Chulalongkorn University Theses and Dissertations (Chula ETD)
Other Title (Parallel Title in Other Language of ETD)
อิทธิพลของประสิทธิภาพจากปัจจัย สิ่งแวดล้อม สังคม และ ธรรมาภิบาล (ESG) ต่อต้นทุนของหนี้: หลักฐานจากประเทศในภูมิภาคเอเชียแปซิฟิก: ผ่านบทบาทของความไม่แน่นอนทางนโยบายเศรษฐกิจ
Year (A.D.)
2023
Document Type
Independent Study
First Advisor
Boonlert Jitmaneeroj
Faculty/College
Faculty of Commerce and Accountancy (คณะพาณิชยศาสตร์และการบัญชี)
Department (if any)
Department of Banking and Finance (ภาควิชาการธนาคารและการเงิน)
Degree Name
Master of Science
Degree Level
Master's Degree
Degree Discipline
Finance
DOI
10.58837/CHULA.IS.2023.23
Abstract
This paper examines the influence of ESG performance on the cost of debt (CoD) in Asia-Pacific firms from 2010 to 2022. It is among the first to explore how ESG performance scores affect the cost of debt against different economic conditions and market maturity levels.The study finds that companies with higher ESG ratings, particularly environmental and social dimensions, correlate with lower borrowing costs. Governance scores also matter, but they don't seem to influence borrowing costs as much. Additionally, the paper reveals that ESG's impact on borrowing costs is stronger in developed countries than in emerging ones. The research also indicates that during times of economic uncertainty, firms with better social ESG scores are able to adapt more effectively, which may influence their borrowing costs.
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Recommended Citation
Nillaorsrisakul, Wiraya, "The influence of ESG performance on the cost of debt: evidence from Asia Pacific Countries: the moderating role of economic policy uncertainty" (2023). Chulalongkorn University Theses and Dissertations (Chula ETD). 10031.
https://digital.car.chula.ac.th/chulaetd/10031