關於氣候風險與環境政策嚴格性對企業決策影響的論文

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：76

、訪客IP：3.133.108.224

姓名

裴進盛(Bui Tien Thinh) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

關於氣候風險與環境政策嚴格性對企業決策影響的論文
(Essays on the impacts of Climate Risks and Environmental Policy Stringency on Corporate Decision-Making)

相關論文

★ 銀行流動性創造－基於文化視角	★ 環境政策嚴格度與銀行風險：綠色經濟是否重要？
★ 不確定性對經濟表現的影響：與普惠金融和創新有關嗎？	★ 不確定性與國家治理對銀行流動性創造的影響：跨國銀行證據
★ The Impact of Trade Policy Uncertainty on Firms’ Cash Dividend Policy	★ 現金流量不確定性與極端風險關連：跨國證據
★ Essay on digitalization, robot deployment and corporate finance	★ 內部債務與下行風險：基於 CEO、公司特徵與外部環境的研究
★ 央行數位貨幣變動對公司隱含波動度的影響	★ ESG在不同衝突、政權、自由的環境下對於流動性創造的影響：基於亞洲銀行的研究
★ 策略差異化與貸款利差	★ 宏觀審慎政策，戰爭與衝突以及銀行表現：來自全球銀行的證據

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

至系統瀏覽論文 (2028-9-3以後開放)

摘要(中)

本論文包含三項獨立的跨國研究，分別著重於研究氣候風險和環境政策嚴格性對企業決策的影響。前兩項研究調查了氣候風險對銀行流動性創造和現金持有量現金流敏感度的影響。第三項研究檢視了環境政策嚴格性對企業槓桿率的影響。
在第一篇文章中，我使用1995年至2012年的綜合跨國銀行層級資料來研究氣候風險與銀行流動性創造之間的關係。主要實證結果表明，氣候風險與銀行流動性創造大致呈負相關。更具體地說，氣候敏感性和暴露對流動性創造產生負面影響，而氣候調適則與流動性創造呈正相關。對於規模較大、資本較低的銀行或發展中國家的銀行來說，這些影響更為突出。總體而言，第一篇文章的結果有力地支持了氣候變遷可能對銀行流動性創造產生不利影響的觀點，從而促使政策制定者制定政策來幫助銀行應對氣候變遷。
在第二篇文章中，我研究了1994年至2014年氣候風險如何影響87個國家現金持有的現金流量敏感度。，即企業累積現金持有的現金流敏感度。這種現像在存在重大財務限制的情況下更為明顯。本文的實證研究結果表明，目前的氣候風險影響可以促使企業透過額外現金流增加企業現金持有量，作為抵禦外部氣候衝擊的預防手段。
在上一篇文章中，我研究了1994年至2020年39個國家環境政策嚴格對企業槓桿率的影響。此外，企業分別提高長期企業槓桿率和降低短期槓桿率。對於財務拮据的企業、氣候風險嚴重的國家或亞洲的企業來說，這種影響尤其明顯。本文的研究結果也支持這樣的觀點：當企業對這些外部環境政策的影響做出反應時，環境政策可以影響企業的融資決策。
關鍵字：流動性創造、現金流、氣候風險、環境政策嚴格性。

摘要(英)

This thesis contains three independent cross-country studies focusing on examining the effects of climate risks and environmental policy stringency on corporate decision-making, respectively. The first two studies investigate the effects of climate risks on the bank liquidity creation and the cash flow sensitivity of cash holdings. The third study examines the effects of environmental policy stringency on corporate leverage.

In the first essay, I use a comprehensive cross-country bank-level database from 1995 to 2012 to examine the relationship between climate risk and bank liquidity creation. The main empirical findings illustrate that climate risks have a general negative relationship with bank liquidity creation. To be more specific, climate sensitivity and exposure negatively affect liquidity creation, while climate adaptation is positively related to liquidity creation. These effects are more prominent for banks with larger sizes and lower capital, or banks in developing countries. Overall, the results from the first essay lend significant support to the view that climate change can have detrimental effects on bank liquidity creation, thus prompting policymakers to formulate policies to assist banks with coping with climate change.

In the second essay, I examine how climate risks can influence the cash flow sensitivity of cash holdings across 87 countries from 1994 to 2014. The main empirical results reveal that climate risks induce a positive cash flow sensitivity of cash holdings, that is, firms accumulate cash holdings by saving from additional positive cash flows. Such phenomenon is more apparent in the presence of significant financial constraints. The empirical findings of this essay illustrate the current climate risk impacts can induce firms to increase corporate cash holdings from additional cash flows as a precautionary means against external climate shocks.

In the last essay, I investigate the influence of environmental policy stringency on corporate
leverage across 39 countries from 1994 to 2020. The main results illustrate that environmental
policy stringency leads to a decline in leverage; additionally, firms increase the use of long-term
corporate leverage and decrease short-term leverage, respectively. Such effects are pronounced for
firms with financial constraints, in countries with significant climate-risk exposure, or in Asia. The
findings from this essay also support that environmental policies can influence corporate financing
decisions as firms respond to the impacts of these external environmental policies.

關鍵字(中)

★ 流動性創造
★ 現金流
★ 氣候風險
★ 環境政策嚴格性

關鍵字(英)

★ Liquidity creation
★ cash flows
★ climate risk
★ environmental policy stringency

論文目次

摘要 i
Abstract ii
Acknowledgements iii
Table of Contents iv
List of Tables iv
Chapter 1: Climate Risk and Bank Liquidity Creation 1
1.1. Introduction 1
1.2. Theoretical foundation and hypotheses development 3
1.2.1. Relevant literature on liquidity creation 3
1.2.2. The channels of climate risk 4
1.2.3. Relationship between climate risk and liquidity creation 5
1.2.4. Subsample analysis of climate risk and liquidity creation 8
1.3. Methodology 9
1.3.1. Baseline model specification and methodology 9
1.3.2. Endogeneity concern and instrumental variable approach 10
1.4. Data description and summary of statistics 11
1.4.1. Data description 11
1.4.2. Summary statistics 11
1.5. Empirical results 12
1.5.1. The basic discovery 12
1.5.2. Endogeneity concerns 13
1.5.3. Subsample analysis: Bank size and capital 14
1.5.4. Subsample analysis: Countries with different macroeconomics characteristics 15
1.5.5. Subsample analysis: Regional analysis 16
1.6. Conclusion 16
References 18
Appendix 1.A: Distribution of observations by countries 41
Appendix 1.B: Descriptive statistics by countries 43
Chapter 2: Green development, climate risks, and cash flow 47
2.1. Introduction 47
2.2. Theoretical foundation and hypotheses development 49
2.2.1. Relevant literature on the cash flow sensitivity of cash and financial constraints 49
2.2.2. The channels of climate risk 50
2.2.3. Climate risks, cash flow sensitivity and cash holdings 51
2.2.4. Relationship between green development and corporate cash holdings 52
2.2.5. Subsample analysis of financial constraints 53
2.2.6. Subsample analysis of macroeconomic conditions 54
2.2.8. Subsample analysis of continents 54
2.3. Methodology 55
2.3.1. Baseline model specification and methodology 55
2.3.2. Endogeneity concerns 56
2.4. Data description and statistical summary 57
2.4.1. Data description 57
2.4.2. Statistical summary 57
2.5. Empirical results 58
5.1. Main results of the baseline regression 58
2.5.2. Endogeneity concerns 60
2.5.3. Subsample analysis: Financial constraints 60
2.5.4. Subsample analysis: Economic development 62
2.5.5. Subsample analysis: Continent analysis 62
2.6. Conclusion 63
Reference 65
Appendix 2.A: Distribution of observations by countries 89
Appendix 2.B: Descriptive statistics by countries 92
Chapter 3: Corporate Leverage and Environmental Policy Stringency 101
3.1. Introduction 101
3.2. Theoretical foundation and hypothesis development 103
3.2.1. Literature review of theories of capital structure 103
3.2.2. Relationship between environmental policy stringency and corporate leverage 103
3.3. Data and methodology 105
3.3.1. Description of data and variables 105
3.3.2. Empirical methodology 106
3.3.3. Instrumental variable and two-stage least squares regression 107
3.4. Results 108
3.4.1 Sample description and summary statistics 108
3.4.2. Baseline results 109
3.4.3. Endogeneity concerns 110
3.4.4 Additional test: Financial constraints 110
3.4.5 Additional analysis: Climate vulnerabilities 111
3.4.6 Additional analysis: Continent 112
3.5. Conclusion 113
Reference 115
Appendix 3.A: Distribution of observations by countries 133
Appendix 3.B: Descriptive statistics by countries 134

參考文獻

chapter 1
Baker, E., and Adu-Bonnah, K. (2008). Investment in risky R&D programs in the face of climate uncertainty. Energy Economics, 30(2), 465–486.
Baker, S. R., Bloom, N., and Davis, S. J. (2016). Measuring Economic Policy Uncertainty*. The Quarterly Journal of Economics, 131(4), 1593–1636.
Batten, S., Sowerbutts, R., and Tanaka, M. (2020). Climate Change: Macroeconomic Impact and Implications for Monetary Policy (pp. 13–38).
Begenau, J. (2020). Capital requirements, risk choice, and liquidity provision in a business-cycle model. Journal of Financial Economics, 136(2), 355–378.
Berger, A. N., Boubakri, N., Guedhami, O., and Li, X. (2019). Liquidity creation performance and financial stability consequences of Islamic banking: Evidence from a multinational study. Journal of Financial Stability, 44, 100692.
Berger, A. N., and Bouwman, C. H. S. (2009). Bank liquidity creation. Review of Financial Studies, 22(9), 3779–3837.
Berger, A. N., Bouwman, C. H. S., Kick, T., and Schaeck, K. (2016). Bank liquidity creation following regulatory interventions and capital support. Journal of Financial Intermediation, 26, 115–141.
Berger, A. N., Guedhami, O., Kim, H. H., and Li, X. (2017). Economic Policy Uncertainty and Bank Liquidity Creation. In SSRN Electronic Journal.
Berger, A. N., Guedhami, O., Kim, H. H., and Li, X. (2022). Economic policy uncertainty and bank liquidity hoarding. Journal of Financial Intermediation, 49, 100893.
Berger, A. N., and Sedunov, J. (2017). Bank liquidity creation and real economic output. Journal of Banking and Finance, 81, 1–19.
Bos, J. W. B., Li, R., and Sanders, M. W. J. L. (2022). Hazardous lending: The impact of natural disasters on bank asset portfolio. Economic Modelling, 108, 105760.
Bose, S., Minnick, K., and Shams, S. (2021). Does carbon risk matter for corporate acquisition decisions? Journal of Corporate Finance, 70, 102058.
Burke, M., Hsiang, S. M., and Miguel, E. (2015). Global non-linear effect of temperature on economic production. Nature, 527(7577), 235–239.
Calvin, K., Clarke, L., Krey, V., Blanford, G., Jiang, K., Kainuma, M., Kriegler, E., Luderer, G., and Shukla, P. R. (2012). The role of Asia in mitigating climate change: Results from the Asia modeling exercise. Energy Economics, 34, S251–S260.
Carraro, C., Favero, A., and Massetti, E. (2012). “Investments and public finance in a green, low carbon, economy.” Energy Economics, 34(SUPPL.1), S15–S28.
Carroll, C. D. (2001). A Theory of the Consumption Function, With and Without Liquidity Constraints. Journal of Economic Perspectives, 15(3), 23–45.
Chen, S., and Golley, J. (2014). ‘Green’ productivity growth in China’s industrial economy. Energy Economics, 44, 89–98.
Chen, Y., Cheng, L., Lee, C.C., and Wang, C.S. (2021). The impact of regional banks on environmental pollution: Evidence from China′s City commercial banks. Energy Economics 102, 105492.
Cheung, Y.-L., Tan, W., and Wang, W. (2020). Where do banks value corporate social responsibility more? Evidence on the role of national culture. Journal of Banking and Finance, 118, 105810.
Cohen, M. A., and Vandenbergh, M. P. (2012). The potential role of carbon labeling in a green economy. Energy Economics, 34(SUPPL.1), S53–S63.
Cornett, M. M., Minnick, K., Schorno, P. J., and Tehranian, H. (2021). Bank consumer relations and social capital. Journal of Banking and Finance, 133, 106272.
Cortés, K. R., and Strahan, P. E. (2017). Tracing out capital flows: How financially integrated banks respond to natural disasters. Journal of Financial Economics, 125(1), 182–199.
Dafermos, Y., Nikolaidi, M., and Galanis, G. (2018). Climate Change, Financial Stability and Monetary Policy. Ecological Economics, 152, 219–234.
Diamond, D. W., and Dybvig, P. H. (1983). Bank Runs, Deposit Insurance, and Liquidity. Journal of Political Economy, 91(3), 401–419.
Duan, Y., and Niu, J. (2020). Liquidity creation and bank profitability. North American Journal of Economics and Finance, 54, 101250.
Ehlers, T., Packer, F., and de Greiff, K. (2021). The pricing of carbon risk in syndicated loans: Which risks are priced and why? Journal of Banking and Finance, 106180.
el Ghoul, S., Guedhami, O., Kwok, C. C. Y., and Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking and Finance, 35(9), 2388–2406.
Fankhauser, S., and S.J. Tol, R. (2005). On climate change and economic growth. Resource and Energy Economics, 27(1), 1–17.
Fidrmuc, J., Fungacova, Z., and Weill, L. (2015). Does Bank Liquidity Creation Contribute to Economic Growth? Evidence from Russia. SSRN Electronic Journal.
Gatev, E., and Strahan, P. E. (2006). Banks’ Advantage in Hedging Liquidity Risk: Theory and Evidence from the Commercial Paper Market. The Journal of Finance, 61(2), 867–892.
Gupta, J. (2010). A history of international climate change policy. WIREs Climate Change, 1(5), 636–653.
Gupta, J., and Kashiramka, S. (2020). Financial stability of banks in India: Does liquidity creation matter? Pacific-Basin Finance Journal, 64, 101439.
Horvath, R., Seidler, J., and Weill, L. (2016). How bank competition influences liquidity creation. Economic Modelling, 52, 155–161.
Hu, G., Wang, X., and Wang, Y. (2021). Can the green credit policy stimulate green innovation in heavily polluting enterprises? Evidence from a quasi-natural experiment in China. Energy Economics, 98, 105134.
Huang, H. H., Kerstein, J., and Wang, C. (2018). The impact of climate risk on firm performance and financing choices: An international comparison. Journal of International Business Studies, 49(5), 633–656.
Huynh, T. D., Nguyen, T. H., and Truong, C. (2020). Climate risk: The price of drought. Journal of Corporate Finance, 65, 101750.
Javadi, S., and Masum, A.-A. (2021). The impact of climate change on the cost of bank loans. Journal of Corporate Finance, 69, 102019.
Jiang, L., Levine, R., and Lin, C. (2019). Competition and Bank Liquidity Creation. Journal of Financial and Quantitative Analysis, 54(2), 513–538.
Jung, J., Herbohn, K., and Clarkson, P. (2018). Carbon Risk, Carbon Risk Awareness and the Cost of Debt Financing. Journal of Business Ethics, 150(4), 1151–1171.
Kahn, M. E., Mohaddes, K., Ng, R. N. C., Pesaran, M. H., Raissi, M., and Yang, J.-C. (2021). Long-term macroeconomic effects of climate change: A cross-country analysis. Energy Economics, 104, 105624.
Kanga, D., Murinde, V., and Soumaré, I. (2020). Capital, risk and profitability of WAEMU banks: Does bank ownership matter? Journal of Banking and Finance, 114, 105814.
Kashyap, A. K., Rajan, R., and Stein, J. C. (2002). Banks as Liquidity Providers: An Explanation for the Coexistence of Lending and Deposit-taking. The Journal of Finance, 57(1), 33–73.
Koetter, M., Noth, F., and Rehbein, O. (2020). Borrowers under water! Rare disasters, regional banks, and recovery lending. Journal of Financial Intermediation, 43, 100811.
Lee, C.-C., and Lee, C.-C. (2022). How does green finance affect green total factor productivity? Evidence from China. Energy Economics, 107, 105863.
Lee, C.-C., Wang, C.-W., and Ho, S.-J. (2022). The dimension of green economy: Culture viewpoint. Economic Analysis and Policy, 74, 122–138.
Liu, Z., and Xie, C. (2021). Liquidity, capital requirements, and shadow banking. International Review of Economics and Finance, 76, 1379–1388.
Loiseau, E., Saikku, L., Antikainen, R., Droste, N., Hansjürgens, B., Pitkänen, K., Leskinen, P., Kuikman, P., and Thomsen, M. (2016). Green economy and related concepts: An overview. Journal of Cleaner Production, 139, 361–371.
Matraeva, L., Solodukha, P., Erokhin, S., and Babenko, M. (2019). Improvement of Russian energy efficiency strategy within the framework of “green economy” concept (based on the analysis of experience of foreign countries). Energy Policy, 125, 478–486.
Mealy, P., and Teytelboym, A. (2020). Economic complexity and the green economy. Research Policy, 103948.
Nguyen, J. H., and Phan, H. v. (2020). Carbon risk and corporate capital structure. Journal of Corporate Finance, 64, 101713.
Pechan, A., and Eisenack, K. (2014). The impact of heat waves on electricity spot markets. Energy Economics, 43, 63–71.
Pennacchi, G. (2006). Deposit insurance, bank regulation, and financial system risks. Journal of Monetary Economics, 53(1), 1–30.
Phan, D. H. B., Tran, V. T., Ming, T. C., and Le, A. (2021). Carbon risk and corporate investment: A cross-country evidence. Finance Research Letters, 102376.
Rezai, A., Taylor, L., and Foley, D. (2018). Economic Growth, Income Distribution, and Climate Change. Ecological Economics, 146, 164–172.
Souza, S. R. S. de. (2016). Capital requirements, liquidity and financial stability: The case of Brazil. Journal of Financial Stability, 25, 179–192.
Stroebel, J., and Wurgler, J. (2021). What do you think about climate finance? Journal of Financial Economics, 142(2), 487–498.
Tamazian, A., and Bhaskara Rao, B. (2010). Do economic, financial and institutional developments matter for environmental degradation? Evidence from transitional economies. Energy Economics, 32(1), 137–145.
Tan, X., Zhu, K., Meng, X., Gu, B., Wang, Y., Meng, F., Liu, G., Tu, T., and Li, H. (2021). Research on the status and priority needs of developing countries to address climate change. Journal of Cleaner Production, 289, 125669.
Tang, Y., Li, Z., Chen, J., and Deng, C. (2021). Liquidity creation cyclicality, capital regulation and interbank credit: Evidence from Chinese commercial banks. Pacific-Basin Finance Journal, 67, 101523.
Tran, V. T., Lin, C. T., and Nguyen, H. (2016). Liquidity creation, regulatory capital, and bank profitability. International Review of Financial Analysis, 48, 98–109.
Wang, C.-W., Lee, C.-C., and Chen, M.-C. (2022). The effects of economic policy uncertainty and country governance on banks’ liquidity creation: International evidence. Pacific-Basin Finance Journal, 71, 101708.
Wang, X., and (Ken) Zhong, Z. (2022). Post-crisis regulations, market making, and liquidity in over-the-counter markets. Journal of Banking and Finance, 134, 106354.
Williams, B., and Rajaguru, G. (2022). The evolution of bank revenue and risk in the Asia-Pacific Region. Pacific-Basin Finance Journal, 71, 101693.
Wu, M.-W., and Shen, C.-H. (2013). Corporate social responsibility in the banking industry: Motives and financial performance. Journal of Banking and Finance, 37(9), 3529–3547.
Yao, S., Pan, Y., Sensoy, A., Uddin, G. S., and Cheng, F. (2021). Green credit policy and firm performance: What we learn from China. Energy Economics, 101, 105415.
Zhang, D., and Lucey, B. (2022). Sustainable behaviors and firm performance: The role of financial constraints’ alleviation. Economic Analysis and Policy.
Zhang, X., Fu, Q., Lu, L., Wang, Q., and Zhang, S. (2021). Bank liquidity creation, network contagion and systemic risk: Evidence from Chinese listed banks. Journal of Financial Stability, 53, 100844.
Zhang, X., Zhang, S., and Lu, L. (2022). The banking instability and climate change: Evidence from China. Energy Economics, 106, 105787.
Zheng, C., (Wai Kong) Cheung, A., and Cronje, T. (2019). The moderating role of capital on the relationship between bank liquidity creation and failure risk. Journal of Banking and Finance, 108, 105651.

chapter 2
Almeida, H., Campello, M., & Weisbach, M. S. (2004). The Cash Flow Sensitivity of Cash. The Journal of Finance, 59(4).
Baker, S. R., Bloom, N., & Davis, S. J. (2016). Measuring Economic Policy Uncertainty*. The Quarterly Journal of Economics, 131(4).
Bao, D., Chan, K. C., & Zhang, W. (2012). Asymmetric cash flow sensitivity of cash holdings. Journal of Corporate Finance, 18(4).
Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do U.S. firms hold so much more cash than they used to? Journal of Finance, 64(5).
Bose, S., Minnick, K., & Shams, S. (2021). Does carbon risk matter for corporate acquisition decisions? Journal of Corporate Finance, 70, 102058.
Burke, M., Hsiang, S. M., & Miguel, E. (2015). Global non-linear effect of temperature on economic production. Nature, 527(7577), 235–239.
Capasso, M., Hansen, T., Heiberg, J., Klitkou, A., & Steen, M. (2019). Green growth-A synthesis of scientific findings. Technological Forecasting and Social Change, 146, 390–402.
Carraro, C., Favero, A., & Massetti, E. (2012). “Investments and public finance in a green, low carbon, economy.” Energy Economics, 34(SUPPL.1), S15–S28.
Chen, S., & Golley, J. (2014). ‘Green’ productivity growth in China’s industrial economy. Energy Economics, 44, 89–98.
Cleary, S. (2006). International corporate investment and the relationships between financial constraint measures. Journal of Banking and Finance, 30(5), 1559–1580.
Dafermos, Y., Nikolaidi, M., & Galanis, G. (2018). Climate Change, Financial Stability and Monetary Policy. Ecological Economics, 152, 219–234.
Danish, & Ulucak, R. (2020). How do environmental technologies affect green growth? Evidence from BRICS economies. Science of The Total Environment, 712, 136504.
Döring, S., Drobetz, W., Janzen, M., & Meier, I. (2018). Global cash flow sensitivities. Finance Research Letters, 25, 16–22.
Drobetz, W., Haller, R., Meier, I., & Tarhan, V. (2017). The impact of liquidity crises on cash flow sensitivities. The Quarterly Review of Economics and Finance, 66, 225–239.
Du, M., Zhang, R., Chai, S., Li, Q., Sun, R., & Chu, W. (2022). Can Green Finance Policies Stimulate Technological Innovation and Financial Performance? Evidence from Chinese Listed Green Enterprises. Sustainability, 14(15), 9287.
Duong, H. N., Nguyen, J. H., Nguyen, M., & Rhee, S. G. (2020). Navigating through economic policy uncertainty: The role of corporate cash holdings. Journal of Corporate Finance, 62, 101607.
Ehlers, T., Packer, F., & de Greiff, K. (2021). The pricing of carbon risk in syndicated loans: Which risks are priced and why? Journal of Banking & Finance, 106180.
Fabozzi, F. J., Focardi, S., Ponta, L., Rivoire, M., & Mazza, D. (2022). The economic theory of qualitative green growth. Structural Change and Economic Dynamics, 61, 242–254.
Fazzari, S., Hubbard, R. G., & Petersen, B. (1987). Financing Constraints and Corporate Investment.
Franzke, C. L. E. (2021). Towards the development of economic damage functions for weather and climate extremes. Ecological Economics, 189, 107172.
García-León, D., Casanueva, A., Standardi, G., Burgstall, A., Flouris, A. D., & Nybo, L. (2021). Current and projected regional economic impacts of heatwaves in Europe. Nature Communications, 12(1), 5807.
Goodell, J. W., Goyal, A., & Urquhart, A. (2021). Uncertainty of uncertainty and firm cash holdings. Journal of Financial Stability, 56, 100922.
Guo, M., Nowakowska-Grunt, J., Gorbanyov, V., & Egorova, M. (2020). Green technology and sustainable development: Assessment and green growth frameworks. Sustainability (Switzerland), 12(16).
Hu, G., Wang, X., & Wang, Y. (2021). Can the green credit policy stimulate green innovation in heavily polluting enterprises? Evidence from a quasi-natural experiment in China. Energy Economics, 98, 105134.
Huang, H. H., Kerstein, J., & Wang, C. (2018). The impact of climate risk on firm performance and financing choices: An international comparison. Journal of International Business Studies, 49(5), 633–656.
Huang, J., Cao, J., Hasan, T., & Zhao, J. (2021). Low-carbon city initiatives and firm risk: A quasi-natural experiment in China. Journal of Financial Stability, 57, 100949.
Huynh, T. D., Nguyen, T. H., & Truong, C. (2020). Climate risk: The price of drought. Journal of Corporate Finance, 65, 101750.
Jänicke, M. (2012). “Green growth”: From a growing eco-industry to economic sustainability. Energy Policy, 48, 13–21.
Javadi, S., & Masum, A.-A. (2021). The impact of climate change on the cost of bank loans. Journal of Corporate Finance, 69, 102019.
Javadi, S., Mollagholamali, M., Nejadmalayeri, A., & Al-Thaqeb, S. (2021). Corporate cash holdings, agency problems, and economic policy uncertainty. International Review of Financial Analysis, 77, 101859.
Jiang, Q., Ma, X., & Wang, Y. (2021). How does the one belt one road initiative affect the green economic growth? Energy Economics, 101, 105429.
Kahn, M. E., Mohaddes, K., Ng, R. N. C., Pesaran, M. H., Raissi, M., & Yang, J.-C. (2021). Long-term macroeconomic effects of climate change: A cross-country analysis. Energy Economics, 104, 105624.
Khurana, I. K., Martin, X., & Pereira, R. (2006). Financial Development and the Cash Flow Sensitivity of Cash. Journal of Financial and Quantitative Analysis, 41(4), 787–808.
Kling, G., Volz, U., Murinde, V., & Ayas, S. (2021). The impact of climate vulnerability on firms’ cost of capital and access to finance. World Development, 137, 105131.
Le, T.-H., Nguyen, C. P., & Park, D. (2020). Financing renewable energy development: Insights from 55 countries. Energy Research & Social Science, 68, 101537.
Lee, C.-C., Wang, C.-W., & Ho, S.-J. (2022). The dimension of green economy: Culture viewpoint. Economic Analysis and Policy, 74, 122–138.
Li, F., Lin, C., & Lin, T.-C. (2021). Climate Vulnerability and Corporate Innovation: International Evidence. SSRN Electronic Journal.
Li, X. (2019). Economic policy uncertainty and corporate cash policy: International evidence. Journal of Accounting and Public Policy, 38(6), 106694.
Loiseau, E., Saikku, L., Antikainen, R., Droste, N., Hansjürgens, B., Pitkänen, K., Leskinen, P., Kuikman, P., & Thomsen, M. (2016). Green economy and related concepts: An overview. Journal of Cleaner Production, 139, 361–371.
Lozano, M. B., & Yaman, S. (2020). The determinants of cash flow sensitivity of cash: The family ownership effect. Research in International Business and Finance, 53, 101204.
Lu, Y., Gao, Y., Zhang, Y., & Wang, J. (2022). Can the green finance policy force the green transformation of high-polluting enterprises? A quasi-natural experiment based on “Green Credit Guidelines.” Energy Economics, 114, 106265.
Luo, S., Yu, S., & Zhou, G. (2021). Does green credit improve the core competence of commercial banks? Based on quasi-natural experiments in China. Energy Economics, 100, 105335.
Machokoto, M., & Areneke, G. (2021). Is the cash flow sensitivity of cash asymmetric? African evidence. Finance Research Letters, 38, 101440.
Machokoto, M., Tanveer, U., Ishaq, S., & Areneke, G. (2021). Decreasing investment-cash flow sensitivity: Further UK evidence. Finance Research Letters, 38, 101397.
Mealy, P., & Teytelboym, A. (2020). Economic complexity and the green economy. Research Policy, 103948.
Mensah, C. N., Long, X., Dauda, L., Boamah, K. B., Salman, M., Appiah-Twum, F., & Tachie, A. K. (2019). Technological innovation and green growth in the Organization for Economic Cooperation and Development economies. Journal of Cleaner Production, 240.
Miller, S., Chua, K., Coggins, J., & Mohtadi, H. (2021). Heat Waves, Climate Change, and Economic Output. Journal of the European Economic Association, 19(5), 2658–2694.
Mngumi, F., Shaorong, S., Shair, F., & Waqas, M. (2022). Does green finance mitigate the effects of climate variability: role of renewable energy investment and infrastructure. Environmental Science and Pollution Research.
Nawaz, M. A., Seshadri, U., Kumar, P., Aqdas, R., Patwary, A. K., & Riaz, M. (2021). Nexus between green finance and climate change mitigation in N-11 and BRICS countries: empirical estimation through difference in differences (DID) approach. Environmental Science and Pollution Research, 28(6), 6504–6519.
Nguyen, J. H., & Phan, H. v. (2020). Carbon risk and corporate capital structure. Journal of Corporate Finance, 64, 101713.
Park, J. (2019). Financial constraints and the cash flow sensitivities of external financing: Evidence from Korea. Research in International Business and Finance, 49, 241–250.
Phan, D. H. B., Tran, V. T., Ming, T. C., & Le, A. (2022). Carbon risk and corporate investment: A cross-country evidence. Finance Research Letters, 46, 102376.
Ren, X., Shao, Q., & Zhong, R. (2020). Nexus between green finance, non-fossil energy use, and carbon intensity: Empirical evidence from China based on a vector error correction model. Journal of Cleaner Production, 277, 122844.
Rezai, A., Taylor, L., & Foley, D. (2018). Economic Growth, Income Distribution, and Climate Change. Ecological Economics, 146, 164–172.
Riddick, L. A., & Whited, T. M. (2009). The Corporate Propensity to Save. The Journal of Finance, 64(4), 1729–1766.
Sheng, X., Gupta, R., & Çepni, O. (2022). The effects of climate risks on economic activity in a panel of US states: The role of uncertainty. Economics Letters, 213, 110374.
Taghizadeh-Hesary, F., & Yoshino, N. (2019). The way to induce private participation in green finance and investment. Finance Research Letters, 31, 98–103.
Tan, X., Zhu, K., Meng, X., Gu, B., Wang, Y., Meng, F., Liu, G., Tu, T., & Li, H. (2021). Research on the status and priority needs of developing countries to address climate change. Journal of Cleaner Production, 289, 125669.
Tawiah, V., Zakari, A., & Adedoyin, F. F. (2021). Determinants of green growth in developed and developing countries. Environmental Science and Pollution Research, 28(29), 39227–39242.
Tian, Y., & Pan, X. (2022). Green Finance Policy, Financial Risk, and Audit Quality: Evidence from China. European Accounting Review, 1–27.
Wang, K.-H., Xiong, D.-P., Mirza, N., Shao, X.-F., & Yue, X.-G. (2021). Does geopolitical risk uncertainty strengthen or depress cash holdings of oil enterprises? Evidence from China. Pacific-Basin Finance Journal, 66, 101516.
Wu, X., Sadiq, M., Chien, F., Ngo, Q.-T., Nguyen, A.-T., & Trinh, T.-T. (2021). Testing role of green financing on climate change mitigation: Evidences from G7 and E7 countries. Environmental Science and Pollution Research, 28(47), 66736–66750.
Yao, S., Pan, Y., Sensoy, A., Uddin, G. S., & Cheng, F. (2021). Green credit policy and firm performance: What I learn from China. Energy Economics, 101.
Yu, C.-H., Wu, X., Zhang, D., Chen, S., & Zhao, J. (2021). Demand for green finance: Resolving financing constraints on green innovation in China. Energy Policy, 153, 112255.
Zhang, D., Mohsin, M., Rasheed, A. K., Chang, Y., & Taghizadeh-Hesary, F. (2021). Public spending and green economic growth in BRI region: Mediating role of green finance. Energy Policy, 153, 112256.
Zhang, D., Zhang, Z., & Managi, S. (2019). A bibliometric analysis on green finance: Current status, development, and future directions. Finance Research Letters, 29, 425–430.
Zhang, S., Wu, Z., Wang, Y., & Hao, Y. (2021). Fostering green development with green finance: An empirical study on the environmental effect of green credit policy in China. Journal of Environmental Management, 296, 113159.
Zhang, Y., Xing, C., & Wang, Y. (2020). Does green innovation mitigate financing constraints? Evidence from China’s private enterprises. Journal of Cleaner Production, 264, 121698.

chapter 3
Abakah, E.J., Nasreen, S., Tiwari, A.K., Lee, C.C. (2023). U.S. leveraged loan and debt markets: Implications for optimal portfolio and hedging. International Review of Financial Analysis, 87, 102514.
Acharya, V. V., Gale, D., & Yorulmazer, T. (2011). Rollover Risk and Market Freezes. The Journal of Finance, 66(4), 1177–1209.
Albulescu, C. T., Boatca-Barabas, M.-E., & Diaconescu, A. (2022). The asymmetric effect of environmental policy stringency on CO2 emissions in OECD countries. Environmental Science and Pollution Research, 29(18), 27311–27327.
Almeida, H., Campello, M., & Weisbach, M. S. (2004). The Cash Flow Sensitivity of Cash. The Journal of Finance, 59(4), 1777–1804.
Alter, A., & Elekdag, S. (2020). Emerging market corporate leverage and global financial conditions. Journal of Corporate Finance, 62, 101590.
Ambec, S., & Barla, P. (2002). A theoretical foundation of the Porter hypothesis. Economics Letters, 75(3), 355–360.
Ambec, S., Cohen, M. A., Elgie, S., & Lanoie, P. (2010). The Porter Hypothesis at 20: Can Environmental Regulation Enhance Innovation and Competitiveness?
An, Z., Chen, C., Li, D., & Yin, C. (2021). Foreign institutional ownership and the speed of leverage adjustment: International evidence. Journal of Corporate Finance, 68.
Asimakopoulos, P., Asimakopoulos, S., & Li, X. (2023). The combined effects of economic policy uncertainty and environmental, social, and governance ratings on leverage. The European Journal of Finance, 1–23.
Bai, M., Ho, L., Lu, Y., & Qin, Y. (2023). Labor protection and dynamic leverage adjustments in the OECD countries. International Review of Economics and Finance, 83, 502–527.
Bajaj, Y., Kashiramka, S., & Singh, S. (2021). Economic policy uncertainty and leverage dynamics: Evidence from an emerging economy. International Review of Financial Analysis, 77, 101836.
Bashir, M. F. (2022). Discovering the evolution of Pollution Haven Hypothesis: A literature review and future research agenda. Environmental Science and Pollution Research, 29(32), 48210–48232.
Benlemlih, M., & Cai, L. (2020). Corporate environmental performance and financing decisions. Business Ethics: A European Review, 29(2), 248–265.
Botta, E., & Koźluk, T. (2014). Measuring Environmental Policy Stringency in OECD Countries: A Composite Index Approach. OECD Economics Department Working Studys.
Boubaker, S., Chourou, L., Saadi, S., & Zhong, L. (2019). Does institutional investor horizon influence US corporate financing decisions? International Review of Financial Analysis, 63, 382–394.
Chang, X., Fu, K., Li, T., Tam, L., & Wong, G. (2018). Corporate Environmental Liabilities and Capital Structure. SSRN Electronic Journal.
Chava, S., & Purnanandam, A. (2010). CEOs versus CFOs: Incentives and corporate policies. Journal of Financial Economics, 97(2), 263–278.
Chiu, W.-C., & Wang, C.-W. (2019). Rollover risk and cost of bank debt: The role of family-control ownership. Pacific-Basin Finance Journal, 53, 362–378.
Cho, S.-S., El Ghoul, S., Guedhami, O., & Suh, J. (2014). Creditor rights and capital structure: Evidence from international data. Journal of Corporate Finance, 25, 40–60.
Coggan, A., Whitten, S. M., & Bennett, J. (2010). Influences of transaction costs in environmental policy. Ecological Economics, 69(9), 1777–1784.
Çolak, G., Gungoraydinoglu, A., & Öztekin, Ö. (2018). Global leverage adjustments, uncertainty, and country institutional strength. Journal of Financial Intermediation, 35, 41–56.
Cook, D. O., & Tang, T. (2010). Macroeconomic conditions and capital structure adjustment speed. Journal of Corporate Finance, 16(1), 73–87.
D’Mello, R., & Toscano, F. (2020). Economic policy uncertainty and short-term financing: The case of trade credit. Journal of Corporate Finance, 64, 101686.
Dafermos, Y., Nikolaidi, M., & Galanis, G. (2018). Climate Change, Financial Stability and Monetary Policy. Ecological Economics, 152, 219–234.
de Angelis, E. M., Di Giacomo, M., & Vannoni, D. (2019). Climate Change and Economic Growth: The Role of Environmental Policy Stringency. Sustainability, 11(8), 2273.
Ehlers, T., Packer, F., & de Greiff, K. (2021). The pricing of carbon risk in syndicated loans: Which risks are priced and why? Journal of Banking & Finance, 106180.
Fan, Z., Zhang, Z., & Zhao, Y. (2021). Does oil price uncertainty affect corporate leverage? Evidence from China. Energy Economics, 98, 105252.
Fard, A., Javadi, S., & Kim, I. (2020). Environmental regulation and the cost of bank loans: International evidence. Journal of Financial Stability, 51, 100797.
Faulkender, M., Flannery, M. J., Hankins, K. W., & Smith, J. M. (2012). Cash flows and leverage adjustments. Journal of Financial Economics, 103(3), 632–646.
Fischer, E. O., Heinkel, R., & Zechner, J. (1989). Dynamic Capital Structure Choice: Theory and Tests. The Journal of Finance, 44(1), 19–40.
Giambona, E., Golec, J., & Lopez-de-Silanes, F. (2021). Do Firms Purposefully Change Capital Structure? Evidence from an Investment-Opportunity Shock to Drug Firms. Journal of Financial and Quantitative Analysis, 56(3), 915–944.
Gungoraydinoglu, A., & Öztekin, Ö. (2011). Firm- and country-level determinants of corporate leverage: Some new international evidence. Journal of Corporate Finance, 17(5), 1457–1474.
Guo, X., Ma, J., Feng, Y., & Chen, B. (2023). Green Credit Policy and Short-Term Financing for Long-Term Investment: Evidence from China’s Heavily Polluting Enterprises. Sustainability, 15(24), 16804.
He, Z., & Xiong, W. (2012). Rollover Risk and Credit Risk. The Journal of Finance, 67(2), 391–430.
Hu, Y., Bai, W., Farrukh, M., & Koo, C. K. (2023). How does environmental policy uncertainty influence corporate green investments? Technological Forecasting and Social Change, 189, 122330.
Huang, H. H., Kerstein, J., & Wang, C. (2018). The impact of climate risk on firm performance and financing choices: An international comparison. Journal of International Business Studies, 49(5), 633–656.
Huang, J., Cao, J., Hasan, T., & Zhao, J. (2021). Low-carbon city initiatives and firm risk: A quasi-natural experiment in China. Journal of Financial Stability, 57, 100949.
Huynh, T. D., Nguyen, T. H., & Truong, C. (2020). Climate risk: The price of drought. Journal of Corporate Finance, 65, 101750.
Im, H. J., Faff, R., & Ha, C. Y. (2022). Uncertainty, investment spikes, and corporate leverage adjustments. Journal of Banking & Finance, 145, 106649.
Jaffe, A.B., Palmer, K., 1997. Environmental regulation and innovation: a panel data study. Rev. Econ. Stat. 79 (4), 610–619.
Jaffe, A.B., Peterson, S.R., Portney, P.R., Stavins, R.N., 1995. Environmental regulation and the competitiveness of U.S. Manufacturing: what does the evidence tell us? J.Econ. Lit. 33, 132–163.
Javadi, S., & Masum, A.-A. (2021). The impact of climate change on the cost of bank loans. Journal of Corporate Finance, 69, 102019.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Joas, F., & Flachsland, C. (2016). The (ir)relevance of transaction costs in climate policy instrument choice: an analysis of the EU and the US. Climate Policy, 16(1), 26–49.
Johnstone, N., Haščič, I., Poirier, J., Hemar, M., & Michel, C. (2012). Environmental policy stringency and technological innovation: Evidence from survey data and patent counts. Applied Economics, 44(17), 2157–2170.
Kalemli-Özcan, Ş., Laeven, L., & Moreno, D. (2022). Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis. Journal of the European Economic Association, 20(6), 2353–2395.
Korajczyk, R. A., & Levy, A. (2003). Capital structure choice: macroeconomic conditions and financial constraints. Journal of Financial Economics, 68(1), 75–109.
Kostka, G., & Zhang, C. (2018). Tightening the grip: environmental governance under Xi Jinping. Environmental Politics, 27(5), 769–781.
Kruse, T., Dechezleprêtre, A., Saffar, R., & Robert, L. (2022). Measuring environmental policy stringency in OECD countries: An update of the OECD composite EPS indicator.
Lanoie, P., Laurent-Lucchetti, J., Johnstone, N., & Ambec, S. (2011). Environmental Policy, Innovation and Performance: New Insights on the Porter Hypothesis. Journal of Economics & Management Strategy, 20(3), 803–842.
Lee, C.-C., Wang, C.-W., & Thinh, B. T. (2023). Green development, climate risks, and cash flow: International evidence. Pacific-Basin Finance Journal, 79, 102021.
Lee, C.-C., Wang, C.-W., Thinh, B. T., & Xu, Z.-T. (2022). Climate risk and bank liquidity creation: International evidence. International Review of Financial Analysis, 82, 102198.
Lee, C.C., Zeng, M., Luo, K. (2024). How does climate change affect food security? Evidence from China. Environmental Impact Assessment Review, 104, 107324.
Lemmon, M.L., Roberts, M.R., Zender, J.F., 2008. Back to the beginning: persistence and the cross-section of corporate capital structure. J. Financ. 63, 1575–1608.
Li, Y., Liao, M., & Liu, Y. (2023). How does green credit policy affect polluting firms’ dividend policy? The China experience. International Review of Financial Analysis, 88, 102631.
Liu, G., Zhang, L., & Xie, Z. (2022). Environmental taxes and corporate cash holdings: Evidence from China. Pacific-Basin Finance Journal, 76, 101888.
Lockhart, G. B. (2014). Credit lines and leverage adjustments. Journal of Corporate Finance, 25, 274–288.
Ma, R., Ji, Q., Zhai, P., & Yang, R. (2022). Environmental violations, refinancing risk, and the corporate bond cost in China. Journal of International Financial Management & Accounting, 33(3), 480–504.
Ma, R., Ji, Q., Zhai, P., & Yang, R. (2022). Environmental violations, refinancing risk, and the corporate bond cost in China. Journal of International Financial Management & Accounting, 33(3), 480–504.
Modigliani, F., Merton & Miller, H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. In The American Economic Review (Vol. 48, Issue 3).
Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), 575.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221.
Narayan, P.K., and Popp, S., (2010) A new unit root test with two structural breaks in level and slope at unknown time, Journal of Applied Statistics, 37, 1425-1438.
Narayan, P.K., and Popp, S., (2013) Size and power properties of structural break unit root tests, Applied Economics, 45, 721-728.
Nguyen, J. H., & Phan, H. V. (2020). Carbon risk and corporate capital structure. Journal of Corporate Finance, 64, 101713.
Ofei-Mensah, A., & Bennett, J. (2013). Transaction costs of alternative greenhouse gas policies in the Australian transport energy sector. Ecological Economics, 88, 214–221.
Öztekin, Ö., & Flannery, M. J. (2012). Institutional determinants of capital structure adjustment speeds. Journal of Financial Economics, 103(1), 88–112.
Paligorova, T., & Santos, J. A. C. (2017). Banks’ Exposure to Rollover Risk and the Maturity of Corporate Loans*. Review of Finance, 21(4), 1739–1765.
Phan, D. H. B., Tran, V. T., Ming, T. C., & Le, A. (2022). Carbon risk and corporate investment: A cross-country evidence. Finance Research Letters, 46, 102376.
Popp, D. (2005). Lessons from patents: Using patents to measure technological change in environmental models. Ecological Economics, 54(2–3), 209–226.
Porter, M.E., 1991. America′s green strategy. Sci. Am. 264 (4), 168.
Schwarz, L. A. D., & Dalmácio, F. Z. (2021). The relationship between economic policy uncertainty and corporate leverage: Evidence from Brazil. Finance Research Letters, 40, 101676.
Shu, H., Tan, W., & Wei, P. (2023). Carbon policy risk and corporate capital structure decision. International Review of Financial Analysis, 86, 102523.
Tascón, M. T., Castro, P., Fernández-Cuesta, C., & Castaño, F. J. (2020). Environmental transaction costs and speed of adjustment to target debt in European carbon emitters. Journal of Cleaner Production, 256, 120483.
Tran, Q. T., Nguyen, V. P., Dang, D. H. C., Nguyen, B. P., & Le, P. L. (2023). Local corruption and capital structure. Finance Research Letters, 55, 103937.
Tsai, W.-H., Lee, H.-L., Yang, C.-H., & Huang, C.-C. (2016). Input-Output Analysis for Sustainability by Using DEA Method: A Comparison Study between European and Asian Countries. Sustainability, 8(12), 1230.
van Rooij, B. (2006). Implementation of Chinese Environmental Law: Regular Enforcement and Political Campaigns. Development and Change, 37(1), 57–74.
Wang, C.-W., & Chiu, W.-C. (2019). Effect of short-term debt on default risk: Evidence from Pacific Basin countries. Pacific-Basin Finance Journal, 57, 101026.
Wang, C.-W., Chiu, W.-C., & Peña, J. I. (2017). Effect of rollover risk on default risk: Evidence from bank financing. International Review of Financial Analysis, 54, 130–143.
Wang, Q., Xu, X., & Liang, K. (2021). The impact of environmental regulation on firm performance: Evidence from the Chinese cement industry. Journal of Environmental Management, 299, 113596.
Wang, R., Hou, J., & Jiang, Z. (2021). Environmental policies with financing constraints in China. Energy Economics, 94, 105089.
Wu, D., & Memon, H. (2022). Public Pressure, Environmental Policy Uncertainty, and Enterprises’ Environmental Information Disclosure. Sustainability, 14(12), 6948.
Wu, K., & Liu, J. (2022). Purifying political ecology: How anti-corruption campaign affects capital structure decisions? Pacific-Basin Finance Journal, 75, 101845.
Wu, X., Luo, L., & You, J. (2023). Actions speak louder than words: Environmental law enforcement externalities and access to bank loans. Journal of Banking & Finance, 153, 106882.
Xiao, H. (2022). Environmental regulation and firm capital structure dynamics. Economic Analysis and Policy, 76, 770–787.
Xing, C., Zhang, Y., & Tripe, D. (2021). Green credit policy and corporate access to bank loans in China: The role of environmental disclosure and green innovation. International Review of Financial Analysis, 77, 101838.
Yang, Y., & Zhang, Y. (2022). The Impact of the Green Credit Policy on the Short-Term and Long-Term Debt Financing of Heavily Polluting Enterprises: Based on PSM-DID Method. International Journal of Environmental Research and Public Health, 19(18), 11287.
Yuan, N., & Gao, Y. (2022). Does green credit policy impact corporate cash holdings? Pacific-Basin Finance Journal, 75, 101850.
Zhang, Y., Xing, C., & Wang, Y. (2020). Does green innovation mitigate financing constraints? Evidence from China’s private enterprises. Journal of Cleaner Production, 264, 121698.
Zhou, Z., & Wu, K. (2023). Does climate risk exposure affect corporate leverage adjustment speed? International evidence. Journal of Cleaner Production, 389.
Zhu, B., & Zhao, Y. (2022). Carbon risk and the cost of bank loans: Evidence from China. Technological Forecasting and Social Change, 180, 121741.

指導教授

王志瑋(Chih-Wei Wang)

審核日期

2024-6-20

推文