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Extending the benefits of ESG disclosure: The effect on the cost of debt financing

机译：扩大ESG披露的好处：对债务融资成本的影响

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In recent years, greater attention has been paid to sustainability issues. Companies have received increasing pressure from stakeholders to adopt sustainable behavior and provide an adequate representation of sustainability practices. Nonfinancial disclosure has thus taken on a crucial role. In the academic field, several researchers have analyzed the effects of nonfinancial disclosure. However, limited attention has been paid to the impact of nonfinancial information on the cost of debt. This study aims at bridging this gap by analyzing the effect of ESG disclosure on the cost of debt. The fixed effects analysis conducted on a sample of 8264 observations (an unbalanced panel data of 919 firms for the period 2010-2019), shows a negative effect of the ESG disclosure on the cost of debt financing. The results demonstrate that companies with greater levels of transparency in the dissemination of ESG information benefit from accessing third party financial resources at better conditions.
机译：近年来，对可持续发展问题进行了更大的关注。 公司从利益攸关方获得了越来越大的压力，以采取可持续行为，并提供可持续性惯例的充分代表性。 因此，非金融披露的作用是至关重要的。 在学术领域，一些研究人员分析了非金融披露的影响。 但是，有限的关注已经支付了非金融信息对债务成本的影响。 本研究旨在通过分析ESG披露对债务成本的影响来弥合这一差距。 在8264个观察结果（2010-2019期间的919家公司的不平衡面板数据）上进行的固定效应分析表明了ESG披露对债务融资成本的负面影响。 结果表明，公司在传播ESG信息的传播中有更大水平的透明度，从更好的条件下获得第三方财务资源。

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