ต้นทุนเงินทุนของบริษัทในกลุ่มหลักทรัพย์อีเอสจี 100 ในประเทศไทย

Abstract

This study delves into the intricate realm of the cost of capital for companies listed in the ESG100 group in Thailand, with a primary focus on comparing their capital costs to those of non-ESG100 companies. Additionally, it aims to elucidate the relationship between capital components, encompassing both equity and debt costs, and the crucial aspect of ESG100 inclusion. A comprehensive regression model is employed, postulating that ESG100 listing has a discernible influence on the cost of capital for these companies. Drawing upon a robust dataset spanning the years 2015 to 2019, comprising a sample size of 1,500 observations, this research encompasses 246 esteemed ESG100 companies, along with 1,254 non-ESG100 companies for comparative analysis. The findings of this study unveil a significant and profound association between ESG100 listing and the cost of capital. ESG100 companies exhibit a noteworthy negative relationship with equity costs, signifying a distinct advantage in this realm. Conversely, an intriguing positive relationship emerges between ESG100 listing and debt costs, highlighting a distinctive financing landscape for these companies. Specifically, ESG100 companies demonstrate a remarkable 0.26% reduction in equity costs (significant at a 0.10 level) and a striking 0.13% increase in debt costs (significant at a 0.01 level) compared to their non-ESG100 counterparts. Moreover, the meticulous analysis of mean differences in the cost of capital, meticulously dissected across diverse industry sectors, unravels captivating insights. On average, ESG100 companies manifet an astounding 0.96% reduction in equity costs (significant at a 0.01 level), reflecting a notable advantage over non-ESG100 companies. In parallel, ESG100 companies portray a distinctive 0.10% escalation in debt costs (significant at a 0.10 level), shedding light on the complex financial dynamics they navigate. The refined regression analysis reinforces and fortifies the findings derived from the mean difference analysis, emphasizing the statistical significance of ESG100 listing's influence on equity and debt costs. This research contributes to a deeper understanding of the interplay between ESG100 listing and the financial fabric of Thai corporations. The identified advantages in equity and debt costs provide valuable insights for investors, policymakers, and practitioners, facilitating informed decision-making and laying the foundation for a more sustainable future. In conclusion, the inclusion of companies in the ESG 100 group significantly impacts the cost of capital for Thai companies. This study's findings contribute to the existing body of knowledge by highlighting the distinct advantages enjoyed by ESG 100 companies in terms of reduced equity costs and increased debt costs. These insights pave the way for more comprehensive assessments of sustainable investment strategies and underscore the importance of incorporating environmental, social, and governance considerations into corporate financial practices.