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

Lian Liu, Naoko Nemoto

研究成果: Article査読

抄録

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.

本文言語English
ジャーナルSingapore Economic Review
DOI
出版ステータスAccepted/In press - 2021

ASJC Scopus subject areas

  • 経済学、計量経済学

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