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ESG disclosure quality and cost of debt

Author

Listed:
  • You, Xianghua
  • Chen, Can
  • Peng, Ke
  • Li, Yubin

Abstract

This study reveals a negative correlation between the quality of ESG (Environmental, Social, and Governance) disclosure and the cost of debt financing among Chinese listed companies from 2011 to 2020. Furthermore, this relationship is only significant for non-SOE firms, firms in areas with higher marketization level, firms with lower accounting transparency, firms voluntarily publishing social responsibility reports, or firms operating in non-high-pollution industries. These results are robust to a series of tests including two-stage regressions based on instrumental variable and alternative measures of disclosure quality based on textual analyses.

Suggested Citation

  • You, Xianghua & Chen, Can & Peng, Ke & Li, Yubin, 2025. "ESG disclosure quality and cost of debt," Emerging Markets Review, Elsevier, vol. 64(C).
    • Handle: RePEc:eee:ememar:v:64:y:2025:i:c:s1566014124001146
    DOI: 10.1016/j.ememar.2024.101219
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    More about this item

    Keywords

    ESG; Cost of debt; ESG Disclosure;
    All these keywords.

    JEL classification:

    • F6 - International Economics - - Economic Impacts of Globalization
    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance

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