Green lending and stock price crash risk: Evidence from the green credit reform in China

Jing Chen,Xinghe Liu,Fenghao Ou,Meiting Lu,Peipei Wang

Journal of International Money and Finance（2023）

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摘要

•Green lending significantly reduces high-polluting firms’ stock price crash risk.•Accounting information quality and corporate capital structure serve as the underlying mechanisms.•Banking competition reinforces the focal effect, while bank-client ties and political connections weaken the effect.

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关键词

Green lending,Stock price crash risk,Bank monitoring,Banking competition,Bank-client connections

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