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Bank debt signalling and corporate sustainability: Does incongruence blur the message?
Año del Documento
Finance Research Letters, 2021, In Press, 102288
This paper examines the interplay between the signalling function of bank debt and other indicators which might reveal incongruence among a firm's actions and question the sincerity of its sustainability engagement. Empirical evidence on a sample of U.S. companies reveals that the presence of bank debt in a firm's leverage improves the performance of sustainability. This beneficial effect of bank debt is greater for the environmental pillar. However, bank debt signalling weakens (or even disappears) in the presence of other indicators that express incongruence, such as a low uniformity in the commitment across sustainability pillars and belonging to a culpable industry. Overall, this study highlights the importance of harmonizing the signal set so that it has an impact on firm value.
Revisión por pares
Ministerio de Ciencia, Innovación y Universidades (grants ECO2017-84864-P and PID2020-114797GB-I00)
Propietario de los Derechos
© 2021 The Authors
Tipo de versión
Except where otherwise noted, this item's license is described as Attribution-NonCommercial-NoDerivatives 4.0 Internacional