The influence of carbon risk on debt structure

Article

Ben-Nasr, H., Basha, S.A. and Shams, S.. 2025. "The influence of carbon risk on debt structure." International Review of Financial Analysis.
Article Title

The influence of carbon risk on debt structure

ERA Journal ID19556
Article CategoryArticle
AuthorsBen-Nasr, H., Basha, S.A. and Shams, S.
Journal TitleInternational Review of Financial Analysis
Year2025
PublisherElsevier
ISSN1057-5219
Web Address (URL)https://www.sciencedirect.com/science/article/pii/S1057521925006787
Abstract

We add to the literature on the effect of carbon risk on the availability and cost of bank loans, by focusing on the
impact of carbon risk on the proportion of bank debt relative to total debt. Using a global sample of 58 countries
covering the period 2007–2020, we find that carbon risk is negatively associated with bank debt ratio, indicating
that high emitter firms are less able to secure bank debt. The findings support our hypothesis that high-emitter
firms reduce bank debt to avoid bank scrutiny and it is likely banks avoid lending to high-emitter firms for
reputational concerns. Our results are robust to a battery of sensitivity tests and addressing endogeneity concerns
using several approaches. We add to this literature by distinguishing between the demand-side vs. supply-side.
Our channel tests are in line with the demand-side perspective. Indeed, we show that the negative relationship
between carbon risk and bank debt is more (less) pronounced in firms with severe agency (information asymmetry) problems. We also provide support for the supply-side perspective. We show that the negative association
between carbon risk and bank debt is stronger in financially developed countries and in countries with stringent
environmental regulations. We offer many practical and policy implications based on our results. Our study
highlights the potential role of banks in aiding climate policy implementation. Furthermore, firms can adopt
carbon risk mitigating strategies to amplify their capital sources.

KeywordsClimate change Carbon emissions Bank debt Regulations
ANZSRC Field of Research 2020350299. Banking, finance and investment not elsewhere classified
Byline AffiliationsQatar University, Qatar
School of Business
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