Arbeitspapier
Climate-related disclosure commitment of the lenders, credit rationing, and borrower environmental performance
Using lenders becoming members of the Task Force on Climate-Related Financial Disclosures (TCFD) as a plausible exogeneous shock, we examine whether and how lenders' commitment to transparent climate-related disclosures affects borrower firms' environmental performance. We find that client firms of TCFD-member lenders, relative to control firms, significantly improve their environmental performance after the TCFD launch. The effects are stronger for polluting firms. Moreover, TCFD-member lenders influence their borrowers' environmental performance via charging higher loan spread and reducing the number and amount of new loans issued to polluting firms. Finally, polluting clients of TCFD-member lenders experience tightened financial constraints subsequently.
- ISBN
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978-952-323-436-9
- Language
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Englisch
- Bibliographic citation
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Series: Bank of Finland Research Discussion Papers ; No. 7/2023
- Classification
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Wirtschaft
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Corporate Finance and Governance: General
Climate; Natural Disasters and Their Management; Global Warming
- Subject
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Climate-related Disclosure Commitment
Credit Rationing
Borrower Environmental Performance
- Event
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Geistige Schöpfung
- (who)
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Hasan, Iftekhar
Lee, Haekwon
Qiu, Buhui
Saunders, Anthony
- Event
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Veröffentlichung
- (who)
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Bank of Finland
- (where)
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Helsinki
- (when)
-
2023
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Hasan, Iftekhar
- Lee, Haekwon
- Qiu, Buhui
- Saunders, Anthony
- Bank of Finland
Time of origin
- 2023
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