环境、社会和公司治理与债务成本之间的关系:EGX100 指数中的埃及公司

دينا سيد فضالي
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摘要

环境、社会和治理(ESG)绩效正变得越来越重要,研究人员对其如何影响业务和盈利能力进行了研究,试图说明它如何帮助企业在财务上取得成功。虽然债务是企业的重要金融工具,但 ESG 对债务融资和债务支出的影响却很少受到研究的关注。因此,本文旨在以企业规模、杠杆率、盈利能力和利息覆盖率为控制变量,研究环境、社会和公司治理对债务成本的影响。本文采用二手数据,主要来源是 2011 年至 2020 年期间在埃及交易所 100 强股票市场注册的埃及非金融机构的年度报告。研究采用了一种结合非金融实体报告的定量方法来获取基本数据。结果表明,独立因素对股票成本有直接和实质性的影响。然而,根据结果显示,控制变量并不显著。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
the relationship between ESG and cost of debt: in egyptian companies in EGX100
Environmental, social and governance (ESG) performance is becoming more and more important, and researchers have looked at how it affects business and profitability in an effort to show how it helps a firm succeed financially. Although debt is a crucial financial tool for businesses, the influence of ESG on debt financing and debt expenses has received very little attention in the research. Therefore, the objective of this paper is to study the effect of ESG on cost of debt using firm size, leverage, profitability, and interest coverage ratio as control variables. Using secondary data, its main source is the annual reports of non-financial Egyptian institutions registered on the stock market in accordance with the EGX 100 between 2011 and 2020. A quantitative method that incorporates reports from non-financial entities was used to acquire the essential data. The results demonstrated that independent factors had direct, and substantial effects on equity cost. However, control variables were insignificant according to the results.
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