This paper analyses the extent to which the impact of carbon performance on corporate financial debt varies according to company size. The system Generalized Method of Moments (GMM) and the Fixed Effects Panel Threshold regression models are deployed to consider 107 South African listed companies (CDP South Africa) spanning the period 2014–2018. The GMM outcomes demonstrate that carbon performance is negatively significant to firm financial debt in all the regression equations in the short-run settings (both with and without interaction terms) and the long-run setting (except for the ROA regression without interaction term, which is just negative). Moreover, the interaction term, carbon performance × company size is also significant and negatively related to debt in short-run contexts (except for the ROA regression with an interaction term that is just negative) for all equations. In the long run, the interaction term is also significant and negatively related to debt in all the regressions analysed in this paper. The panel threshold regression framework highlights a threshold level of 7.4268 below (above) which the financial debt of small (large) companies, decreases (increases) when carbon performance increases. Granger causality findings and policy suggestions are also presented.

中文翻译：

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新兴经济体中碳绩效对上市公司财务债务的影响：公司规模重要吗？

本文分析了碳绩效对公司财务债务的影响程度因公司规模而异。系统广义矩量法 (GMM) 和固定效应面板阈值回归模型被用于考虑 2014-2018 年期间的 107 家南非上市公司 (CDP South Africa)。GMM 结果表明，在短期设置（有和没有交互项）和长期设置（除了没有交互项的 ROA 回归之外，只是负数）。此外，交互项，对于所有方程，碳绩效 × 公司规模也显着且与短期债务负相关（除了 ROA 回归的交互项为负）。从长远来看，在本文分析的所有回归中，交互项也显着且与债务呈负相关。面板阈值回归框架强调了低于（高于）7.4268 的阈值水平，当碳绩效提高时，小（大）公司的金融债务会降低（增加）。格兰杰因果关系调查结果和政策建议也被提出。4268 下（上）小（大）公司的财务债务随着碳绩效的增加而减少（增加）。格兰杰因果关系调查结果和政策建议也被提出。4268 下（上）小（大）公司的财务债务随着碳绩效的增加而减少（增加）。格兰杰因果关系调查结果和政策建议也被提出。