Lending Relationships of Firms for a Just Transition
研究了银行如何通过借贷关系支持企业的公正转型，发现银行对已有关系且环境承诺强的企业提供更低利率，但对经济与治理转型关注不足。
ABSTRACT This paper examines lending dynamics for firms aiming for a “just transition”. Analyzing 37,426 firm‐year observations from DealScan and Refinitiv's environmental, social and governance (ESG) transition data (2002–2021), we find that lenders offer lower interest rates to firms with prior relationships and strong ESG commitments, particularly environmental ones. While environmental factors receive favourable treatment, economic and governance transitions are less prioritized. Lenders tend to form more dispersed syndicates when supporting firms focused on ESG transitions, especially environmental ones. This research highlights the uneven focus within ESG transitions and emphasizes the underexamined area of governance, providing insights into lending relationships.