EMPIRICAL STUDY ON THE EFFECT OF ENVIRONMENTAL, SOCIAL AND GOVERNANCE FACTORS ON SOVEREIGN FUNDING COSTS

被引：0
|
作者：
Liu, Lian [1 ]
Nemoto, Naoko [1 ,2 ]
机构：
[1] Asian Dev Bank Inst ADBI, Tokyo, Japan
[2] Waseda Univ, Grad Sch Business & Finance, Tokyo, Japan
来源：
SINGAPORE ECONOMIC REVIEW | 2021年
关键词：
ESG performance; sovereign funding costs; Asia-pacific region; RISK; FUNDAMENTALS; SPREADS; RESPONSIBILITY; DETERMINANTS; PERFORMANCE; FINANCE;
D O I：
10.1142/S0217590821500466
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Currently, a growing number of investors are taking environmental, social, and governance (ESG) factors into account when making investment decisions. Against this background, this paper aims to empirically examine the effect of ESG performance on sovereign funding costs with a focus on the Asia-pacific region. Based on system GMM and OLS estimation, we discover that better ESG performance is associated with lower funding costs. Regarding the effects of each component of ESG, we note that both environmental and governance factors are found significant among the Asia-pacific region, while governance factor is more pronounced among OECD countries.
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页数：19
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