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| 論文名稱 | Voluntary ESG evaluation and default risk |
| 發表日期 | 2022-10-31 |
| 論文收錄分類 | 其他 |
| 所有作者 | Li-Hsun Wang |
| 作者順序 | 第一作者 |
| 通訊作者 | 是 |
| 刊物名稱 | YMC Management Review |
| 發表卷數 | 15 |
| 是否具有審稿制度 | 是 |
| 發表期數 | 1 |
| 期刊或學報出版地國別/地區 | NATTWN-中華民國 |
| 發表年份 | 2022 |
| 發表月份 | 10 |
| 發表形式 | 紙本及電子期刊 |
| 所屬計劃案 | 無 |
| 可公開文檔 |
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| 可公開文檔 |
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| 可公開文檔 |
[英文摘要] :
Prior studies argue the better ESG rating firms have lower risk. This study uses Taiwan samples to investigate if the ESG rating matters to firm’s default risk. Due to the ESG rating information is limited, this study obtains open access data from MSCI ESG rating system and get 66 Taiwanese samples that have rating record in the period of 2017 to 2021. We find no evidence that ESG rating firms have lower industry adjusted default risks. Nor the firms experience rating improvement have lower default risks. In addition, the better ESG rating firms have higher default risk comparing to other lower ESG samples. Finally, we show the ESG rating firms have lower Sharpe ratio. We don’t conclude the ESG rating matters negative to default risks due to the limitation of data but strongly recommend the ESG rating information should be opened to public for free.
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