This research evaluates the relationship between ESG score of the firm and its effect on the performance of their bonds. The study looks at listed companies on the Nordic countries ’ stock exchanges and tries to establish a relationship between ESG score and corporate bond yield spread. The study finds that no such relationship can be established and therefore that a high ESG score does not imply a decreased level of required risk premium by bond investors and a decreased or stabilized cost of debt for companies in the Nordic countries. Further, the study will contribute to a theoretical discussion by using the Stakeholder Theory, Legitimacy Theory, The Resource-Based View and finally the Agency theory in order to further analyze the underlying dynamics of this proposed relationship.
Identifer | oai:union.ndltd.org:UPSALLA1/oai:DiVA.org:umu-161328 |
Date | January 2019 |
Creators | Kjerstensson, Lovisa, Nygren, Hanna |
Publisher | Umeå universitet, Företagsekonomi, Umeå universitet, Företagsekonomi |
Source Sets | DiVA Archive at Upsalla University |
Language | English |
Detected Language | English |
Type | Student thesis, info:eu-repo/semantics/bachelorThesis, text |
Format | application/pdf |
Rights | info:eu-repo/semantics/openAccess |
Page generated in 0.0089 seconds