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Corporate environmental responsibility and financial constraints for unlisted SMEs

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  • Ullah, Barkat

Abstract

In this paper, we examine the impact of corporate environmental responsibility on financial constraints among 16,275 unlisted small and medium-sized enterprises across 30 countries in Eastern Europe and Central Asia. We also assess how country-level economic, financial, and institutional development moderates the relationship between CER and financial constraints. Our findings reveal that SMEs demonstrating strong environmental responsibility face fewer financial constraints than their conventional counterparts. Moreover, the positive effect of superior CER performance on alleviating financial constraints is more pronounced in countries with higher levels of economic, financial, and institutional development.

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  • Ullah, Barkat, 2025. "Corporate environmental responsibility and financial constraints for unlisted SMEs," Global Finance Journal, Elsevier, vol. 67(C).
    • Handle: RePEc:eee:glofin:v:67:y:2025:i:c:s1044028325001036
    DOI: 10.1016/j.gfj.2025.101176
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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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