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Extending the benefits of ESG disclosure: The effect on the cost of debt financing
Corporate Social Responsibility and Environmental Management ( IF 8.464 ) Pub Date : 2021-03-11 , DOI: 10.1002/csr.2134
Nicola Raimo 1 , Alessandra Caragnano 1 , Marianna Zito 1 , Filippo Vitolla 1 , Massimo Mariani 1
Affiliation  

In recent years, greater attention has been paid to sustainability issues. Companies have received increasing pressure from stakeholders to adopt sustainable behavior and provide an adequate representation of sustainability practices. Nonfinancial disclosure has thus taken on a crucial role. In the academic field, several researchers have analyzed the effects of nonfinancial disclosure. However, limited attention has been paid to the impact of nonfinancial information on the cost of debt. This study aims at bridging this gap by analyzing the effect of ESG disclosure on the cost of debt. The fixed effects analysis conducted on a sample of 8264 observations (an unbalanced panel data of 919 firms for the period 2010–2019), shows a negative effect of the ESG disclosure on the cost of debt financing. The results demonstrate that companies with greater levels of transparency in the dissemination of ESG information benefit from accessing third party financial resources at better conditions.

中文翻译:

扩展 ESG 披露的好处:对债务融资成本的影响

近年来,人们更加关注可持续性问题。公司从利益相关者那里收到越来越大的压力,要求他们采用可持续行为并充分体现可持续性实践。因此,非财务披露发挥了至关重要的作用。在学术领域,一些研究人员分析了非财务披露的影响。然而,人们对非财务信息对债务成本的影响的关注有限。本研究旨在通过分析 ESG 披露对债务成本的影响来弥合这一差距。对 8264 个观察样本(2010 年至 2019 年期间 919 家公司的不平衡面板数据)进行的固定效应分析显示了 ESG 披露对债务融资成本的负面影响。
更新日期:2021-03-11
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