Publication type: | Working paper – expertise – study |
Title: | Do sustainable companies receive more debt? : the role of sustainability profiles and sustainability-related debt instruments |
Authors: | Meyer, Julia Affolter, Beat |
et. al: | No |
DOI: | 10.2139/ssrn.4545549 |
Extent: | 34 |
Issue Date: | 20-Aug-2023 |
Publisher / Ed. Institution: | SSRN |
Language: | English |
Subjects: | Sustainability assessment; Sustainable financing; ESG; SDG |
Subject (DDC): | 332: Financial economics |
Abstract: | This paper develops a novel approach for classifying companies according to three different sustainability focus possibilities -- avoidance of financial and sustainability risks, contributions towards the UN Sustainable Development Goals (SDGs), and commitment towards transformation. We examine the relationship between these profiles and corporate financing. First, we link the three sustainability profiles to the probability that a company issues a sustainability-specific debt financing instrument and show that, against our predictions, better sustainability performers in all dimensions are more likely to hold such an instrument. Second, we provide evidence for a general increase in book leverage for companies avoiding sustainability risks, as well as companies in transition, but not companies providing specific solutions toward the achievement of the SDGs. Furthermore, this increase in leverage is not driven by sustainability-related debt instruments. |
URI: | https://digitalcollection.zhaw.ch/handle/11475/29779 |
License (according to publishing contract): | Licence according to publishing contract |
Departement: | School of Management and Law |
Organisational Unit: | Institute for Financial Management (IFI) |
Appears in collections: | Publikationen School of Management and Law |
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Meyer, J., & Affolter, B. (2023). Do sustainable companies receive more debt? : the role of sustainability profiles and sustainability-related debt instruments. SSRN. https://doi.org/10.2139/ssrn.4545549
Meyer, J. and Affolter, B. (2023) Do sustainable companies receive more debt? : the role of sustainability profiles and sustainability-related debt instruments. SSRN. Available at: https://doi.org/10.2139/ssrn.4545549.
J. Meyer and B. Affolter, “Do sustainable companies receive more debt? : the role of sustainability profiles and sustainability-related debt instruments,” SSRN, Aug. 2023. doi: 10.2139/ssrn.4545549.
MEYER, Julia und Beat AFFOLTER, 2023. Do sustainable companies receive more debt? : the role of sustainability profiles and sustainability-related debt instruments. SSRN
Meyer, Julia, and Beat Affolter. 2023. “Do Sustainable Companies Receive More Debt? : The Role of Sustainability Profiles and Sustainability-Related Debt Instruments.” SSRN. https://doi.org/10.2139/ssrn.4545549.
Meyer, Julia, and Beat Affolter. Do Sustainable Companies Receive More Debt? : The Role of Sustainability Profiles and Sustainability-Related Debt Instruments. SSRN, 20 Aug. 2023, https://doi.org/10.2139/ssrn.4545549.
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