Corporate carbon dioxide emissions and the cost of debt financing: Evidence from the global tourism industry

2020 ◽  
Vol 23 (1) ◽  
pp. 56-69
Author(s):  
Ying‐Chieh Wang ◽  
Zhi‐Yuan Feng ◽  
Hua‐Wei Huang
Keyword(s):  
Carbon Dioxide ◽  
Carbon Dioxide Emissions ◽  
Tourism Industry ◽  
Debt Financing ◽  
Cost Of Debt ◽  
Global Tourism ◽  
The Cost

Extending the benefits of ESG disclosure: The effect on the cost of debt financing

2021 ◽  
Author(s):  
Nicola Raimo ◽  
Alessandra Caragnano ◽  
Marianna Zito ◽  
Filippo Vitolla ◽  
Massimo Mariani
Keyword(s):  
Debt Financing ◽  
Cost Of Debt ◽  
The Cost

Does IFRS adoption decrease the cost of equity of the global tourism firms?

2017 ◽  
Vol 23 (8) ◽  
pp. 1615-1631
Author(s):  
Zhi-Yuan Feng ◽  
Ying-Chieh Wang ◽  
Hua-Wei Huang
Keyword(s):  
Financial Reporting ◽  
Equity Capital ◽  
Tourism Industry ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Financial Reporting Standards ◽  
Ifrs Adoption ◽  
Legal Enforcement ◽  
Global Tourism ◽  
The Cost

This article answers the question of whether the adoption of International Financial Reporting Standards (IFRS) reduces the cost of equity capital, with a focus on the tourism industry. We employ a set of global tourism companies and find that mandatory IFRS adoption has a significantly negative relation with the cost of equity capital. However, we find that this relation is varied with different business cultures and geographic areas. Moreover, from interactive analyses of country institutions for the relation between mandatory IFRS adoption and tourism firm’s cost of equity, we show that adopting IFRS complements the deficiencies of various country institutions, such as investor protection, the strength of legal enforcement, and corporate governance.

scholarly journals DEPENDENCE OF THE COST OF ELECTRICITY ON THE VOLUME OF GREENHOUSE GAS EMISSIONS

2022 ◽  
Vol 1 (15) ◽  
pp. 71-75
Author(s):  
Dmitriy Kononov
Keyword(s):  
Carbon Dioxide ◽  
Greenhouse Gas Emissions ◽  
Greenhouse Gas ◽  
Energy Security ◽  
Carbon Dioxide Emissions ◽  
Power Plants ◽  
Low Carbon ◽  
Electricity Prices ◽  
Low Carbon Development ◽  
The Cost

The strategy of low-carbon development of the economy and energy of Russia provides for the introduction of a fee (tax) for carbon dioxide emissions by power plants. This will seriously affect their prospective structure and lead to an increase in electricity prices. The expected neg-ative consequences for national and energy security are great. But serious and multilateral research is needed to properly assess these strategic threats

Does opening high-speed railways affect the cost of debt financing? A quasi-natural experiment

2020 ◽  
Vol 10 (4) ◽  
pp. 473-496
Author(s):  
Hongling Guo ◽  
Keping Wu
Keyword(s):  
High Speed ◽  
Geographical Location ◽  
Debt Financing ◽  
Cost Of Debt ◽  
High Speed Railway ◽  
Content Type ◽  
Financing Cost ◽  
Debt Market ◽  
The Cost ◽  
The Impact

PurposeThis study aims to investigate how opening high-speed railways affects the cost of debt financing based on China's background.Design/methodology/approachUsing panel data on Chinese listed firms from 2008 to 2017, this study constructs a quasi-natural experiment and adopts a difference-in-difference model with multiple time periods to empirically examine the relation between the high-speed railway openings and debt financing cost.FindingsOur results show that opening high-speed railways reduces the cost of debt financing, and this negative correlation is more significant in non-state firms, firms with weaker internal control, and firms that hire non-Big Four auditors. Besides, we explore the impact mechanisms and find that opening high-speed railways improves analyst attention, institutional investor participation, and information disclosure quality, which in turn lowers the cost of debt financing.Research limitations/implicationsThe results imply that the opening of high-speed railways helps to alleviate the information asymmetry and adverse selection between firms and creditors and ultimately reduces the cost of corporate debt financing.Practical implicationsThis paper can inform firms and stakeholders about the impact of opening high-speed railways on debt financing cost: it improves the information environment, reduces the geographical location restrictions of debt financing, ensures the reasonable pricing of corporate debt, and thus promotes the healthy and sound development of the debt market.Originality/valueThis paper provides theoretical support and empirical evidence for the impact of infrastructure construction on the information environment of the debt market in China, which enriches the research on the “high-speed railway economy.” In addition, as an exogenous event, the opening of high-speed railways instantly shortens the time distance between firms and external stakeholders, which gives us a natural environment to conduct empirical research, thus providing a new perspective for financial research on firms' geographical location.

Reprint of: Quantifying direct and indirect carbon dioxide emissions of the Chinese tourism industry

2017 ◽  
Vol 163 ◽  
pp. S401-S409 ◽  
Author(s):  
Weiqing Meng ◽  
Lingying Xu ◽  
Beibei Hu ◽  
Jun Zhou ◽  
Zhongliang Wang
Keyword(s):  
Carbon Dioxide ◽  
Carbon Dioxide Emissions ◽  
Tourism Industry

scholarly journals ESG Scores and the Credit Market

2020 ◽  
Vol 12 (8) ◽  
pp. 3456 ◽  
Author(s):  
Ga-Young Jang ◽  
Hyoung-Goo Kang ◽  
Ju-Yeong Lee ◽  
Kyounghun Bae
Keyword(s):  
Small Firms ◽  
Credit Rating ◽  
Credit Ratings ◽  
Debt Financing ◽  
Corporate Bond ◽  
Cost Of Debt ◽  
Rating Agencies ◽  
Bond Returns ◽  
The Cost ◽  
The Relationship

This study analyzes the relationship between Environmental, Social and Governance (ESG) scores and bond returns using the corporate bond data in Korea during the period of 2010 to 2015. We find that ESG scores include valuable information about the downside risk of firms. This effect is particularly salient for the firms with high information asymmetry such as small firms. Interestingly, of the three ESG criteria, only environmental scores show a significant impact on bond returns when interacted with the firm size, suggesting that high environmental scores lower the cost of debt financing for small firms. Finally, ESG is complementary to credit ratings in assessing credit quality as credit ratings cannot explain away ESG effects in predicting future bond returns. This result suggests that credit rating agencies should either integrate ESG scores into their current rating process or produce separate ESG scores which bond investors integrate with the existing credit ratings by themselves.

Counting the Cost of COVID-19 on the Global Tourism Industry

2020 ◽  
Author(s):  
Godwell Nhamo ◽  
Kaitano Dube ◽  
David Chikodzi
Keyword(s):  
Tourism Industry ◽  
Global Tourism ◽  
The Cost

Is it worth reducing GHG emissions? Exploring the effect on the cost of debt financing

2020 ◽  
Vol 270 ◽  
pp. 110860 ◽  
Author(s):  
Alessandra Caragnano ◽  
Massimo Mariani ◽  
Fabio Pizzutilo ◽  
Marianna Zito
Keyword(s):  
Ghg Emissions ◽  
Debt Financing ◽  
Cost Of Debt ◽  
The Cost
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