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When Nature Counts: Corporate Biodiversity Attention and Access to Bank Finance

Ruxiao Li, Bo Zhang, Zhang‐Hangjian Chen Orcid Logo, Hafiz Hoque Orcid Logo

Business Strategy and the Environment

Swansea University Author: Hafiz Hoque Orcid Logo

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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...

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Published in: Business Strategy and the Environment
ISSN: 0964-4733 1099-0836
Published: Wiley 2026
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URI: https://cronfa.swan.ac.uk/Record/cronfa71922
first_indexed 2026-05-18T08:48:00Z
last_indexed 2026-06-17T04:33:56Z
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spelling 2026-06-16T14:02:39.0010845 v2 71922 2026-05-18 When Nature Counts: Corporate Biodiversity Attention and Access to Bank Finance 06d1239b4524fff9c0a0f52a2a368910 0000-0002-4354-3895 Hafiz Hoque Hafiz Hoque true false 2026-05-18 CBAE 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. Journal Article Business Strategy and the Environment 0 Wiley 0964-4733 1099-0836 bank loans, biodiversity, corporate reputation, green innovation 4 6 2026 2026-06-04 10.1002/bse.71048 COLLEGE NANME Management School COLLEGE CODE CBAE Swansea University SU Library paid the OA fee (TA Institutional Deal) 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). 2026-06-16T14:02:39.0010845 2026-05-18T09:41:51.3465705 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance Ruxiao Li 1 Bo Zhang 2 Zhang‐Hangjian Chen 0000-0003-0339-8352 3 Hafiz Hoque 0000-0002-4354-3895 4 71922__36929__cdf81f031c9f4d36b67a549ef822b1a3.pdf 71922.VOR.pdf 2026-06-11T11:44:21.8030672 Output 588921 application/pdf Version of Record true © 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. true eng http://creativecommons.org/licenses/by/4.0/
title When Nature Counts: Corporate Biodiversity Attention and Access to Bank Finance
spellingShingle When Nature Counts: Corporate Biodiversity Attention and Access to Bank Finance
Hafiz Hoque
title_short When Nature Counts: Corporate Biodiversity Attention and Access to Bank Finance
title_full When Nature Counts: Corporate Biodiversity Attention and Access to Bank Finance
title_fullStr When Nature Counts: Corporate Biodiversity Attention and Access to Bank Finance
title_full_unstemmed When Nature Counts: Corporate Biodiversity Attention and Access to Bank Finance
title_sort When Nature Counts: Corporate Biodiversity Attention and Access to Bank Finance
author_id_str_mv 06d1239b4524fff9c0a0f52a2a368910
author_id_fullname_str_mv 06d1239b4524fff9c0a0f52a2a368910_***_Hafiz Hoque
author Hafiz Hoque
author2 Ruxiao Li
Bo Zhang
Zhang‐Hangjian Chen
Hafiz Hoque
format Journal article
container_title Business Strategy and the Environment
container_volume 0
publishDate 2026
institution Swansea University
issn 0964-4733
1099-0836
doi_str_mv 10.1002/bse.71048
publisher Wiley
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Accounting and Finance{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Accounting and Finance
document_store_str 1
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description 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.
published_date 2026-06-04T06:02:30Z
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score 11.109323

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