This study examines the impact of corporate environmental efforts on financial leverage and systematic risk. Specifically, this study uses the 20th session of the Conference of the Parties of the United Nations Framework Convention on Climate Change (COP 20) in 2014 as a natural experiment to...

This paper attempts to examine whether there exists long-term stability of corporate leverage among Japanese firms, following the study of Lemmon, Roberts and Zender (2008) who find that US firms exhibit the remarkable long-term stability of leverage. The obtained results show that the leverage...