Journal article 113 views
When Nature Counts: Corporate Biodiversity Attention and Access to Bank Finance
,
Hafiz Hoque
Business Strategy and the Environment
Swansea University Author:
Hafiz Hoque
-
PDF | Version of Record
© 2026 The Author(s). Business Strategy and the Environment published by ERP Environment and John Wiley & Sons Ltd. This is an open access article under the terms of the Creative Commons Attribution License.
Download (575.12KB)
DOI (Published version): 10.1002/bse.71048
Abstract
This paper investigates whether corporate attention to biodiversity influences firms' access to bank loans, an overlooked question in the emerging biodiversity–finance literature. Using a novel, text-based measure constructed from 446 biodiversity-related keywords and applied to Chinese A-share...
| Published in: | Business Strategy and the Environment |
|---|---|
| ISSN: | 0964-4733 1099-0836 |
| Published: |
Wiley
2026
|
| Online Access: |
Check full text
|
| URI: | https://cronfa.swan.ac.uk/Record/cronfa71922 |
| Abstract: |
This paper investigates whether corporate attention to biodiversity influences firms' access to bank loans, an overlooked question in the emerging biodiversity–finance literature. Using a novel, text-based measure constructed from 446 biodiversity-related keywords and applied to Chinese A-share listed firms from 2000 to 2023, we show that firms with higher biodiversity attention obtain significantly larger bank loans. The economic magnitude of these loans is large. A quasi-natural experiment based on the 2012 Green Credit Guidelines confirms a causal positive effect. Mechanism analyses reveal that corporate reputation, information transparency, and R&D investment strengthen banks' lending willingness. Heterogeneity tests demonstrate that the effect is stronger under stricter environmental regulation, in low-carbon pilot cities, in nonpolluting industries, among more competitive firms, for key monitoring units, and for firms with high green-innovation capacity. The findings highlight biodiversity as a financially material strategic attribute and underscore its growing relevance in credit allocation. |
|---|---|
| Keywords: |
bank loans, biodiversity, corporate reputation, green innovation |
| College: |
Faculty of Humanities and Social Sciences |
| Funders: |
This work was supported by the Anhui Provincial Social Sciences Planning Young Scholars Project: “Research on the Mechanisms and Paths of Anhui's Sci-Tech Innovation Finance Supporting Scientific and Technological Innovation” (AHSKQ2023D139) and was partially supported by the National Natural Science Foundation of China (No. 72201003) and the Young and Middle-Aged Teacher Training Action Program in Anhui Province Universities, China (No. YQYB2024002). |