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Σχολή Διοίκησης Επιχειρήσεων

Μόνιμο URI για αυτήν την κοινότηταhttps://pyxida.aueb.gr/handle/123456789/21

Η Σχολή Διοίκησης Επιχειρήσεων περιλαμβάνει τα Τμήματα: - Τμήμα Οργάνωσης και Διοίκησης Επιχειρήσεων - Τμήμα Μάρκετινγκ και Επικοινωνίας - Τμήμα Λογιστικής και Χρηματοοικονομικής - Τμήμα Διοικητικής Επιστήμης και Τεχνολογίας.

Περιήγηση

Πλοήγηση Σχολή Διοίκησης Επιχειρήσεων ανά Επιβλέπων / ουσα "Baboukardos, Diogenis"

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Α Β Γ Δ Ε Ζ Η Θ Ι Κ Λ Μ Ν Ξ Ο Π Ρ Σ Τ Υ Φ Χ Ψ Ω
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  • Μικρογραφία εικόνας
    Τεκμήριο
    ESG performance and cost of capital: evidence from transportation industry
    (2025-11-27) Karapetsas, Dimitrios; Kosma, Georgia; Καραπέτσας, Δημήτριος; Κοσμά, Γεωργία; Tsouknidis, Dimitrios; Doukakis, Leonidas; Baboukardos, Diogenis
    This thesis investigates the relationship between Environmental, Social, and Governance (ESG) performance and the Weighted Average Cost of Capital (WACC) in the global transportation industry. This sector constitutes a fundamental component of the international economy, supporting critical supply chains, commodity flows, and mobility. At the same time, it is characterized by high energy intensity, significant GHG emissions, and increased exposure to operational and physical risks, which underscores the importance of responsible and transparent ESG practices. As ESG considerations gain growing relevance in financial decision-making, it becomes essential to examine whether they influence the cost of capital for firms within the sector. The empirical analysis is based on data from 155 publicly listed companies across 33 countries for the period from 2015 to 2023. Data were collected from the LSEG, World Bank, and Transparency International databases, while Panel OLS regressions with year, country, and industry fixed effects were employed, along with Two-Stage Least Squares (2SLS) approach to address potential endogeneity. The theoretical framework based on Stakeholder Theory, Agency Theory, and Resource Dependence Theory, which suggest that responsible ESG practices can reduce perceived risk, limit agency costs, enhance corporate transparency, and improve access to capital. The findings indicate that, overall, there is no statistically significant relationship between ESG score and WACC, nor between WACC and the individual ESG pillars. Additionally, no substantial differences are identified between OECD and non-OECD countries. Interesting results arise when the analysis focuses on the distinction between “stakeholder-oriented” and “shareholder-oriented” countries. In the former group, a negative relationship between ESG score and WACC is observed, suggesting that responsible practices are positively evaluated in these supportive markets, thereby reducing the cost of capital. Overall, the thesis demonstrates that the impact of ESG on WACC is contingent upon the institutional environment, highlighting the need to strengthen ESG evaluation mechanisms and to pursue further industry-specific research.