期刊名称：International Journal of Academic Research in Accounting, Finance and Management Sciences
印刷版ISSN：2308-0337
电子版ISSN：2225-8329
出版年度：2015
卷号：5
期号：4
页码：54-68
语种：English
出版社：Human Resource Management Academic Research Society
摘要：This paper focuses on the issues relating to the reduction of firms’ cost of debt connecting to the ethic rating score as a topic of crucial relevance especially in terms of creditworthiness. The literature on ethic rating presents risk reduction as potential benefits. Consequently, an efficient market should recognize an “ethical financial premium” to socially responsible firms, corresponding to a less cost of debt financing. We have developed a model using the annual report of all Italian listed firms and the ratings issue by Standard Ethics. The sample is composed by 186 observations, so we have used a panel data analysis to test our research hypothesis. Overall, the results are statistically significant but the financial market does not recognize an ethical premium to socially responsible firms. It means that variables chosen can explain the whole model, but specifically there is not a positive association between cost of debt and ethic rating.
