ESG lending

• 成果类型: Article
• 署名作者: Kim, Sehoon; Kumar, Nitish; Lee, Jongsub; Oh, Junho
• 署名单位: State University System of Florida; University of Florida; Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; Seoul National University (SNU); Hankuk University Foreign Studies
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2025.104150
• 发表日期: 2025
• 关键词: bank lending; ESG; ESG lending; Greenwashing; Sustainability-linked loans (SLLs); Sustainable debt; Sustainable finance

摘要

Firms increasingly borrow via sustainability-linked loans (SLLs), contractually tying spreads to their ESG performance. SLLs vary widely in transparency of disclosure regarding sustainability-related contract details and tend to be issued to borrowers with superior ESG profiles. While high-transparency SLL borrowers maintain this performance, low-transparency SLL borrowers exhibit significantly deteriorating ESG performance after issuance. Both high-and low-transparency borrowers pay substantial fees to obtain SLLs. The results are consistent with high-transparency borrowers using SLLs to certify their preexisting ESG commitments, but low-transparency borrowers greenwashing with empty SLL labels. Evidence on drawdowns, renegotiations, and stock market reactions further supports these interpretations.