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The Impact of Corporate Green Governance on Financing Costs Based on Chinese High-Pollution Enterprises from 2014 to 2023

Author

Listed:
  • Yiruhan

    (University of Finance and Economics, Mongolia)

  • Urandelger Gantulga

    (National University of Mongolia, Mongolia)

  • Tsolmon Sofnomdavaa

    (Mandakh University, Magnolia)

Abstract

Corporate green governance has become an increasingly important aspect of sustainable development, particularly in high-pollution industries. This study examines the impact of corporate green governance performance on financing costs by applying a panel regression analysis to data from listed companies operating in China’s highly polluting industries between 2014 and 2023. Key variables included Environmental, Social, and Governance (ESG) scores, ISO 14001 certification status, and records of environmental violations. In addition, this study compares the financial performance of firms with high (top 30) and low (bottom 30) levels of green governance to evaluate potential differences. These results further suggest that the impact varies across industries and regions, reflecting institutional and policy differences. This research contributes to the growing body of literature on green governance by providing empirical evidence on its financial implications and offers practical guidance for managers and policymakers aiming to align corporate practices with development goals.

Suggested Citation

  • Yiruhan & Urandelger Gantulga & Tsolmon Sofnomdavaa, 2025. "The Impact of Corporate Green Governance on Financing Costs Based on Chinese High-Pollution Enterprises from 2014 to 2023," European Journal of Business and Management Research, European Open Science, vol. 10(5), pages 31-38, August.
    • Handle: RePEc:epw:ejbmr0:v:10:y:2025:i:5:id:52792
    DOI: 10.24018/ejbmr.2025.10.5.2792
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