Research on biodiversity risk and corporate short-term debt for long-term use under disclosure regulation

Guang Yang and Yu Li

Finance Research Letters, 2025, vol. 77, issue C

Abstract: This paper uses A-share enterprises from 2000 to 2023 as the sample to explore how biodiversity risk affects corporate short-term debt for long-term use. Results show that biodiversity risk exacerbates corporate short-term debt for long-term use. Mechanism analysis reveals that biodiversity risk does so by weakening corporate risk-taking capacity and asset turnover. Heterogeneity tests find that the impact of biodiversity risk is more significant for enterprises that have heavier tax burdens, face more intense industry competitions, and receive less attentionfrom institutional investors. Economic consequence tests indicate that corporate short-term debt for long-term use may affect corporate tax avoidance, high-quality development, and default risk. This paper offers empirical insights for coordinating enterprise biodiversity and investment and financing strategies.

Keywords: Biodiversity risk; Short-term debt for long-term use; Disclosure regulation; Tax burden; Tax avoidance (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:77:y:2025:i:c:s1544612325003137

DOI: 10.1016/j.frl.2025.107049

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