Proceedings of the 2025 7th International Conference on Economic Management and Cultural Industry (ICEMCI 2025)

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Impact of ESG Disclosure Quality on Corporate Cost of Debt: Moderating Role of Innovation Capability in Chinese A-Share Companies

Authors
Xinyan Yuan1, *
1School of Economics and Management, Hefei Normal University, Hefei, 230001, China
*Corresponding author. Email: 2012958928@qq.com
Corresponding Author
Xinyan Yuan
Available Online 3 December 2025.
DOI
10.2991/978-94-6463-888-2_35How to use a DOI?
Keywords
ESG Disclosure; Cost of Debt; Innovation Capability; Enterprise Nature
Abstract

With the global sustainable development concept deepening, Environmental, Social, and Governance (ESG) disclosure information has become an important tool for companies to transmit non-financial information and reduce cost of debt. Taking Chinese A-share listed companies in Shanghai, Shenzhen, and Beijing from 2011 to 2023 as samples, this article explores the impact and mechanism of ESG disclosure quality on corporate cost of debt based on Information Asymmetry Theory and Signaling Theory. The article finds that the improvement of ESG disclosure quality significantly reduces corporate cost of debt, and this effect is more prominent in non-state-owned enterprises. Hence, further research indicates that corporate innovation capability weakens the mitigating effect of ESG disclosure on corporate cost of debt financing. This article extends the research on ESG economic consequences from the perspectives of firm heterogeneity and dynamic capabilities, providing a theoretical basis for policymakers to improve ESG disclosure frameworks and to optimize their information disclosure strategies for firms.

Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2025 7th International Conference on Economic Management and Cultural Industry (ICEMCI 2025)
Series
Advances in Economics, Business and Management Research
Publication Date
3 December 2025
ISBN
978-94-6463-888-2
ISSN
2352-5428
DOI
10.2991/978-94-6463-888-2_35How to use a DOI?
Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Xinyan Yuan
PY  - 2025
DA  - 2025/12/03
TI  - Impact of ESG Disclosure Quality on Corporate Cost of Debt: Moderating Role of Innovation Capability in Chinese A-Share Companies
BT  - Proceedings of the 2025 7th International Conference on Economic Management and Cultural Industry (ICEMCI 2025)
PB  - Atlantis Press
SP  - 354
EP  - 365
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-888-2_35
DO  - 10.2991/978-94-6463-888-2_35
ID  - Yuan2025
ER  -