Can Credit Rating Changes Affect Corporate Carbon Emissions? Some Evidence From the S&P 500
研究2012-2024年美国标普500企业数据，发现信用评级下调会导致碳排放评分平均下降约1.8点，而升级无显著影响，但投资级企业的升级能改善排放绩效。
ABSTRACT Using panel data on US S&P 500 firms from 2012 to 2024, this study examines how credit rating changes affect corporate carbon performance. Drawing on the resource‐based view and prospect theory, we show that credit rating downgrades lead to a statistically and economically significant deterioration in emission reduction scores. Notably, a downgrade is followed by an average decline of about 1.8 points in the emissions score. In contrast, no significant effect was found for upgrades. However, the study provides evidence to suggest that among investment‐grade firms, upgrades lead to significant improvement in emissions performance. Overall, the findings illustrate a reverse logic compared with the existing literature, indicating a financial‐constraint channel through which credit market shocks shape firms' environmental strategies. Moreover, the study signals an apparent financial slack threshold mechanism that is apparent among investment‐grade firms. Several implications and limitations are extracted along with avenues for future research.