Energy Literacy in Czechia and Its Influence on Citizens' Perception of Energy Consumption Behaviour

• Autorzy: Sylwia Frydrych

Warianty tytułu

Kompetencja energetyczna w Czechach i jej wpływ na postrzeganie zachowań w zakresie zużycia energii przez obywateli

• Języki publikacji: EN

Abstrakty

EN

The aim of this article is to assess whether having a creditworthiness assessment from more than one credit rating agency by issuers of ESG debt instruments affects the number of issues and the average amount issued. The empirical research was carried out using the observation method and the analysis of source documents. In the analysed period, 53.38% of issuers received ratings at least from one CRAs as S&P, Moody's, and Fitch. The results of the conducted research indicate that the number ofESG debt instruments and the average issue amount were affected by the number of ratings given to the issuer. A database collected from Refinitiv Eikon for the period between 2012 and 2021 allows us to conclude that it is enough to have two credit ratings. The conclusions of this study can be used in the process of obtaining financing for ESG projects.(original abstract)

Celem artykułu jest ocena, czy posiadanie przez emitentów instrumentów dłużnych ESG oceny zdolności kredytowej wydanej przez więcej niż jedną agencję ratingową wpływa na liczbę i średnią kwotę emisji. Badania empiryczne przeprowadzono metodą obserwacji oraz analizy dokumentów źródłowych. W analizowanym okresie 53,38% emitentów otrzymało oceny wiarygodności kredytowej przynajmniej od jednej agencji ratingowej, jak S&P, Moody's i Fitch. Wyniki przeprowadzonych badań wskazują, że na liczbę instrumentów dłużnych ESG oraz średnią kwotę emisji miała wpływ liczba ratingów nadanych emitentowi. Baza danych zebrana z Refinitiv Eikon za okres od 2012 do 2021 roku pozwala stwierdzić, że wystarczą dwie oceny zdolności kredytowej. Wnioski z tego badania można wykorzystać w procesie pozyskiwania finansowania na projekty ESG.(original abstract)

Słowa kluczowe

EN

Credit; Rating; Debt instrument; Bonds

PL

Kredyt; Rating; Instrumenty dłużne; Obligacje

• Czasopismo: Ekonomia i Środowisko
• Rocznik: 2023
• Numer: nr 1 (84)
• Strony: 328--340

Twórcy

autor

Sylwia Frydrych

• SGH Warsaw School of Economics

Bibliografia

• Ammer, J., & Packer, F. (2000). How Consistent are Credit Ratings? A Geographic and Sectoral Analysis of Default risk. International Finance Discussion Papers, 668.
• Attig, N., El Ghoul, S., & Guedham, O. (2013). Corporate social responsibility and credit ratings. Journal of Business Ethics, 117, 679-694. https://doi.org/10.1007/s10551-013-1714-2.
• Avetisyan, E., & Ferrary, M. (2013). Dynamics of stakeholders' implications in theinstitutionalization of CSR Field in France and in the United States. Journal of Business Ethics, 115(1), 115-133.
• Avetisyan, E., & Hockerts, K. (2017). Consolidation of the ESG Rating Industry as Enactment of Institutional Retrogression. Business Strategy and the Environ- ment, 26(3), 316-330. DOI: 10.1002/bse.1919.
• Avramov, D., Cheng, Si., Lioui, A., & Tarelli, A. (2021). Sustainable Investing with ESG Rating Uncertainty. Journal of Financial Economics, 145(2). http://dx.doi. org/10.2139/ssrn.3711218.
• Birindelli, G., Ferretti, P., Intonti, M., & Iannuzzi, A. P. (2015). On the drivers of corporate social responsibility in banks: Evidence from an ethical rating model. Journal of Management and Governance, 19, 303-340. https://doi.org/10.1007/s10997013-9262-9.
• Bofinger, Y., Heyden, K. J., & Rock, B. (2022). Corporate social responsibility and market efficiency: Evidence from ESG and misvaluation measures. Journal of Banking & Finance, 134, 106322. https://doi.org/10.1016/j.jbankfin.2021.106322.
• Candelon, B., Gautier, A., & Petit, N. (2014). Market Power in the Credit Rating Indus- try: State of Play and Proposal for Reforms. CPI Antitrust Chronicle, 2. https:// ssrn.com/abstract=2392989.
• Choy, E., Gray, S., & Ragunathan, V. (2006). Effect of credit rating changes on Austral- ian stock returns. Accounting and Finance, 46(5), 755-769. DOI: 10.1111/j.1467- 629X.2006.00192.x.
• Clementino, E., & Perkins, R. (2021). How Do Companies Respond to Environmental, Social and Governance (ESG) ratings? Evidence from Italy. Journal of Business Ethics, 171, 379-397. https://doi.org/10.1007/s10551-020-04441-4.
• Derwall, J., Guenster, N., Bauer, R., & Koedijk, K. (2005). The eco-efficiency premium puzzle. Financial Analysts Journal, 61(2), 51-63. https://doi.org/10.2469/faj. v61.n2.2716.
• Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, social and govern- ance (ESG) scores and financial performance of multilatinas: moderating effects of geographic international diversification and financial slack. Journal of Business Ethics, 168, 315-334. https://doi.org/10.1007/s10551-019-04177-w.
• Eccles, R. G., & Serafeim, G. (2013). The performance frontier: Innovating for a sustainable strategy: Interaction. Harvard Business Review, 91(7), 17-18.
• Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2,000 empirical studies. Journal of Sustainability Finance Invesment, 5(4), 210-233. https://doi.org/10.1080/20430795.2015.1118917
• Frydrych, S. (2020). The Role of Credit Rating of the Eurobond Issuers from Central and Eastern Europe. Annales Universitatis Mariae Curie-Skłodowska Sectio H - Oeconomia, 54(4), 31-40. https://doi.org/10.17951/h.2020.54.4.31-40.
• Frydrych, S. (2021). Credit ratings of issuers of green debt instruments. European Research Studies Journal, 24(4), 172-179
• Galbreath, J. (2013). ESG in focus: the Australian evidence. Journal of Business Ethics, 118(3), 529-541
• Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. https://doi.org/10.1016/j.jcorpfin.2021.101889.
• Goldstein, I., Kopytov, A., Shen, L., & Xiang, H. (2022). On ESG Investing: Heterogene- ous Preferences, Information, and Asset Prices. NBER Working Papers, 29839.
• Gray, S., Mirkovic, A., & Ragunathan, V. (2006). The determinants of credit ratings: Australian evidence. Australian Journal of Management, 31(2), 333-354. DOI: 10.1177/031289620603100208.
• Humphrey, J., Lee, D. D., & Shen, Y. (2012). The independent effects of environmental, social and governance initiatives on the performance of UK firms. Australian Journal of Management, 37, 135-151. https://doi.org/10.2139/ssrn.1663444.
• Jang, G. Y., Hyoung-Goo, K., Ju-Yeong, L., & Kyounghun, B. (2020). ESG Scores and the Credit Market. Sustainability, 12(8), 3456. https://doi.org/10.3390/su12083456.
• Kang, Q., & Qiao, L. (2007). Credit Rating Changes and CEO Incentives. SSRN Elec- tronic Journal. https://ssrn.com/abstract=971277.
• Lee, K.-H., Cin, B. C., & Lee, E. Y. (2016). Environmental responsibility and firm performance: The application of an environmental, social and governance model. Business Strategy and the Environment, 25(1), 40-53. https://doi.org/10.1002/bse. 1855.
• Li, C., Wu, M., Chen, X., & Huang, W. (2022). Environmental, social and governance performance, corporate transparency, and credit rating: Some evidence from Chinese A-share listed companies. Pacific-Basin Finance Journal, 74, 101806. https://doi.org/10.1016/j.pacfin.2022.101806.
• Lo, S., & Sheu, H. (2007). Is corporate sustainability a value-increasing strategy for business? Corporate Governance: An International Review, 15(2), 345-358. https://doi.org/10.1111/j.1467-8683.2007.00565.x.
• Matthies, A. B. (2013). Empirical Research on Corporate Credit-Ratings: A Literature Review. SFB 649 Discussion Papers SFB649DP2013-003. Berlin: Humboldt Uni- versity of Berlin. http://sfb649.wiwi.hu-berlin.de/papers/pdf/SFB649DP2013-003.pdf
• McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: Correlation or misspecification? Strategic Management Journal, 21(5), 603-609. https://doi.org/10.1002/(SICI)1097-0266(200005)21:5<603::AID- SMJ101>3.0.CO;2-3
• Nollet, J., Filis, G., & Mitrokostas, E. (2016). Corporate social responsibility and finan- cial performance: A non-linear and disaggre-gated approach. Economic Modelling,52(B), 400-407. https://doi.org/10.1016/j.econmod.2015.09.019
• Pastor, L., Stambaugh, R. F., & Taylor, L. A. (2021). Sustainable investing in equilib- rium. Journal of Financial Economics, 142(2), 550-571. DOI: 10.1016/j.jfineco. 2020.12.011
• Pedersen, L. H., Fitzgibbons, S., & Pomorski, L. (2021). Responsible Investing: The ESG-Efficient Frontier. Journal of Financial Economics, 142(2), 572-597. DOI: 10.1016/j.jfineco.2020.11.001.
• Qureshi, M. A., Kirkerud, S., Theresa, K., & Ahsan, T. (2020). The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity. Business Strategy and Environment, 29(3), 1199-1214. https://doi.org/10.1002/bse.2427.
• Semenova, N., & Hassel, L. G. (2008). Financial outcomes of environmental risk and opportunity for US companies. Sustainable Development, 16(3), 195-212. https://doi.org/10.1002/sd.365.
• Van Beurden, P., & Gossling, T (2008). The worth of values - A literaturę review on the relation between corporate social and financial performance. Journal of Business Ethics, 82(2), 407-424. https://doi.org/10.1007/s10551-008-9894-x.
• Waddock, S. A., & Graves, S. B. (1997). The corporate social performance-financial performance link. Strategic Management Journal, 18(4), 303-319.
• Wong, C. (2018). Rate the Raters 2018: Ratings Revisited. The Sustainability Institute. https://www.sustainability.com/globalassets/sustainability.com/thinking/pdfs/sa-ratetheraters_ratings-revisited_march18.pdf
• Yamahaki, C., & Frynas, J. G. (2016). Institutional Determinants of Private Shareholder Engagement in Brazil and South Africa: The Role of Regulation. Corporate Gov- ernance: An International Review, 24(5), 509-527. https://doi.org/10.1111/ corg.12166
• Zeidan, R., Boechat, C., & Fleury, A. (2015). Developing a sustainability credit score system. Journal of Business Ethics, 127, 283-296.
• Zerbib, O. D. (2019). The Effect of Pro-Environmental Preferences on Bond Prices: Evidence from Green Bonds. Journal of Banking & Finance, 98, 39-60. https:// doi.org/10.1016/j.jbankfin.2018.10.012

Identyfikatory

DOI

10.34659/eis.2023.84.1.515