.07.004 contributor: fullname: Cahan – volume: 12 start-page: 505 issue: 4 year: 2008 ident: 10.1016/j.eneco.2024.107925_bb0130 article-title: Corporate carbon performance indicators: carbon intensity, dependency, exposure, and risk publication-title: J. Ind. Ecol. doi: 10.1111/j.1530-9290.2008.00066.x contributor: fullname: Hoffmann – volume: 72 year: 2022 ident: 10.1016/j.eneco.2024.107925_bb0135 article-title: Natural disasters, risk salience, and corporate ESG disclosure publication-title: Finance contributor: fullname: Huang – year: 2018 ident: 10.1016/j.eneco.2024.107925_bb0080 article-title: Being stranded on the carbon bubble? Climate policy risk and the pricing of bank loans contributor: fullname: Delis – volume: 25 start-page: 1407 issue: 6 year: 2018 ident: 10.1016/j.eneco.2024.107925_bb0170 article-title: The effect of greenhouse gas emissions on cost of debt: evidence from Canadian firms publication-title: Corp. Soc. Responsib. Environ. Manag. doi: 10.1002/csr.1662 contributor: fullname: Maaloul – volume: 261 year: 2020 ident: 10.1016/j.eneco.2024.107925_bb0185 article-title: Role of information and communication technologies and innovation in driving carbon emissions and economic growth in selected G-20 countries publication-title: J. Environ. Manag. doi: 10.1016/j.jenvman.2020.110162 contributor: fullname: Nguyen – volume: 90 start-page: 1 year: 2009 ident: 10.1016/j.eneco.2024.107925_bb0200 article-title: Morals or economics? Institutional investor preferences for corporate social responsibility publication-title: J. Bus. Ethics doi: 10.1007/s10551-009-0030-3 contributor: fullname: Petersen – volume: 27 start-page: 8548 year: 2020 ident: 10.1016/j.eneco.2024.107925_bb0060 article-title: Does international cooperation affect CO2 emissions? Evidence from OECD countries publication-title: Environ. Sci. Pollut. Res. doi: 10.1007/s11356-019-07324-y contributor: fullname: Chen – volume: 16 start-page: 243 issue: 6 year: 1998 ident: 10.1016/j.eneco.2024.107925_bb0225 article-title: Bank lending and the environment: policies and opportunities publication-title: Int. J. Bank Mark. doi: 10.1108/02652329810241384 contributor: fullname: Thompson – volume: 34 start-page: 1540 issue: 3 year: 2021 ident: 10.1016/j.eneco.2024.107925_bb0145 article-title: Carbon tail risk publication-title: Rev. Financ. Stud. doi: 10.1093/rfs/hhaa071 contributor: fullname: Ilhan – volume: 43 start-page: 158 issue: 1–2 year: 2016 ident: 10.1016/j.eneco.2024.107925_bb0125 article-title: The effects of corporate and country sustainability characteristics on the cost of debt: an international investigation publication-title: J. Bus. Financ. Acc. doi: 10.1111/jbfa.12183 contributor: fullname: Hoepner – volume: 79 year: 2021 ident: 10.1016/j.eneco.2024.107925_bb0100 article-title: ESG practices and the cost of debt: Evidence from EU countries publication-title: Crit. Perspect. Account. doi: 10.1016/j.cpa.2019.102097 contributor: fullname: Eliwa – volume: 107 year: 2024 ident: 10.1016/j.eneco.2024.107925_bb0045 article-title: This changes everything: climate shocks and sovereign bonds publication-title: Energy Econ. contributor: fullname: Cevik – volume: 54 start-page: 1389 issue: 4 year: 2020 ident: 10.1016/j.eneco.2024.107925_bb0255 article-title: Corporate social responsibility and trade credit publication-title: Rev. Quant. Finan. Acc. doi: 10.1007/s11156-019-00829-0 contributor: fullname: Xu – volume: 35 start-page: 2388 issue: 9 year: 2011 ident: 10.1016/j.eneco.2024.107925_bb0095 article-title: Does corporate social responsibility affect the cost of capital? publication-title: J. Bank. Financ. doi: 10.1016/j.jbankfin.2011.02.007 contributor: fullname: El Ghoul – volume: 21 start-page: 248 issue: 4 year: 2012 ident: 10.1016/j.eneco.2024.107925_bb0245 article-title: Environmental credit risk management in banks and financial service institutions publication-title: Bus. Strateg. Environ. doi: 10.1002/bse.737 contributor: fullname: Weber – volume: 266 year: 2020 ident: 10.1016/j.eneco.2024.107925_bb0040 article-title: Climate change and credit risk publication-title: J. Clean. Prod. doi: 10.1016/j.jclepro.2020.121634 contributor: fullname: Capasso – year: 2022 ident: 10.1016/j.eneco.2024.107925_bb0070 contributor: fullname: Conte – volume: 24 start-page: 551 issue: 3 year: 2015 ident: 10.1016/j.eneco.2024.107925_bb0065 article-title: The valuation relevance of greenhouse gas emissions under the European Union carbon emissions trading scheme publication-title: Eur. Account. Rev. doi: 10.1080/09638180.2014.927782 contributor: fullname: Clarkson – volume: 28 start-page: 131 issue: 2 year: 2017 ident: 10.1016/j.eneco.2024.107925_bib264 article-title: Financial distress prediction in an international context: A review and empirical analysis of Altman’s Z‐score model publication-title: J. Int. Financ. Manag. Account. doi: 10.1111/jifm.12053 contributor: fullname: Altman – volume: 117 start-page: 679 year: 2013 ident: 10.1016/j.eneco.2024.107925_bb0020 article-title: Corporate social responsibility and credit ratings publication-title: J. Bus. Ethics doi: 10.1007/s10551-013-1714-2 contributor: fullname: Attig – volume: 34 start-page: 1265 issue: 2 year: 2017 ident: 10.1016/j.eneco.2024.107925_bb0115 article-title: The relevance to investors of greenhouse gas emission disclosures publication-title: Contemp. Account. Res. doi: 10.1111/1911-3846.12298 contributor: fullname: Griffin – volume: 130 year: 2024 ident: 10.1016/j.eneco.2024.107925_bb0120 article-title: Energy related public environmental concerns and intra-firm pay gap in polluting enterprises: evidence from China publication-title: Energy Econ. doi: 10.1016/j.eneco.2024.107320 contributor: fullname: Ho – volume: 46 year: 2022 ident: 10.1016/j.eneco.2024.107925_bb0205 article-title: Carbon risk and corporate investment: cross-country evidence publication-title: Financ. Res. Lett. doi: 10.1016/j.frl.2021.102376 contributor: fullname: Phan – volume: 85 year: 2023 ident: 10.1016/j.eneco.2024.107925_bb0190 article-title: In search of climate distress risk publication-title: Int. Rev. Financ. Anal. doi: 10.1016/j.irfa.2022.102444 contributor: fullname: Nguyen – volume: 35 start-page: 1794 issue: 7 year: 2011 ident: 10.1016/j.eneco.2024.107925_bb0110 article-title: The impact of corporate social responsibility on the cost of bank loans publication-title: J. Bank. Financ. doi: 10.1016/j.jbankfin.2010.12.002 contributor: fullname: Goss – volume: 170 year: 2020 ident: 10.1016/j.eneco.2024.107925_bb0180 article-title: Blind to carbon risk. An analysis of stock market reaction to the Paris agreement publication-title: Ecol. Econ. doi: 10.1016/j.ecolecon.2019.106571 contributor: fullname: Monasterolo – volume: 8 start-page: 61 issue: 4 year: 2020 ident: 10.1016/j.eneco.2024.107925_bb0215 article-title: Dealing with carbon risk and the cost of debt: evidence from the European market publication-title: Int. J. Financ. Stud. doi: 10.3390/ijfs8040061 contributor: fullname: Pizzutilo – volume: 94 start-page: 103240 year: 2024 ident: 10.1016/j.eneco.2024.107925_bib261 article-title: ESG scores and debt costs: Exploring indebtedness, agency costs, and financial system impact publication-title: Int. Rev. Financ. Anal. doi: 10.1016/j.irfa.2024.103240 contributor: fullname: Alves – volume: 50 start-page: 179 issue: 2–3 year: 2010 ident: 10.1016/j.eneco.2024.107925_bb0015 article-title: The role of information and financial reporting in corporate governance and debt contracting publication-title: J. Account. Econ. doi: 10.1016/j.jacceco.2010.10.001 contributor: fullname: Armstrong – volume: 29 start-page: 569 issue: 6 year: 2008 ident: 10.1016/j.eneco.2024.107925_bb0220 article-title: Environmental risk management and the cost of capital publication-title: Strateg. Manag. J. doi: 10.1002/smj.678 contributor: fullname: Sharfman – year: 2024 ident: 10.1016/j.eneco.2024.107925_bb0250 contributor: fullname: World Bank – volume: 37 start-page: 113 issue: 1 year: 2004 ident: 10.1016/j.eneco.2024.107925_bb0210 article-title: Auditor choice and the cost of debt capital for newly public firms publication-title: J. Account. Econ. doi: 10.1016/j.jacceco.2003.06.005 contributor: fullname: Pittman – volume: 129 year: 2024 ident: 10.1016/j.eneco.2024.107925_bb0240 article-title: How carbon risk affects corporate debt defaults: evidence from Paris agreement publication-title: Energy Econ. doi: 10.1016/j.eneco.2023.107275 contributor: fullname: Wang – volume: 36 start-page: 3300 issue: 9 year: 2008 ident: 10.1016/j.eneco.2024.107925_bb0025 article-title: Managing carbon regulatory risk in utility resource planning: current practices in the Western United States publication-title: Energy Policy doi: 10.1016/j.enpol.2008.04.023 contributor: fullname: Barbose – volume: 12 start-page: 115 issue: 2 year: 2012 ident: 10.1016/j.eneco.2024.107925_bb0055 article-title: The pricing of climate risk publication-title: J. Financ. Econom. Pract. contributor: fullname: Chen – volume: 136 year: 2022 ident: 10.1016/j.eneco.2024.107925_bb0090 article-title: The pricing of carbon risk in syndicated loans: which risks are priced and why? publication-title: J. Bank. Financ. doi: 10.1016/j.jbankfin.2021.106180 contributor: fullname: Ehlers – volume: 8 start-page: 704 year: 2022 ident: 10.1016/j.eneco.2024.107925_bb0155 article-title: Reducing CO2 emissions in G7 countries: the role of clean energy consumption, trade openness and urbanization publication-title: Energy Rep. doi: 10.1016/j.egyr.2022.01.238 contributor: fullname: Li – volume: 150 start-page: 1151 year: 2018 ident: 10.1016/j.eneco.2024.107925_bb0150 article-title: Carbon risk, carbon risk awareness and the cost of debt financing publication-title: J. Bus. Ethics doi: 10.1007/s10551-016-3207-6 contributor: fullname: Jung – volume: 72 start-page: 1785 issue: 4 year: 2017 ident: 10.1016/j.eneco.2024.107925_bb0165 article-title: Social capital, trust, and firm performance: the value of corporate social responsibility during the financial crisis publication-title: J. Financ. doi: 10.1111/jofi.12505 contributor: fullname: Lins – volume: 60 start-page: 2223 issue: 9 year: 2014 ident: 10.1016/j.eneco.2024.107925_bb0050 article-title: Environmental externalities and cost of capital publication-title: Manag. Sci. doi: 10.1287/mnsc.2013.1863 contributor: fullname: Chava – volume: 28 start-page: 421 issue: 2 year: 2023 ident: 10.1016/j.eneco.2024.107925_bb0005 article-title: Trust, social capital, and the bond market benefits of ESG performance publication-title: Rev. Acc. Stud. doi: 10.1007/s11142-021-09646-0 contributor: fullname: Amiraslani – volume: 175 year: 2020 ident: 10.1016/j.eneco.2024.107925_bb0235 article-title: An efficiency perspective on carbon emissions and financial performance publication-title: Ecol. Econ. doi: 10.1016/j.ecolecon.2020.106632 contributor: fullname: Trinks |
SSID | ssj0005658 |
Score | 2.4794035 |
Snippet | The Paris Agreement, signed in 2015, sets ambitious goals for diminishing greenhouse gas emissions and restricting the rise in global temperature to achieve a... |
SourceID | crossref elsevier |
SourceType | Aggregation Database Publisher |
StartPage | 107925 |
SubjectTerms | Carbon risk Cost of debt ESG factors Paris agreement |
Title | The impact of carbon risk on the cost of debt in the listed firms in G7 economies: The role of the Paris agreement |
URI | https://dx.doi.org/10.1016/j.eneco.2024.107925 |
Volume | 139 |
hasFullText | 1 |
inHoldings | 1 |
isFullTextHit | |
isPrint | |
link | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwnV1LT8MwDLb2OMAF8RRv5cCRsi5N04YbQowBAnFg0m5VkibSEGxoG1d-O3baCpAQB05V3Tiq7Mr-Un22AU54Kb3qCx9Jq2Qk0thHueNZhJkoNqnJfR5abNw_yOFI3I7TcQsum1oYolXWsb-K6SFa15Jebc3e22TSC7QklefUUQ7zbKLa0MV0JEQHuhc3d8OHL6aHDGM6A5ORFJrmQ4HmhRHFUhEgFyjJFI3M_i1BfUs6g3VYq9Eiu6heaANabroJK00x8WIL5uhmVlU6splnVs_NbMqIL87wiuCO2dkiPCqdWbJJJXsh35bMT-avC5JdZ8xVe7rFOaMtiXRIWrT6keYUMo0H8_ArcRtGg6uny2FUj1GILHVri7LYGkQlvIwNgiGTuEx760UmtdEiFX2NZzyuLI-l58LRSu245zbTWqUIEJId6ExnU7cLzHCReSdVXxmPyCvOrY8TjBglNyJB0R6cNrYr3qpuGUVDI3sugqkLMnVRmXoPZGPf4ofTC4znfynu_1fxAFbpriomPITOcv7ujhBVLM0xtM8--sf1t_MJAWbJjw |
link.rule.ids | 315,786,790,4521,24144,27955,27956,45618,45712 |
linkProvider | Elsevier |
linkToHtml | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwnV07T8MwELZKGcqCeIry9MBIaOo4TsyGKkqBtmJopW6R7dhSEbRVW1Z-O3dOIhUJMTBFOj8UfY7uPkff3RFyzXLhZJu7QBgpAh6HLkgtSwKIRKGOdepSX2JjMBS9MX-exJMa6VS5MCirLH1_4dO9ty4trRLN1mI6bXlZkkxTrCgHcTaSW2Qb2QDqum6_NnQewjfp9DpGnF6VHvIiL_AnBlMAGQdLIrFh9m_haSPkdPfIbskV6X3xOvukZmcHpFGlEq8OyRIOmRZ5jnTuqFFLPZ9RVItTeAK1o2a-8kO51Ws6LWzveLI5ddPlxwptjwm1xZ52dUdxS5Qc4iqc_YpdCqmCa7n_kXhExt2HUacXlE0UAoO12oIkNBo4CctDDVRIRzZRzjieCKUVj3lbwQ2PScNC4Ri3OFNZ5phJlJIx0IPomNRn85k9IVQznjgrZFtqB0iHqXFhBP4iZ5pHYGqSmwq7bFHUysgqEdlb5qHOEOqsgLpJRIVv9uPIM_Dmfy08_e_CK9LojQb9rP80fDkjOzhSpBWek_p6-WkvgF-s9aX_fr4Bw_HKZA |
openUrl | ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fsummon.serialssolutions.com&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=The+impact+of+carbon+risk+on+the+cost+of+debt+in+the+listed+firms+in+G7+economies%3A+The+role+of+the+Paris+agreement&rft.jtitle=Energy+economics&rft.au=Owolabi%2C+Ayotola&rft.au=Mousavi%2C+Mohammad+Mahdi&rft.au=Gozgor%2C+Giray&rft.au=Li%2C+Jing&rft.date=2024-11-01&rft.pub=Elsevier+B.V&rft.issn=0140-9883&rft.volume=139&rft_id=info:doi/10.1016%2Fj.eneco.2024.107925&rft.externalDocID=S0140988324006339 |
thumbnail_l | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/lc.gif&issn=0140-9883&client=summon |
thumbnail_m | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/mc.gif&issn=0140-9883&client=summon |
thumbnail_s | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/sc.gif&issn=0140-9883&client=summon |