Glossy Green Banks: The Disconnect Between Environmental Disclosures and Lending Activities

• 成果类型: Article; Early Access
• 署名作者: Giannetti, Mariassunta; Jasova, Martina; Loumioti, Maria; Mendicino, Caterina
• 署名单位: Stockholm School of Economics; European Corporate Governance Institute; Swedish House of Finance; Columbia University; University of Texas System; University of Texas Dallas; European Central Bank
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2024.07420
• 发表日期: 2026
• 关键词: financial institutions; sustainability reporting; Strategic disclosure; zombie lending; ChatGPT

摘要

Using confidential information on banks' portfolios, we show that banks that emphasize the sustainability of their lending policies in their disclosures do not exhibit a reduced environmental impact and, if anything, they extend a higher volume of credit to brown borrowers, without charging higher interest rates, shortening debt maturity, or requiring more collateral. These results cannot be attributed to the financing of borrowers' transition toward greener technologies. Examining the mechanisms behind the strategic disclosure choices reveals that banks extend credit to existing brown borrowers, especially those who are financially underperforming.