Drawing on both qualitative analyses of banks' sustainability reports and quantitative analyses of 11,538 bank loans from 1993 to 2018, we explore interactions between corporate environmental responsibility (CER) and bank loan contracting. We find CER dominates how corporate social responsibility (CSR) affects bank loans. We propose a two-way relationship between CER and bank loans. Firms with strong CER performance receive cheaper bank loans due to banks' environmental risk management efforts. These banks provide services to corporate borrowers that have a positive influence on borrowers' ongoing environmental performance.

中文翻译：

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企业环境责任和银行贷款

通过对银行可持续发展报告的定性分析和对 1993 年至 2018 年 11,538 笔银行贷款的定量分析，我们探讨了企业环境责任 (CER) 与银行贷款合同之间的相互作用。我们发现 CER 主导企业社会责任 (CSR) 如何影响银行贷款。我们提出了 CER 和银行贷款之间的双向关系。由于银行的环境风险管理工作，CER 表现强劲的公司获得了更便宜的银行贷款。这些银行为企业借款人提供服务，对借款人的持续环境绩效产生积极影响。