Corporate carbon performance and cost of debt: Evidence from Asia-Pacific countries

Article

Al-Fakir Al Rabab'a, Eltayyeb, Rashid, Afzalur and Shams, Syed. 2023. "Corporate carbon performance and cost of debt: Evidence from Asia-Pacific countries." International Review of Financial Analysis. 88, pp. 1-16. https://doi.org/10.1016/j.irfa.2023.102641
Article Title

Corporate carbon performance and cost of debt: Evidence from Asia-Pacific countries

ERA Journal ID19556
Article CategoryArticle
AuthorsAl-Fakir Al Rabab'a, Eltayyeb, Rashid, Afzalur and Shams, Syed
Journal TitleInternational Review of Financial Analysis
Journal Citation88, pp. 1-16
Article Number102641
Number of Pages16
Year2023
PublisherElsevier
Place of PublicationNetherlands
ISSN1057-5219
Digital Object Identifier (DOI)https://doi.org/10.1016/j.irfa.2023.102641
Web Address (URL)https://www.sciencedirect.com/science/article/pii/S1057521923001576
Abstract

This study examines the relationship between corporate carbon performance (CCP) and corporate cost of debt (COD) in Asia-Pacific countries. Using a sample of 3666 firm-year observations from 14 countries over the period 2003–2018, COD is found to be lower when a firm has higher carbon performance (CCP). We also find that CCP produces greater reductions in COD for firms in countries with weak governance quality. Thus, a country-level governance mechanism and debt markets are substitutes in addressing corporate carbon performance (CCP). The main results are robust after controlling for sample selection bias and endogeneity problems using alternative model specifications. The results are also robust after controlling for heterogeneity problems using sub-samples, accounting for the Global Financial Crisis (GFC), using an alternative COD measure, and controlling for potential simultaneous causality and for corporate governance variables.

KeywordsCarbon risk; Climate change; Environmental performance; Financial distress; Greenhouse gases (GHGs)
ANZSRC Field of Research 2020350201. Environment and climate finance
Byline AffiliationsSchool of Commerce
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Rashid, Afzalur. 2009. "Board composition, board leadership structure and firm performance: evidence from Bangladesh." Segel, Naomi (ed.) 2009 Accounting and Finance Association of Australia and New Zealand Conference (2009 AFAANZ). Adelaide, Australia 05 - 07 Jul 2010 Melbourne, Australia. Accounting & Finance Association of Australia and New Zealand.
Corporate capital structure and firm performance: evidence from Bangladesh
Rashid, Afzalur and Hoque, Ariful. 2011. "Corporate capital structure and firm performance: evidence from Bangladesh." Academy of Taiwan Business Management Review. 7 (2), pp. 59-72.
Corporate capital structure and firm performance: evidence from a developing country
Rashid, Afzalur. 2008. "Corporate capital structure and firm performance: evidence from a developing country." American Accounting Association Annual Meeting 2008. Anaheim, United States 03 - 06 Aug 2008
Corporate governance in Bangladesh: an overview
Rashid, Afzalur, De Zoysa, Anura and Rudkin, Kathy. 2007. "Corporate governance in Bangladesh: an overview." 19th Asian-Pacific Conference on International Accounting Issues. Kuala Lumpur, Malaysia 11 - 13 Nov 2007 Fresno, CA, United States.
Board leadership structure and firm performance: an examination of resource dependence role
Rashid, Afzalur. 2011. "Board leadership structure and firm performance: an examination of resource dependence role." Corporate Board: role, duties and composition. 7 (1), pp. 7-23.
CEO duality and firm performance: evidence from a developing country
Rashid, Afzalur. 2010. "CEO duality and firm performance: evidence from a developing country." Corporate Ownership and Control. 8 (1), pp. 163-175.
The influence of ownership structures and board practices on corporate social disclosures in Bangladesh
Rashid, Afzalur and Lodh, Sudhir. 2009. "The influence of ownership structures and board practices on corporate social disclosures in Bangladesh." Tsamenyi, Matthew and Uddin, Shahzad (ed.) Research in accounting in emerging economies. Bingley, United Kingdom. Emerald. pp. 211-237
Dividend policy and stock price volatility: evidence from Bangladesh
Rashid, Afzalur and Rahman, A. Z. M. Anisur. 2008. "Dividend policy and stock price volatility: evidence from Bangladesh." Journal of Applied Business and Economics. 8 (4), pp. 71-81.
Corporate intellectual capital disclosure in a non-mandatory disclosure regime
Rashid, Afzalur. 2010. "Corporate intellectual capital disclosure in a non-mandatory disclosure regime." Guthrie, James (ed.) 6th Asia Pacific Interdisciplinary Research in Accounting Conference (APIRA 2010). Sydney, Australia 12 - 13 Jul 2010 Sydney, Australia.
Board composition and firm performance: evidence from Bangladesh
Rashid, Afzalur, De Zoysa, Anura, Lodh, Sudhir and Rudkin, Kathy. 2010. "Board composition and firm performance: evidence from Bangladesh." Australasian Accounting Business and Finance Journal. 4 (1), pp. 76-95.