Οι βαθμοί πιστοληπτικής ικανότητας επηρεάζονται από τις επιδόσεις σε εταιρική και κοινωνική ευθύνη;
KeywordsΠιστοληπτική ικανότητα ; Εταιρική κοινωνική ευθύνη ; Περιβάλλον ; Κοινωνία ; Εταιρική διακυβέρνηση ; Corporate Sustainability Reporting (CSR) ; Credit ratings
This master thesis aims to examine whether corporate performance on the three dimensions (‘pillars’) of CSR, (i.e. environmental, social and corporate governance) is an important determinant of corporate credit ratings. This research begins with a review of the importance of information in lending and the asymmetric information problem that rating agencies attempt to eliminate by assigning credit ratings. After referring to the determinants that these ratings are based on the literature deals with the relation between corporate financial performance and sustainability of a company, whether this is measured by a cumulative ESG score, or as proxied by company’s membership on a recognized sustainability index. The literature review concludes by pointing the connection among ESG, credit risk and information asymmetry. The empirical results unfortunately are not sufficient to extract safe conclusions about the relationship between the three pillars of ESG and credit ratings. Possible reasons behind this are probably sampling constraints and the lack of an appropriate large dataset, that led to a rather small sample which could not ensure statistically important results.