Earticle

초록

영어

This study examines the effect of credit rating concerns on corporate environmental, social, and governance (ESG) behavior. We use the plus or minus test on a large sample of ESG scores and S&P credit ratings of U.S. publicly traded firms from 2003 to 2017. We find that firms with credit rating concerns often increase their ESG activities. This finding holds even after we control for various variables affecting ESG practices. Moreover, firms on the boundary between investment- and speculative-grade ratings significantly improve their ESG performance compared to other cases. Finally, we find evidence that the positive effect of credit rating concerns on ESG activities is pronounced during the global financial crisis and then strengthens further. Overall, our study highlights the impact of credit ratings on corporate ESG behavior. (JEL G24, G32, M14)

목차

Abstract
1. Introduction
2. Related Literature and Hypothesis Development
2.1 Credit Ratings
2.2 ESG and Credit Ratings
2.3 Credit Ratings and ESG after the Global Financial Crisis
3. Data and Empirical Methods
3.1 Data and Variables Description
3.2 Empirical Methods
4. Results
4.1 Descriptive Statistics
4.2 Credit Rating Concerns and ESG
4.3 Effects of Credit Rating Concerns on ESG after the GFC
4.4 Robustness Checks
5. Concluding Remarks
Appendix

키워드

저자

• Junyong Lee [ Assistant Professor, Department of Commerce and Finance, Kookmin University ]
• Kyounghun Lee [ Senior Research Analyst, WOORI Finance Research Institute ]
• Frederick Dongchuhl Oh [ Associate Professor, SNU Graduate School of International Studies, Seoul National University ] Corresponding Author

참고문헌

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간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330