Newton, David P.; Ongena, Steven; Xie, Ru; Zhao, Binru - 2022
Is bank- versus market-based financing different in its attitudes towards Environmental, Social, and Governance (ESG … financing outcomes. We find that companies with higher ESG risk borrow less from banks than from markets, potentially to avoid … bank monitoring and scrutiny. The Social and Governance components, in particular, matter. Furthermore, firms suffering …