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Esg and Cost of Debt.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Esg and Cost of Debt./
作者:	Zhang, Rebecca Lan.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2021,
面頁冊數:	88 p.
附註:	Source: Dissertations Abstracts International, Volume: 83-06, Section: A.
Contained By:	Dissertations Abstracts International83-06A.
標題:	Access to information. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28671263
ISBN:	9798544200222

Esg and Cost of Debt.
Zhang, Rebecca Lan.

Esg and Cost of Debt. - Ann Arbor : ProQuest Dissertations & Theses, 2021 - 88 p.

Source: Dissertations Abstracts International, Volume: 83-06, Section: A.

Thesis (Ph.D.)--Stanford University, 2021.

This item must not be sold to any third party vendors.

This paper studies the extent to which ESG (environmental, social, and governance) performance is priced into corporate loans. I construct a firm-specific ESG measure from 136 raw metrics related to the fundamentals of ESG components. The constructed ESG scores provide measurement transparency and exclude all traditional corporate governance factors that have been established to exert financial impact on firms. Through identification within lender-borrower's persistent relationships over time, I find that a one standard deviation increase in a borrowing company's ESG score leads to a 6.3 basis-point decrease in its loan spread. The reduction in loan spread can be explained through the credit risk channel, where highly rated ESG companies have a 4% lower default probability in the future. Better firm ESG scores also predict fewer financial restatements due to fraud, clerical error, and SEC investigation.

ISBN: 9798544200222Subjects--Topical Terms:

3681263
Access to information.

Esg and Cost of Debt.
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520 $a This paper studies the extent to which ESG (environmental, social, and governance) performance is priced into corporate loans. I construct a firm-specific ESG measure from 136 raw metrics related to the fundamentals of ESG components. The constructed ESG scores provide measurement transparency and exclude all traditional corporate governance factors that have been established to exert financial impact on firms. Through identification within lender-borrower's persistent relationships over time, I find that a one standard deviation increase in a borrowing company's ESG score leads to a 6.3 basis-point decrease in its loan spread. The reduction in loan spread can be explained through the credit risk channel, where highly rated ESG companies have a 4% lower default probability in the future. Better firm ESG scores also predict fewer financial restatements due to fraud, clerical error, and SEC investigation.
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