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Credit development and ESG performance: Cross-country evidence

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  • Muchenje, Linda Tinofirei
  • Coupe, Tom
  • Dang, Huong Dieu

Abstract

This study quantifies the effect of a country’s credit development on the environmental, social, and governance (ESG) performance of non-financial firms. Examining 4664 listed firms across 40 countries over the period 2003–2021, we find that firms located in economies with a higher level of credit development exhibit better ESG performance. The association is stronger for financially constrained firms, bank finance-dependent firms, firms in emerging markets, and firms with severe information asymmetry. Furthermore, the relationship with corporate environmental performance, specifically emissions reduction, becomes more pronounced after the signing of the Paris Agreement and is stronger for firms in economies with climate laws/policies in place.

Suggested Citation

  • Muchenje, Linda Tinofirei & Coupe, Tom & Dang, Huong Dieu, 2025. "Credit development and ESG performance: Cross-country evidence," Research in International Business and Finance, Elsevier, vol. 78(C).
    • Handle: RePEc:eee:riibaf:v:78:y:2025:i:c:s0275531925002636
    DOI: 10.1016/j.ribaf.2025.103007
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    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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