Anne Spencer Jamison, Lauren L. Ferry, Witold J. Henisz
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引用次数: 0
Abstract
Environmental, social and governance (ESG) components are critical inputs of long-term growth and affect sovereigns' ability and willingness to repay their debts. In this paper, we argue that the media provides information on extra-financial factors and ESG-related news coverage allows investors to update their expectations about the likelihood of repayment. Drawing on a global corpus of more than four billion news articles to identify the frequency and tone with which ESG factors are discussed daily, we show that reporting on ESG factors affects creditors' assessment of sovereign creditworthiness, even after accounting for political and macroeconomic conditions. By revisiting previous work with a broader scope and fine-grained data, we advance our understanding of how and based on what information creditors form expectations of sovereign creditworthiness.
期刊介绍：
Economics & Politics focuses on analytical political economy, broadly defined as the study of economic and political phenomena and policy in models that include political processes, institutions and markets. The journal is the source for innovative theoretical and empirical work on the intersection of politics and economics, at both domestic and international levels, and aims to promote new approaches on how these forces interact to affect political outcomes and policy choices, economic performance and societal welfare. Economics & Politics is a vital source of information for economists, academics and students, providing: - Analytical political economics - International scholarship - Accessible & thought-provoking articles - Creative inter-disciplinary analysis
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