Climate Risk Disclosure Quality and Bank Lending Decisions: The Moderating Roles of Bank Green Commitment and Borrower Industry Carbon Intensity
気候リスク開示の質と銀行融資決定：銀行のグリーンコミットメントと借入企業の産業別炭素強度の調整効果 (AI 翻訳)
Anthony Oyamendan, Babatunde Afolabi, Bojuwon Mustapha
🤖 gxceed AI 要約
日本語
本研究は、気候リスク開示の質が高いほど銀行借入コストが低下することを、23カ国156行のシンジケートローン2,847件のデータから実証。特に、グリーンコミットメントの高い銀行から融資を受ける炭素集約産業の企業の場合、最大141ベーシスポイントのスプレッド削減効果が確認された。政策含意として、炭素集約セクターへの開示義務化が効果的と提言。
English
This study empirically demonstrates that higher-quality climate risk disclosure reduces syndicated loan spreads, using 2,847 facilities from 156 banks across 23 countries (2022–2025). The effect is strongest (up to 141 bps) for green-committed banks lending to high-disclosing borrowers in carbon-intensive industries. Robustness checks confirm findings, suggesting policymakers focus disclosure mandates on high-emission sectors to enhance climate risk pricing.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではSSBJ基準の策定が進む中、本研究成果は開示品質向上が実際に資金調達コスト低減に繋がるエビデンスとして重要。特に炭素集約産業（鉄鋼・化学など）の企業は、銀行のグリーン志向と開示改善を組み合わせることで具体的なメリットを得られる可能性がある。
In the global GX context
Globally, this paper provides robust empirical evidence linking disclosure quality (TCFD/ISSB-aligned) to real financial outcomes. It extends the literature by showing that the loan pricing benefit is not uniform but depends on bank green commitment and borrower sector carbon intensity, offering actionable insights for lenders and regulators under the ISSB framework.
👥 読者別の含意
🔬研究者:Provides strong empirical evidence on the moderating role of bank green commitment and industry carbon intensity in the disclosure-loan pricing relationship.
🏢実務担当者:Corporate sustainability teams can quantify the cost-of-capital benefit of improving climate disclosure, especially if they operate in carbon-intensive sectors and borrow from green-committed banks.
🏛政策担当者:Supports prioritizing disclosure mandates in carbon-intensive industries to maximize the effectiveness of climate risk pricing in credit markets.
📄 Abstract（原文）
Climate risk disclosure has become a central issue in sustainable finance, yet how the financial benefits of disclosure vary across bank types and industries remains poorly understood. This study examines whether higher-quality climate risk disclosure reduces bank borrowing costs, and how this relationship depends on the environmental commitment of the lending bank and the carbon intensity of the borrowing firm's industry. Using 2,847 syndicated loan facilities from 156 banks across 23 countries (2022–2025), hierarchical regression analysis tests four hypotheses involving direct effects and two- and three-way moderating interactions. Results show that better climate disclosure significantly reduces loan spreads (β = −0.184, p < 0.01). This effect is stronger for loans from green-committed banks (β = −0.127, p < 0.01) and for borrowers in carbon-intensive industries (β = 0.156, p < 0.01). The largest spread reductions — up to 141 basis points — occur when environmentally committed banks evaluate high-disclosing borrowers in carbon-intensive industries. Instrumental variable estimation, firm fixed effects, and propensity score matching confirm robustness. Firms in high-emission industries gain most from disclosure quality investments, especially when borrowing from sustainability-oriented banks. Policymakers should target disclosure mandates at carbon-intensive sectors to maximise climate risk pricing in credit markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.61090/aksujomas.11210first seen 2026-06-29 08:11:46
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。