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The effect of countries’ ESG ratings on their sovereign borrowing costs

Author

Listed:
  • Patricia Crifo

  • Marc-Arthur Diaye

  • Rim Oueghlissi

    (EPEE - Centre d'Etudes des Politiques Economiques - UEVE - Université d'Évry-Val-d'Essonne)

Abstract

We examine whether the extra-financial performance of countries on environmental, social and governance (ESG) factors matters for sovereign bonds markets. Using a panel regression model over a data set with 23 OECD countries from 2007 to 2012, we show that ESG ratings significantly decrease government bond spreads. © 2017 Board of Trustees of the University of Illinois

Suggested Citation

  • Patricia Crifo & Marc-Arthur Diaye & Rim Oueghlissi, 2017. "The effect of countries’ ESG ratings on their sovereign borrowing costs," Post-Print hal-02877953, HAL.
    • Handle: RePEc:hal:journl:hal-02877953
    DOI: 10.1016/j.qref.2017.04.011
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    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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