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The Relationship Between ESG Disclosure and the Cost of Debt in the Healthcare Industry
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Author(s): Antonio Salvi (University of Turin, Italy), Felice Petruzzella (University “Giustino Fortunato” Benevento, Italy), Nicola Raimo (LUM University, Italy)and Filippo Vitolla (LUM University, Italy)
Copyright: 2022
Pages: 16
Source title:
Handbook of Research on Healthcare Standards, Policies, and Reform
Source Author(s)/Editor(s): Ubaldo Comite (University “Giustino Fortunato” Benevento, Italy)
DOI: 10.4018/978-1-7998-8868-0.ch005
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Abstract
In the last decades, attention to corporate social responsibility (CSR) has grown considerably. The new scenario characterized by greater attention to aspects of sustainability poses important challenges for companies operating in the healthcare (HC) industry due to both the high number of stakeholders with which these companies interface and their business model closely related to people's life and health problems. In light of this, companies operating in the HC industry are also called upon to provide an adequate level of non-financial information and in particular environmental, social, and governance (ESG) information to meet the needs of stakeholders. This study aims to examine the financial effects of ESG disclosure in the HC industry. In particular, it analyses the impact on the cost of debt. The results of the econometric analysis, conducted on a sample of 4,271 observations (an unbalanced data panel of 680 international firms for the period 2011-2020), show the existence of a negative association between the amount of ESG information disseminated and the cost of debt.
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