In this article, we investigate the value consequence of a firm's irresponsible environmental behavior, carbon dioxide emissions, through the lens of lenders and bondholders. We firstly find that a firm's carbon risk significantly enhances the cost of debt financing. In particular, we find that the positive nexus between a firm's carbon emissions and the cost of debt has a great discrepancy in countries which have different institutions, cultures, and strength of legal rights. Our empirical evidence suggests that corporate environment risk may raise default risk and ultimately provoke creditors to enhance their required returns. Furthermore, our findings also are consistent with the viewpoints of stakeholders and ethical theories.

中文翻译：

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公司二氧化碳排放量和债务融资成本：来自全球旅游业的证据

在本文中，我们通过贷方和债券持有人的视角调查了企业不负责任的环境行为，二氧化碳排放的价值结果。我们首先发现，企业的碳风险显着提高了债务融资成本。特别是，我们发现，在具有不同机构，文化和合法权利实力的国家中，企业的碳排放量与债务成本之间存在正相关关系。我们的经验证据表明，公司环境风险可能会增加违约风险，并最终激怒债权人以提高其所需的回报。此外，我们的发现也与利益相关者的观点和道德理论相一致。