Environmental inefficiency and bond credit rating

Volume: 101, Pages: 17 - 37
Published: Jan 1, 2019
Abstract
This study examines the impact of a firm’s polluting activities (measured as environmental inefficiency) on the firm’s bond credit rating. We posit that firms with excessive polluting activities (i.e., a high level of environmental inefficiency) receive low bond ratings because prior research links pollution reduction to better firm performance and outcomes. Using a 29-year panel sample with 4969 firm-year observations (representing 310 unique...
Paper Details
Title
Environmental inefficiency and bond credit rating
Published Date
Jan 1, 2019
Volume
101
Pages
17 - 37
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