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Media spotlight, corporate sustainability and the cost of debt

Author

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  • Hao Gao
  • Jing He
  • Yong Li

Abstract

In this study, we examine the effect of media spotlight of corporate environmental, social, and governance (ESG) performance on corporate debt financing. We use the most influential media firm’s rankings of corporate ESG performance from 2009 to 2017 as a proxy of media spotlight. Positive media ESG spotlight significantly reduces firms’ cost of debt through enhancing reputation in supply chains, reducing financial risk and increasing corporate transparency. Media ESG spotlight plays a more important role for firms with poor corporate governance and firms located in provinces with more serious pollution.

Suggested Citation

  • Hao Gao & Jing He & Yong Li, 2022. "Media spotlight, corporate sustainability and the cost of debt," Applied Economics, Taylor & Francis Journals, vol. 54(34), pages 3989-4005, July.
    • Handle: RePEc:taf:applec:v:54:y:2022:i:34:p:3989-4005
    DOI: 10.1080/00036846.2021.2020710
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    Cited by:

    1. Liu, Xiaojuan & Chen, Xiaoyijing & Deng, Baijun, 2023. "The effect of the government's green grip: Evidence from government-initiated corporate environmental ratings and corporate debt financing," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
    2. Thamir Al Barrak & Kaouther Chebbi & Abdullah A. Aljughaiman & Mohammed Albarrak, 2023. "Exploring the Interplay between Sustainability and Debt Costs in an Emerging Market: Does Financial Distress Matter?," Sustainability, MDPI, vol. 15(12), pages 1-19, June.
    3. Sun, Kunpeng & Wang, Dan & Xiao, Xing, 2022. "Another victory of retail investors: Social media's monitoring role on firms' earnings management," International Review of Financial Analysis, Elsevier, vol. 82(C).

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