{"title":"环境、社会和公司治理表现及可持续性披露对全球证券系统债券收益率和利差的影响:全球分析","authors":"","doi":"10.1016/j.frl.2024.105988","DOIUrl":null,"url":null,"abstract":"<div><p>This study investigates the effects of the issuer's environmental, social, and governance (ESG) performance on both the issue-specific yield and its spread vis-à-vis a sovereign comparable. A sample of 3,960 green, social, and sustainable (GSS) bonds issued in global capital markets was used for this purpose. The findings indicate a negative association between ESG performance and bond spreads, implying that a greater commitment to sustainable transition today is an effective strategy for a company to reduce the cost of debt for future projects. The study includes a two-stage procedure. First, the effect of “fundamentals” (e.g., credit rating) on issue pricing is determined; second, the residuals are regressed against the ESG performance. While the latter's risk-reducing power does not appear to differ based on the divide between advanced economies and emerging markets, we find that the real enabler of curbing the unexplained portion of risk is detailed disclosure of the use of proceeds. This is likely to minimize the likelihood of greenwashing.</p></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":null,"pages":null},"PeriodicalIF":7.4000,"publicationDate":"2024-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Effects of ESG performance and sustainability disclosure on GSS bonds’ yields and spreads: A global analysis\",\"authors\":\"\",\"doi\":\"10.1016/j.frl.2024.105988\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>This study investigates the effects of the issuer's environmental, social, and governance (ESG) performance on both the issue-specific yield and its spread vis-à-vis a sovereign comparable. A sample of 3,960 green, social, and sustainable (GSS) bonds issued in global capital markets was used for this purpose. The findings indicate a negative association between ESG performance and bond spreads, implying that a greater commitment to sustainable transition today is an effective strategy for a company to reduce the cost of debt for future projects. The study includes a two-stage procedure. First, the effect of “fundamentals” (e.g., credit rating) on issue pricing is determined; second, the residuals are regressed against the ESG performance. While the latter's risk-reducing power does not appear to differ based on the divide between advanced economies and emerging markets, we find that the real enabler of curbing the unexplained portion of risk is detailed disclosure of the use of proceeds. This is likely to minimize the likelihood of greenwashing.</p></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2024-08-20\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612324010183\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612324010183","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Effects of ESG performance and sustainability disclosure on GSS bonds’ yields and spreads: A global analysis
This study investigates the effects of the issuer's environmental, social, and governance (ESG) performance on both the issue-specific yield and its spread vis-à-vis a sovereign comparable. A sample of 3,960 green, social, and sustainable (GSS) bonds issued in global capital markets was used for this purpose. The findings indicate a negative association between ESG performance and bond spreads, implying that a greater commitment to sustainable transition today is an effective strategy for a company to reduce the cost of debt for future projects. The study includes a two-stage procedure. First, the effect of “fundamentals” (e.g., credit rating) on issue pricing is determined; second, the residuals are regressed against the ESG performance. While the latter's risk-reducing power does not appear to differ based on the divide between advanced economies and emerging markets, we find that the real enabler of curbing the unexplained portion of risk is detailed disclosure of the use of proceeds. This is likely to minimize the likelihood of greenwashing.
期刊介绍:
Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies.
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