Can borrowing constraints enhance environmental sustainability? An alternative parametric approach
研究了借贷约束如何影响印度制造业企业财务绩效与环境可持续性的倒U型关系转折点，发现信贷约束越强，转折点处的财务绩效越低，表明信贷摩擦导致企业走不同的财务-可持续性路径。
Abstract The paper explores how restrictions of credit affect the turning point of the non‐linear relationship between financial performance and the environmental sustainability of manufacturing firms in India. Our results are in support of the inverted U‐shaped relationship between financial performance and environmental sustainability. The study builds upon an alternative long‐run specification, which avoids the non‐linear transformations of potentially non‐stationary regressors in panel estimation and finds evidence that the higher the firm's degree of credit constraints, the lower is its financial performance at the turning point, indicating the different finance‐sustainability paths across firms due to credit frictions. We also investigate the aforementioned relationship by considering the exporting potential of the firms.