Unité mixte de recherche 7235

Environmental, Social and Governance (ESG) performance and sovereign bond spreads: an empirical analysis of OECD countries

Gunther Capelle-Blancard, Patricia Crifo, Marc-Arthur Diaye, Rim Oueghlissi, Bert Scholtens

[en]What are the determinants of borrowing cost in international capital markets? Apart from macroeconomic fundamentals, are there any qualitative factors that might capture sovereign bond spreads? In this paper we consider to what extent Environmental, social and governance (ESG) performance can affect sovereign bond spreads. First, countries with good ESG performance tend to have less default risk and thus lower bond spreads. Moreover, the economic impact is stronger in the long-run, suggesting that ESG performance is a long-lasting phenomenon. Second, we examine the financial impact of separate ESG dimensions, and find that the environmental dimension appears to have no financial impact whereas governance weighs more than social factors. Third, we examine cross-countries differences and show that ESG performance has a more significant and stronger impact in the Eurozone than elsewhere in OECD countries. Fourth, we include evidence from the global financial crisis and find stronger influence of country sustainability performance during crisis period.[/en]


mardi 31 janvier 2023

Recherche et Economie et Socioéconomie Politique, des Institutions et des Régulations (RESPIR)

Nathalie Heinich (EHESS)


Valeur et mesure: aux limites de l’approche économique

mardi 31 janvier 2023

Series of Webinars on Economics of Environment, Energy and Transport (SWEEET)

Aurelien Saussay(OFCE, Sciences Po, Paris), Misato Sato, (London School of Economics and Political Science) Francesco Vona (University of Milan) Layla O’Kane(Lightcast)

En visio

Who’s fit for the low-carbon transition? Emerging skills and wage gaps in job ad data

jeudi 2 février 2023


Nabil Daher, Michaël Guilloussou, Daniela Lima Rente, Maryam Soltani

Nouveaux doctorants

jeudi 2 février 2023

Groupe de travail Economie Comportementale

Carole Treibich (Laboratoire d'Economie Appliquée de Grenoble GAEL)

Salle 101

Disentangling peer effects in transportation mode choice: the example of active commuting

jeudi 2 février 2023

Groupe de travail « Intelligence artificielle »

Aurélien Quignon (Université du Luxembourg)

Salle : G614B

Crowd-Based Feedback and Early-Stage Entrepreneurial Performance: Evidence from a Digital Platform

mardi 7 février 2023

Recherche et Economie et Socioéconomie Politique, des Institutions et des Régulations (RESPIR)

Tristan Velardo (Sciences Po Bordeaux, Centre Emile Durkheim)

From the primitive mentality to the civilization of capitalism: Schumpeter, reader of Lévy-Bruh

mardi 7 février 2023

Développement Durable Environnement et Energie (DDEE)

Emmanuelle Lavaine (CEE-M - University of Montpellier)

Flood Risk Information: Evidence from Paris Housing Markets

jeudi 9 février 2023


Claire Mollier

Gender, competitiveness, and reaction to defeat

Inscription aux Newsletters