Chulalongkorn University Theses and Dissertations (Chula ETD)
Other Title (Parallel Title in Other Language of ETD)
การศึกษาความสัมพันธ์ระหว่างสินทรัพย์ไม่มีตัวตน และคะแนน ESG ต่อโครงสร้างเงินทุนของบริษัทในประเทศไทย
Year (A.D.)
2022
Document Type
Independent Study
First Advisor
Kanis Saengchote
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.2022.306
Abstract
This study examines whether intangible capital influences capital structure which influent to cost of debt. Moreover, this study also analyzes more whether adding the effect of and ESG performance as risk reduction together with intangible capital affect to capital structure by using financial leverage and WACC cost of debt as the dependent variable and using intangible capital and ESG performance as independent variable. The empirical results of this study show intangible capital and financial leverage are not relevant under these equations. Moreover, they also have no relationship between intangible capital and cost of debt, and there is a 10% chance that the observed a negative relationship between the companies which have the increase in intangible capital with the higher ESG score and financial leverage due to random chance rather than a true association. However, the interesting parts is when we focus within firm, increasing in ESG score is associated with increasing in cost of debt. These results are opposite to the primary expectation that ESG score would reduce that risk. The backup information of these results is mainly associated with Gonçalves, Dias et al. (2022) who concluded that creditors believe that the sustainability activities with the borrower’s firms are considered as a waste of a firms’ cost under the overinvestment theory.
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Recommended Citation
Rammavas, Chalita, "The relationship of intangible capital and ESG score on capital structure: evidence from Thailand" (2022). Chulalongkorn University Theses and Dissertations (Chula ETD). 10033.
https://digital.car.chula.ac.th/chulaetd/10033