RT info:eu-repo/semantics/article
T1 ESG, Bank Debt and Firm Value: A Signaling Perspective
A1 Fuente Herrero, Gabriel de la
A1 Velasco González, María Del Pilar
K1 Deuda bancaria
K1 Responsabilidad social corporativa
K1 CSR
K1 ESG
K1 Valor de la empresa
K1 ODS
K1 Teoría de la señalización
K1 Objetivos de desarrollo sostenible
AB This paper delves into the influence of bank debt in shaping the relationship between environmental, social, and governance(ESG) performance and a firm's value. As a result of the superior informational and monitoring functions of bank borrowers intheir lending relationships, we argue that a firm's degree of bank debt might signal the genuineness of its ESG performance. Weempirically test this signaling role on a sample of U.S. publicly traded companies over 2010–2018. Our results provide evidencethat bank debt improves the value effect of ESG performance. We find that the signaling effect of bank debt is stronger incompanies with lower tangible collateral, where the need for banks to screen and monitor them is higher. Our findings arerobust to controlling for contextual factors that may affect the signaling relevance of bank debt, such as the visibility andinformational asymmetries as provided by analysts' activity, or the difference between green and brown industries, as well as aseries of alternative econometric specifications, including alternative ESG performance measures, endogeneity tests, and pro-pensity score matching.
PB Wiley
SN 0954-1314
YR 2025
FD 2025
LK https://uvadoc.uva.es/handle/10324/78313
UL https://uvadoc.uva.es/handle/10324/78313
LA eng
NO Journal of International Financial Management & Accounting, 2025, p. 1-27
NO Producción Científica
DS UVaDOC
RD 08-oct-2025