Carbon emissions and debt maturity structure: do ESG controversies matter?

Souad Brinette, Sabrina Khemiri () and Pinar Sener Tourus
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Souad Brinette: EDC - EDC Paris Business School
Sabrina Khemiri: LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris], IMT-BS - DEFI - Département Droit, Économie et Finances - TEM - Télécom Ecole de Management - IMT - Institut Mines-Télécom [Paris] - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris]
Pinar Sener Tourus: ESSCA - ESSCA – École supérieure des sciences commerciales d'Angers = ESSCA Business School

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Abstract: This study investigates the impact of carbon emissions on a firm's debt maturity structure and the role of ESG controversies on this dynamic. Analyzing a sample comprising firms listed on the FTSE 250 from 2012 to 2021, the results indicate that firms with lower carbon-emissions benefit from a longer debt maturity, due to lower perceived risk than firms with higher carbon-emissions. The study further highlights that ESG controversies exacerbate the effect of carbon emissions on debt maturity. These findings should motivate firms to advance their decarbonization efforts, consequently leading to significant economic benefits.

Keywords: Sustainable; Development; Goals (search for similar items in EconPapers)
Date: 2024-06-30
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Published in Journal of Alternative Investments, 2024, 27 (1), pp.102-117. ⟨10.3905/jai.2024.1.216⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04661490

DOI: 10.3905/jai.2024.1.216

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