Οι βαθμοί πιστοληπτικής ικανότητας επηρεάζονται από τις επιδόσεις σε εταιρική και κοινωνική ευθύνη;
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Keywords
Πιστοληπτική ικανότητα ; Εταιρική κοινωνική ευθύνη ; Περιβάλλον ; Κοινωνία ; Εταιρική διακυβέρνηση ; Corporate Sustainability Reporting (CSR) ; Credit ratingsAbstract
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.
Postgraduate Studies Programme
Χρηματοοικονομική και Τραπεζική με κατεύθυνση στην Χρηματοοικονομική και Τραπεζική ΔιοικητικήDepartment
Σχολή Χρηματοοικονομικής και Στατιστικής. Τμήμα Χρηματοοικονομικής και Τραπεζικής ΔιοικητικήςNumber of pages
77Language
Greek
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Attribution-NonCommercial-NoDerivatives 4.0 Διεθνές
Attribution-NonCommercial-NoDerivatives 4.0 Διεθνές