ScholarWorks@숙명여자대학교

초록

This study examines the issuance premium of ESG bonds, investigating whether ESG bond issuance reduces corporate financing costs compared to conventional bonds. Specifically, we analyze bonds issued between 2018 and 2023, categorizing the sample into two groups: premiums associated with ESG bonds and premiums associated with the firms issuing ESG bonds, using the Propensity Score Matching (PSM) method to identify the issuance premium of ESG bonds. The results reveal a significant issuance premium for ESG bonds, particularly for green bonds. In the PSM sample, this significance extends to social bonds. Furthermore, the issuance premium of ESG bonds based on ESG performance revealed that firms with better ESG performance tended to have higher issuance premiums. This finding indicates that the issuance premium of ESG bonds are predominantly dependent on the ESG performance. Therefore, the issuance premium of ESG bonds is considered a result of strong ESG-performing firms issuing such bonds, rather than merely an effect of the bond issuance itself.

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