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How does corporate ESG performance affect bond credit spreads: Empirical evidence from China

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  1. Wang, Jiaxin & Qiang, Haofan & Liang, Yuchao & Huang, Xiang & Zhong, Wenrui, 2024. "How carbon risk affects corporate debt defaults: Evidence from Paris agreement," Energy Economics, Elsevier, vol. 129(C).
  2. Feng, Jingyu & Yuan, Ying, 2024. "Green investors and corporate ESG performance: Evidence from China," Finance Research Letters, Elsevier, vol. 60(C).
  3. Feng, Yiqiang & Jin, Xingye & Liu, Zhe & Zhang, Zhanyu, 2025. "Technological links among firms and the peer effect of ESG responsibility performance," Finance Research Letters, Elsevier, vol. 72(C).
  4. Zhang, Xinyuan & Wu, Jiangqiu & Nor, Mohammad Nazri Bin Mohd & Quah, Chee Heong, 2024. "Corporate strategic aggression and environmental investment decisions: Evidence from A-share listed firms," International Review of Financial Analysis, Elsevier, vol. 95(PC).
  5. Han, Wei & Wu, Di, 2024. "ESG ratings, business credit acquisition, and corporate value," International Review of Financial Analysis, Elsevier, vol. 95(PA).
  6. Xu, Xiaoying & Jin, Mei & Gong, Xinshu, 2024. "Local environmental goal constraint intensity and corporate ESG performance: An empirical observation based on China," Finance Research Letters, Elsevier, vol. 62(PB).
  7. Polat, Onur & Gupta, Rangan & Cepni, Oguzhan & Ji, Qiang, 2024. "Can municipal bonds hedge US state-level climate risks?," Finance Research Letters, Elsevier, vol. 67(PB).
  8. Meng, Li & Su, Taoyong & Zhang, Jintao, 2024. "Environmental performance shortfalls and corporate green innovation: The role of green credit regulation," International Review of Economics & Finance, Elsevier, vol. 96(PA).
  9. Xue, Qinyuan & Jin, Yifei & Zhang, Cheng, 2024. "ESG rating results and corporate total factor productivity," International Review of Financial Analysis, Elsevier, vol. 95(PA).
  10. Bai, Chengyu & Liu, Dan & Liu, Yong, 2024. "Executive team restructuring and corporate ESG disclosure quality," Finance Research Letters, Elsevier, vol. 66(C).
  11. Tian, Zengrui & Zhu, Bingsheng & Lu, Yuzhong, 2023. "The governance of non-state shareholders and corporate ESG: Empirical evidence from China," Finance Research Letters, Elsevier, vol. 56(C).
  12. Lian, Yonghui & Yang, Zixin & Cao, Hong, 2025. "Does ESG performance affect trade credit financing? Evidence from China," Research in International Business and Finance, Elsevier, vol. 74(C).
  13. Liu, Xiangqiang & Liu, Jiayi & Liu, Jia & Zhai, Qiong, 2024. "Can investor-firm interactions mitigate ESG rating divergence? Evidence from China," International Review of Financial Analysis, Elsevier, vol. 96(PA).
  14. Guo, Kun & Li, Yichong & Zhang, Yunhan & Chen, Yingtong & Ma, Yanran, 2024. "Cross-country risk spillovers of ESG stock indices: Dynamic patterns and the role of climate transition risks," International Review of Financial Analysis, Elsevier, vol. 95(PB).
  15. Yin, Yikun & Qian, Yijia & Wang, Liang & Lu, Yichun, 2024. "Common institutional ownership and corporate ESG performance in China," Finance Research Letters, Elsevier, vol. 65(C).
  16. Naseer, Mirza Muhammad & Guo, Yongsheng & Bagh, Tanveer & Zhu, Xiaoxian, 2024. "Sustainable investments in volatile times: Nexus of climate change risk, ESG practices, and market volatility," International Review of Financial Analysis, Elsevier, vol. 95(PB).
  17. Yang, Dan & Zhao, Zhiyong & Wang, Liangliang, 2024. "Is ESG reporting informative to debtholders?— Evidence from a quasi-experiment in China," Finance Research Letters, Elsevier, vol. 62(PA).
  18. Hao, Pu & Alharbi, Samar S. & Hunjra, Ahmed Imran & Zhao, Shikuan, 2025. "How do ESG ratings promote digital technology innovation?," International Review of Financial Analysis, Elsevier, vol. 97(C).
  19. Yang, Runze & Wu, Junwei & Yang, Cunyi & Albitar, Khaldoon, 2024. "Far-sighted through mitigating risk: Directors and officers liability insurance and corporate ESG performance," International Review of Financial Analysis, Elsevier, vol. 96(PB).
  20. Wang, Jianling & Ma, Jia & Li, Xiuling & Wang, Chen, 2025. "Nonlinear impact of economic policy uncertainty on corporate ESG performance: Regional, industrial and managerial perspectives," International Review of Financial Analysis, Elsevier, vol. 97(C).
  21. Wang, Muyun & Zhang, Ying, 2024. "Controlling shareholders' equity pledge, litigation risk and corporate ESG performance," International Review of Economics & Finance, Elsevier, vol. 95(C).
  22. Rahat, Birjees & Nguyen, Pascal, 2024. "The impact of ESG profile on Firm's valuation in emerging markets," International Review of Financial Analysis, Elsevier, vol. 95(PA).
  23. Wenbing Luo & Ziyan Tian & Xusheng Fang & Mingjun Deng, 2024. "Can good ESG performance reduce stock price crash risk? Evidence from Chinese listed companies," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(3), pages 1469-1492, May.
  24. Ji, Qiang & Nie, Song, 2024. "How does local government fiscal pressure affect corporate ESG performance?," Finance Research Letters, Elsevier, vol. 64(C).
  25. Sun, Yongbo & Wang, Fengqin, 2025. "Consumption center construction and enterprise ESG performance: Evidence from China," Finance Research Letters, Elsevier, vol. 72(C).
  26. Chen, Chaofan & Li, Wen-Bo & Zhang, Heng, 2024. "How do property rights affect corporate ESG performance? The moderating effect of green innovation efficiency," Finance Research Letters, Elsevier, vol. 64(C).
  27. Yuan Feng & Changfei Nie, 2024. "Digital technology innovation and corporate environmental, social, and governance performance: Evidence from a sample of listed firms in China," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(5), pages 3836-3854, September.
  28. Liang, Jinma & Zhang, Yicheng & Li, Yuanheng, 2024. "The role of ESG scores in ESG fund performance and institutional investor selection," Finance Research Letters, Elsevier, vol. 65(C).
  29. Tian, Tian & Chen, Ning, 2024. "How does entrepreneurship promote corporate ESG performance?," International Review of Financial Analysis, Elsevier, vol. 96(PA).
  30. Zhu, Yan & Zhang, Zhuyun, 2024. "Supply chain digitalization and corporate ESG performance: Evidence from supply chain innovation and application pilot policy," Finance Research Letters, Elsevier, vol. 67(PA).
  31. Yang, Yuan & Wang, Baomin & Su, Xingyu, 2024. "Judicial quality and corporate ESG performance: Evidence from the establishment of circuit courts," Finance Research Letters, Elsevier, vol. 65(C).
  32. Eskantar, Marianna & Zopounidis, Constantin & Doumpos, Michalis & Galariotis, Emilios & Guesmi, Khaled, 2024. "Navigating ESG complexity: An in-depth analysis of sustainability criteria, frameworks, and impact assessment," International Review of Financial Analysis, Elsevier, vol. 95(PA).
  33. Zhao, Xinlu & Zhang, Huixue, 2024. "How does ESG performance determine the level of specific financing in capital structure? New insights from China," International Review of Financial Analysis, Elsevier, vol. 95(PC).
  34. Ruan, Qingsong & Li, Chengyu & Lv, Dayong & Wei, Xiaokun, 2025. "Going Green: Effect of green bond issuance on corporate debt financing costs," The North American Journal of Economics and Finance, Elsevier, vol. 75(PA).
  35. Zhang, Jianfeng & Wu, Wang, 2024. "The impact of foreign ownership on corporate ESG performance," Finance Research Letters, Elsevier, vol. 66(C).
  36. Qiao, Penghua & Xie, Yusha & Fung, Anna & Feng, Keyou & Fung, Hung-Gay, 2025. "Optimizing smart supply chain for enhanced corporate ESG performance," International Review of Financial Analysis, Elsevier, vol. 97(C).
  37. Huang, Yujie & Liu, Shucheng & Gan, Jiawu & Liu, Baoliu & Wu, Yuxi, 2024. "How does the construction of new generation of national AI innovative development pilot zones drive enterprise ESG development? Empirical evidence from China," Energy Economics, Elsevier, vol. 140(C).
  38. Ruan, Lei & Li, Jianing & Huang, Siqi, 2024. "News or noise? ESG disclosure and stock price synchronicity," International Review of Financial Analysis, Elsevier, vol. 95(PB).
  39. Wang, Hong & Wang, Wei, 2024. "Chairperson gender, policy compliance and ESG performance of family firms," International Review of Economics & Finance, Elsevier, vol. 96(PC).
  40. Huang, Qinghua & Yuan, Wei & Zheng, Chengsi & Chen, Kaiming & Chen, Xiding & Wang, Yi & Li, Changke, 2024. "Can Confucianism improve ESG performance?," Finance Research Letters, Elsevier, vol. 64(C).
  41. Chai Bin‐Feng & Sultan Sikandar Mirza & Tanveer Ahsan & Muhammad Azeem Qureshi, 2024. "How uncertainty can determine corporate ESG performance?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(3), pages 2290-2310, May.
  42. Xin‐Yu Peng & Xing‐Yun Zou & Xin‐Xin Zhao & Chun‐Ping Chang, 2024. "Understanding the behavior of ESG in both OPEC and non‐OPEC countries? The implications for sustainable development reaching," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(3), pages 1940-1953, June.
  43. Shi, Dinghao & Li, Zhiqiang & Huang, Yan & Tan, Haoyu & Ling, Yixin & Liu, Yunuo & Tu, Yongqian, 2024. "Market competition and ESG performance-based on the mediating role of board independence," International Review of Financial Analysis, Elsevier, vol. 96(PA).
  44. Alshammari, Saad & Andriosopoulos, Kostas & Kaabia, Olfa & Mohamed, Kamel Si & Urom, Christian, 2024. "The interplay among corporate bonds, geopolitical risks, equity market, and economic uncertainties," International Review of Financial Analysis, Elsevier, vol. 95(PA).
  45. Kunming Li & Linxing Huang & Jinshan Zhang & Zhencheng Huang & Liting Fang, 2023. "Can ESG Performance Alleviate the Constraints of Green Financing for Chinese Enterprises: Empirical Evidence from China’s A-Share Manufacturing Companies," Sustainability, MDPI, vol. 15(14), pages 1-24, July.
  46. Geng, Yuan & Chen, Jinyu & Liu, Ran, 2024. "ESG rating disagreement and corporate green innovation bubbles: Evidence from Chinese A-share listed firms," International Review of Financial Analysis, Elsevier, vol. 95(PB).
  47. Chen, Gaocai & Zou, Mengqi, 2025. "Industry-specific information disclosure regulation and corporate ESG performance: Evidence from China," Finance Research Letters, Elsevier, vol. 71(C).
  48. Cao, Xiao & Gong, Xiaomin & Gu, Runsheng & Li, Yuhang & Liu, Xinyuan, 2024. "Do regional trusts alleviate bond market risks? Evidence from the Chinese municipal corporate bond pricing," International Review of Financial Analysis, Elsevier, vol. 96(PB).
  49. Chai, Hongrui & Cheng, Zhenhao & Wu, Weixing, 2025. "Is ESG performance a protective umbrella for ESG violations?," International Review of Financial Analysis, Elsevier, vol. 98(C).
  50. Agapova, Anna & King, Tatiana & Ranta, Mikko, 2025. "Navigating transparency: The interplay of ESG disclosure and voluntary earnings guidance," International Review of Financial Analysis, Elsevier, vol. 97(C).
  51. Liyuan Meng & Yuchen Zhang, 2023. "Impact of Tax Administration on ESG Performance—A Quasi-Natural Experiment Based on China’s Golden Tax Project III," Sustainability, MDPI, vol. 15(14), pages 1-23, July.
  52. Yu, Haiyan & Su, Tao, 2024. "ESG performance and corporate solvency," Finance Research Letters, Elsevier, vol. 59(C).
  53. Zhang, Cong & Yang, Jianhua, 2024. "Artificial intelligence and corporate ESG performance," International Review of Economics & Finance, Elsevier, vol. 96(PC).
  54. Li, Menghan & Chen, Qi, 2024. "Executive pay gap and corporate ESG greenwashing: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 95(PA).
  55. Zhang, Kai & Wan, Shan & Zhou, Yuehui, 2024. "Executive compensation, internal governance and ESG performance," Finance Research Letters, Elsevier, vol. 66(C).
  56. Ferdous, Lutfa Tilat & Atawnah, Nader & Yeboah, Richard & Zhou, Yifan, 2024. "Firm-level climate risk and accounting conservatism: International evidence," International Review of Financial Analysis, Elsevier, vol. 95(PC).
  57. Braun, Matias & Marcet, Francisco & Raddatz, Claudio, 2025. "How do ESG firms invest?," International Review of Financial Analysis, Elsevier, vol. 97(C).
  58. Samridhi Kapoor & Manoj Govind Kharat & Shreyanshu Parhi & Mukesh Govind Kharat & Shatrudhan Pandey, 2024. "Striving for Business Sustainability: Understanding the Interplay and Impact of Sustainable Finance, Environmental Social Governance Strategy, and Information Technology Integration on Sustainable Ent," Circular Economy and Sustainability, Springer, vol. 4(4), pages 2749-2774, December.
  59. Buchetti, Bruno & Arduino, Francesca Romana & Perdichizzi, Salvatore, 2025. "A literature review on corporate governance and ESG research: Emerging trends and future directions," International Review of Financial Analysis, Elsevier, vol. 97(C).
  60. Zhang, Cheng & Zha, Qianyao & Sun, Xun & Chen, Liping, 2024. "Does ESG rating disagreement affect audit opinions?," International Review of Economics & Finance, Elsevier, vol. 96(PA).
  61. Zhou, Mengling & Huang, Zizhen & Jiang, Kangqi, 2024. "Environmental, social, and governance performance and corporate debt maturity in China," International Review of Financial Analysis, Elsevier, vol. 95(PA).
  62. Song, Lina & Li, Wenting & Jia, Xinlin & Yang, Yandi & Du, Xinqiang & Liu, Chengwei, 2024. "The improvement of the social credit environment and corporate ESG performance - evidence from the "construction of china's social credit system"," Finance Research Letters, Elsevier, vol. 65(C).
  63. Qian, Binsheng & Poshakwale, Sunil & Tan, Yusen, 2024. "‘E’ of ESG and firm performance: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 96(PB).
  64. Xu, Danyang & Hu, Yang & Oxley, Les & Lin, Boqiang & He, Yongda, 2025. "Exploring the connectedness between major volatility indexes and worldwide sustainable investments," International Review of Financial Analysis, Elsevier, vol. 97(C).
  65. Kanamura, Takashi, 2025. "Stochastic behavior of green bond premiums," International Review of Financial Analysis, Elsevier, vol. 97(C).
  66. Yadu Zhang & Yiteng Zhang & Zuoren Sun, 2023. "The Impact of Carbon Emission Trading Policy on Enterprise ESG Performance: Evidence from China," Sustainability, MDPI, vol. 15(10), pages 1-27, May.
  67. Qiao, Penghua & Zhao, Yuying & Fung, Anna & Fung, Hung-Gay, 2025. "How digital leadership guides ESG sustainability," Research in International Business and Finance, Elsevier, vol. 73(PB).
  68. Liu, Yang & Zhang, Jintao & Zhu, Le, 2025. "Pay for air pollution: Ecological compensation policy and corporate investment," International Review of Financial Analysis, Elsevier, vol. 97(C).
  69. Ding, Liuqi & Cui, Zixuan & Li, Jiali, 2024. "Risk management and corporate ESG performance: The mediating effect of financial performance," Finance Research Letters, Elsevier, vol. 69(PB).
  70. He, Liying & Ismail, Kamisah, 2024. "ESG information disclosure, industrial policy support, debt financing costs," Finance Research Letters, Elsevier, vol. 66(C).
  71. Gao, Chengyin & Zhang, Shujun, 2025. "ESG performance and corporate financialization: A dual perspective of risk management and value creation," Finance Research Letters, Elsevier, vol. 71(C).
  72. Huang, Jun & Li, Yun & Han, Feifei, 2024. "Walk well and talk well: Impact of the consistency of ESG performance and disclosure on firms’ stock price crash risk," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 1154-1174.
  73. Song, Yunling & Xu, Chengying & Wei, Li, 2024. "External guarantees and ESG performance in China: Resource constraints or impression management?," International Review of Financial Analysis, Elsevier, vol. 96(PB).
  74. Du, Qunyang & Sun, Zhennan & Goodell, John W. & Du, Anna Min & Yang, Tianle, 2024. "Ecological risk and corporate sustainability: Examining ESG performance, risk management, and productivity," International Review of Financial Analysis, Elsevier, vol. 96(PA).
  75. Gui, Zhou & Lu, Xiaoyu, 2024. "Strengthening of rule of law and ESG performance of corporations," Finance Research Letters, Elsevier, vol. 66(C).
  76. Zhang, Yue, 2025. "Debt distribution and ESG performance: Evidence from Chinese listed companies," Research in International Business and Finance, Elsevier, vol. 73(PA).
  77. Sun, Yanyang & Gao, Jun & Wu, Wenruo & Liu, Suyi, 2025. "ESG performance and corporate fraud: Evidence based on the MOE framework," International Review of Financial Analysis, Elsevier, vol. 97(C).
  78. Li, Ruiqian & Wu, Haiyun & Zhong, Ma & Lan, Hao, 2024. "Strategic tone management in ESG reports and ESG risk," International Review of Financial Analysis, Elsevier, vol. 96(PA).
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