Beyond Green: How Governance Transparency Cuts Debt Costs in the Logistics Sector

Logistics plays a key role in economic activities with an evident impact on sustainability. The growing focus of stakeholders on operational efficiency, sustainability and regulatory compliance has pushed logistics companies to adopt more sustainable business practices, investing heavily to reduce their impact. However, these efforts would be less effective if not properly communicated, especially to financial institutions and investors. The release of non‐financial information boosts corporate transparency, resulting in advantages such as higher credit ratings and lower risk exposure. This study empirically investigates how sustainability communication strategies, examined through a multidimensional perspective, influence the cost of debt. Using a dynamic fixed‐effects panel data model, it assesses the link between non‐financial reporting and debt expenses for 326 global logistics firms over the 2013–2022 period. The findings reveal that enhanced transparency and strong reporting practices correlate with reduced financial costs. This research contributes to the discussion on non‐financial disclosure and financing expenses, addressing a topic that has been minimally explored within this particular context.