Maestría en Administración Financiera · 2025
Efecto de los indicadores ASG sobre el costo de la deuda de las empresas de energía en los Estados Unidos
Solo ficha. El repositorio marca este trabajo como «Acceso abierto»: el PDF no es público, así que aquí no hay texto para leer. Ver la ficha en el repositorio.
Resumen
This study examines the relationship between environmental, social, and governance (ESG) indicators and the cost of debt in U.S. energy sector companies. Using a panel data model covering 63 firms between 2009 and 2023, several models were estimated with different combinations of aggregated ESG score and its disaggregated components. The results show that the composite ESG score is not statistically significant. However, when disaggregated, the social and governance components are negatively associated with the cost of debt, indicating a reduction in borrowing costs. In contrast, the environmental component exhibits a positive and significant relationship, potentially reflecting perceived financial risk. The findings suggest that ESG factors should be evaluated independently to understand their impact on corporate financing decisions better.