NDLI: Impact of environmental information disclosure and real estate segments on cost of debt: Evidence from the Chinese real estate industry

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Impact of environmental information disclosure and real estate segments on cost of debt: Evidence from the Chinese real estate industry

Content Provider	Semantic Scholar
Author	Fonseka, Mohan Tian, Gao-Liang Farooque, Omar Al
Copyright Year	2020
Abstract	This paper examines the joint effects of the real estate segments and environmental information disclosure on the cost of debt in real estate firms in China. Building on extant literature, using 869 firm-year observations from 2006 to 2014 and applying both Feasible General Least Squares (FGLS) and Two-stage Least Squares (2SLS) Instrumental Variable (IV) approaches, we provide evidence that the commercial real estate segment leads to an increase in the cost of debt, while environmental information disclosure leads to a decrease in the cost of debt. However, the joint effects of the real estate segments and environmental information disclosure on cost of debt indicate a significantly positive relationship with the cost of debt, suggesting that the types of real estate segments (i.e. commercial or residential) does have significant moderating effects on the relationship between environmental information disclosure and the cost of debt. This signifies that even with increased levels of environmental information disclosure in commercial real estate sectors, its cost of debt is higher than for residential real estate sectors. Similar results are documented for the recent financial crisis period in the sample. These findings have important policy implications for environmental risk assessments for real estate sectors, their lending institutions and wider stakeholder groups.
Starting Page	195
Ending Page	221
Page Count	27
File Format	PDF HTM / HTML
DOI	10.1111/ecot.12238
Volume Number	28
Alternate Webpage(s)	https://rune.une.edu.au/web/bitstream/1959.11/27699/4/open/ImpactFarooque2019JournalArticlePrePrint.pdf
Alternate Webpage(s)	https://doi.org/10.1111/ecot.12238
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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