Climate-Related Disclosure Commitment of the Lenders, Credit Rationing, and Borrower Environmental Performance

Using lenders becoming members of the Task Force on Climate-Related Financial Disclosures (TCFD) as a plausible exogeneous shock, we examine whether and how lenders’ commitment to transparent climate-related disclosures affects borrower firms’ environmental performance. We find that client firms of TCFD-member lenders, relative to control firms, significantly improve their environmental performance after the TCFD launch. The effects are stronger for polluting firms. Moreover, TCFD-member lenders influence their borrowers’ environmental performance via charging higher loan spread and reducing the number and amount of new loans issued to polluting firms. Finally, polluting clients of TCFD-member lenders experience tightened financial constraints subsequently

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Year of publication:	[2023]
Authors:	Hasan, Iftekhar ; Lee, Haekwon ; Qiu, Buhui ; Saunders, Anthony
Publisher:	[S.l.] : SSRN
Subject:	Kreditrationierung \| Credit rationing \| Theorie \| Theory \| Unternehmenspublizität \| Corporate disclosure \| Umweltmanagement \| Environmental management \| Kreditgeschäft \| Bank lending

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