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論文名稱(外文):Chemical release and bank loan contracts:Do banks really care about it?
指導教授(外文):Chih-Yung LinI-Ju Chen
口試委員(外文):Yan-Shing ChenPo-Hsin Ho
外文關鍵詞:Toxic chemical releasebank loan spreadbank loan termscredit riskcorporate governancefirm risk
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This study examines how a firm’s pollution record is associated with bank loan contracting. We find that firms with higher level of chemical release are charged with higher loan spread. The costly effect of chemical release is more pronounced for firms with higher risk and weaker governance. Furthermore, additonal results show that polluting firms are subject to face with unfavourable non-price terms and higher future stock volatility. These evidences support the view that banks consider chemical release level to be an indirect information source for both higher credit risk and lower credit rating when making lending decisions.
Title Page i
Letter of Apporval ii
Letter of Authority iii
Abstract in Chinese iv
Abstract in English v
Acknowledgements vi
Table of Contents vii
List of Tables viii
List of Figures ix
Chapter 1 Introduction 1
Chapter 2 Literature Review and Hypothesis Development 8
2.1. Effect of chemical releases on bank loan spread 9
2.2. Firm corporate governance, default risk, and the effect of chemical releases 12
Chapter 3 Data and Methodology 15
3.1. Data 15
3.2. Descriptive statistics 19
3.3. Methodology 21
Chapter 4 Empirical Results 21
4.1. Effect of chemical release on bank loan spreads 22
4.2. Robustness checks 23
4.3. Possible channels determining the effect of chemical release on loan spread 27
4.4. Additional results 29
Chapter 5 Concluding Remarks 33
References 35
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