ESG Performance of Firms and the Structure of Loan Syndicates: Moderating Role of Relationship

Tietueen suppeat tiedot
dc.contributor.authorSaharti, Mohammed
dc.contributor.authorSaeed, Asif
dc.contributor.authorChaudhry, Sajid M.
dc.contributor.authorAhmed, Rizwan
dc.date.accessioned2025-12-08T08:16:00Z
dc.date.issued2025
dc.description.abstractThis study examines the impact of firms' environmental, social and governance (ESG) performance on borrower–lender relationships within syndicated loans. Analyzing a global panel of contracts, we examine the impact of ESG scores on the number of lenders and the ownership of lead arrangers. Utilizing theories of information asymmetry, agency, relational lending, and resource dependence, our findings indicate that high ESG performance decreases lead bank retention, thus broadening syndicates and distributing risk. However, prior borrower–led relationships can reverse this effect, emphasizing that ESG and relational trust act as complementary governance channels, shaping modern global credit markets and capital allocation across sectors.en
dc.description.notification©2025 Wiley. This is the peer reviewed version of the following article: Saharti, M., Saeed, A., Chaudhry, S. M., & Ahmed, R. (2025). ESG Performance of Firms and the Structure of Loan Syndicates: Moderating Role of Relationship. European Financial Management, which has been published in final form at https://doi.org/10.1111/eufm.70019. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation. Copyright notices must not be removed, obscured or modified. The article must be linked to Wiley’s version of record on Wiley Online Library and any embedding, framing or otherwise making available the article or pages thereof by third parties from platforms, services and websites other than Wiley Online Library must be prohibited.
dc.description.reviewstatusvertaisarvioitufi
dc.embargo.lift2027-09-12
dc.embargo.terms2027-09-12
dc.identifier.urihttps://osuva.uwasa.fi/handle/11111/19363
dc.identifier.urnURN:NBN:fi-fe20251208115496
dc.language.isoen
dc.publisherWiley-Blackwell
dc.publisher.country
dc.relation.doihttps://doi.org/10.1111/eufm.70019
dc.relation.ispartofjournalEuropean financial management
dc.relation.issn1468-036X
dc.relation.issn1354-7798
dc.relation.issn1354-7798
dc.relation.urlhttps://doi.org/10.1111/eufm.70019
dc.relation.urlhttps://urn.fi/URN:NBN:fi-fe20251208115496
dc.source.identifierWOS:001570136700001
dc.source.identifier2-s2.0-105015386355
dc.source.identifier76b5911b-4091-4eeb-889a-b5baf76821c0
dc.source.metadataSoleCRIS
dc.subjectagency theory
dc.subjectESG disclosure
dc.subjectinformation asymmetry
dc.subjectloan structure
dc.subjectrelationship lending
dc.subjectresource dependence theory
dc.subjectsustainable finance
dc.subjectsyndicated loans
dc.subject.disciplineFinanceen
dc.subject.disciplineRahoitusfi
dc.titleESG Performance of Firms and the Structure of Loan Syndicates: Moderating Role of Relationship
dc.type.okmA1 Journal article (peer-reviewed)en
dc.type.okmA1 Alkuperäisartikkeli tieteellisessä aikakauslehdessä (vertaisarvioitu)fi
dc.type.publicationarticle
dc.type.versionacceptedVersion

Tiedostot

Näytetään 1 - 1 / 1
Name:
nbnfi-fe20251208115496.pdf
Size:
715.75 KB
Format:
Adobe Portable Document Format
Lataa

Kokoelmat

Artikkelit