Information Flow Perspective for Capturing the Impact of Corporate Environmental Performance on the Cost of Debt
Stakeholders increased concern for environmental sustainability has resulted in many firms placing greater emphasis on environmental performance management. Creditors are often major corporate stakeholders and as such when evaluating firms applications for debt financing examine how the environmental sustainability of an organisation may impact on default risk and thus the cost of debt. This study identifies the elements of the information flows between corporate borrowers and lenders and how environmental performance impacts on the cost of debt financing. It develops a conceptual framework based on stakeholder, agency theory and data flow diagraM which traces the flow of environmental and financial information between lenders and corporate borrowers. The proposed framework is designed to identify information that determines the impact of corporate environmental performance on a firms cost of debt.
information flow corporate environmental performance cost of debt stakeholder theory agency theory dataflow diagram
Yinshuo Xu Geoff Slaughter Latif Hakim
School of Accounting, Economics and Finance University of Southern Queensland Toowoomba, Australia School of Management and Marketing University of Southern Queensland Toowoomba, Australia
国际会议
北京
英文
204-209
2009-11-21（万方平台首次上网日期，不代表论文的发表时间）