Firm ESG reputation risk and debt choice
研究了2007至2020年间3783家美国上市公司，发现ESG声誉风险高的企业更依赖公开发行债券而非银行贷款，其中社会和治理因素影响尤为显著。
Abstract Using a novel sample covering 3783 US public firms from 2007 to 2020, we examine how negative media coverage of firm‐level environmental, social, and governance (ESG) practices affects a firm's debt choice. We find that firms with higher ESG reputation risk rely more on public bond than bank loan. The social and governance components, in particular, matter. Moreover, firms that receive more negative news coverage display a higher propensity to issue new bonds as opposed to securing new bank debt. Overall, our study presents empirical evidence on the relation between firm ESG reputation risk and debt financing.