Straatman, Nina (2020) To what extent does environmental behavior influence firms’ access to capital? Master thesis, Sustainable Entrepreneurship (SE).
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Abstract
This article analyzes the relationship between firms’ environmental behavior (i.e. environmental performance and environmental disclosure) and their level of access to capital. Here, environmental behavior was specifically isolated from financial, or economic performance and access to capital was measured by the KZ-index. This article also examines the interaction effect of financial performance on the relationship between environmental behavior and access to capital. An international panel data sample of 14,536 firm-year observations for the period of 2006-2016 was analyzed. The empirical evidence suggests that the two types of environmental behavior influence access to capital, but in different ways. Environmental performance only moderates the positive effect that financial performance has on access to capital, whereas environmental disclosure positively influences access to capital on itself, and through interacting with financial performance. These findings highlight the distinction between performance and disclosure, and the importance of environmental disclosure for a firm’s financial position.
| Item Type: | Thesis (Master) |
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| Name supervisor: | Faber, N.R. |
| Date Deposited: | 16 Jun 2020 12:09 |
| Last Modified: | 16 Jun 2020 12:09 |
| URI: | https://campus-fryslan.studenttheses.ub.rug.nl/id/eprint/14 |
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