The Impact of ESG Disclosure on the Cost of Capital
Literature exploration on the negative relationship between the quality of Environmental, Social, and Governance (ESG) disclosure and the cost of equity and debt.
Information asymmetry theory predicts that companies providing high-quality disclosure will enjoy a lower cost of capital. In recent decades, investor focus has shifted from mere profit figures to long-term business sustainability. This is where the role of Environmental, Social, and Governance (ESG) disclosure becomes crucial.
The Mechanism of Lowering Cost of Equity (COE)
Comprehensive ESG disclosure reduces investor uncertainty regarding future risks (such as environmental fines, labor lawsuits, or management scandals). This reduced uncertainty lowers the risk premium demanded by investors, which mathematically culminates in a lower Cost of Equity. Measurement often modifies the Ohlson model or utilizes the Capital Asset Pricing Model (CAPM).
Impact on Cost of Debt (COD)
From the creditor's perspective, modern banking is increasingly adopting Green Banking principles. Companies with high ESG scores are deemed to possess a lower bankruptcy risk and better cash flow governance. As a result, these companies tend to receive better credit ratings and more competitive loan interest rates compared to environmentally damaging companies.
Variable Measurement in Research
To research this topic, the independent variable used is usually an ESG Score from rating agencies (like Refinitiv, Bloomberg, or MSCI) or a self-constructed disclosure index using content analysis on Sustainability Reports. The dependent variable WACC (Weighted Average Cost of Capital) is a proportional aggregation of COE and COD. In NgepetData, you can automatically extract the presence of specific ESG keywords (e.g., 'Carbon Emission', 'Waste Management') to build your own quantitative index.
广泛案例研究
在全球会计研究文献中，该变量的最佳实践应用之一可以在标普 500 指数上市的跨国公司案例中看到。当研究人员将宏观经济变量（如通货膨胀率和 GDP 增长）纳入其回归模型时，模型的解释力（调整后的 R 平方）通常平均增加 12%。这证明了如果没有相关控制变量的支持，仅凭公司特定因素不足以解释复杂的现象。
常见问题 (论文答辩常见问题)
问：为什么我的假设检验结果不显著（Prob > 0.05）？
答：不显著的结果在会计研究中非常普遍。这可能是由于样本量小、变量代理不当，或者该现象在理论上可能不适用于新兴市场。请记住，不显著的结果不是失败，而是有效的实证发现！
问：我必须使用至少 5 年的二手数据吗？
答：虽然没有绝对的规则，但强烈建议使用 5 年的数据来覆盖年度商业周期波动，确保您的回归结果不受暂时性经济偏差的影响。