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Does Bank Going Public Affect the Borrowers' ESG Performance? Evidence From a Quasi‐Natural Experiment in China

Hao Huang et al.

Accounting and Finance2026https://doi.org/10.1111/acfi.70209article
AJG 2ABDC A
Weight
0.50

Abstract

Using a quasi‐natural experiment of commercial bank initial public offerings (IPOs), this study examines how bank listings affect borrowing firms' environmental, social, and governance (ESG) performance. The results reveal significant improvements in borrowers' ESG performance, particularly in the environmental and social dimensions, after lending banks go public. The positive effect is stronger for private enterprises, firms in highly marketized regions, and borrowers of city or rural commercial banks. The impact of national joint‐stock commercial bank listings is comparatively weaker. Mechanism analyses reveal that bank IPOs enhance lenders' bargaining power and strengthen ESG disclosure requirements, driving improvements in borrowers' ESG outcomes.

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https://doi.org/https://doi.org/10.1111/acfi.70209

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@article{hao2026,
  title        = {{Does Bank Going Public Affect the Borrowers' ESG Performance? Evidence From a Quasi‐Natural Experiment in China}},
  author       = {Hao Huang et al.},
  journal      = {Accounting and Finance},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1111/acfi.70209},
}

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Does Bank Going Public Affect the Borrowers' ESG Performance? Evidence From a Quasi‐Natural Experiment in China

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.