新兴市场公司治理与环境、社会和治理(ESG)披露及其对资本成本的影响

IF 1.9 Q2 ETHICS

Asian Journal of Business Ethics Pub Date : 2023-07-08 DOI:10.1007/s13520-023-00169-2

Wan Masliza Wan Mohammad, Muzaini Osman, Mimi Suriaty Abdul Rani

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引用次数: 0

摘要

本研究的目的是探讨公司治理得分和环境、社会和治理得分(ESG)对新兴国家企业资本成本的影响。样本包括从汤森路透收集的800个公司年度观察数据。我们使用面板校正标准误差(PCSE)回归分析数据，该回归校正了数据中的异方差问题和同期误差。当与新兴市场变量相调节时，我们的研究结果表明，在金融部门，公司治理和ESG得分与资金成本呈负相关。然而，在非金融部门，没有证据表明公司治理和ESG对资本成本的影响。我们的研究结果表明，不同的制度、所有权和法律结构对新兴国家的公司治理和ESG实施有影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

Corporate governance and environmental, social, and governance (ESG) disclosure and its effect on the cost of capital in emerging market

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Corporate governance and environmental, social, and governance (ESG) disclosure and its effect on the cost of capital in emerging market

The objective of this research is to investigate the effects of corporate governance scores and environmental, social, and governance scores (ESG) on firms’ cost of capital in emerging countries. The sample consists of 800 firm-year observations collected from Thomson Reuters. We analyze the data using panel-corrected standard errors (PCSE) regressions, which correct for heteroskedasticity issues and contemporaneous errors in the data. When moderated with emerging market variable, our findings indicate that in the financial sector, corporate governance and ESG score is negatively associated with cost of capital. Nonetheless, in the nonfinancial sector, no evidence is found on the effect of corporate governance and ESG on cost of capital. Our findings indicate that emerging countries, different institutional, ownership, and legal structural has an effect on corporate governance and ESG implementation.

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来源期刊

Asian Journal of Business Ethics ETHICS-

CiteScore

2.60

自引率

38.50%

发文量

期刊介绍： The Asian Journal of Business Ethics (AJBE) publishes original articles from a wide variety of methodological and disciplinary perspectives concerning ethical issues related to business in Asia, including East, Southeast and South-central Asia. Like its well-known sister publication Journal of Business Ethics, AJBE examines the moral dimensions of production, consumption, labour relations, and organizational behavior, while taking into account the unique societal and ethical perspectives of the Asian region. The term ''business'' is understood in a wide sense to include all systems involved in the exchange of goods and services, while ''ethics'' is understood as applying to all human action aimed at securing a good life. We believe that issues concerning corporate responsibility are within the scope of ethics broadly construed. Systems of production, consumption, marketing, advertising, social and economic accounting, labour relations, public relations and organizational behaviour will be analyzed from a moral or ethical point of view. The style and level of dialogue involve all who are interested in business ethics - the business community, universities, government agencies, non-government organizations and consumer groups.The AJBE viewpoint is especially relevant today, as global business initiatives bring eastern and western companies together in new and ever more complex patterns of cooperation and competition.