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The impact of sustainable innovation on the cost of debt
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Esta dissertação investiga a relação entre inovação sustentável e o custo da dívida. Estimações com efeitos fixos são empregadas, utilizando uma amostra de 747 empresas únicas detentoras de patentes sustentáveis na União Europeia entre 2003 e 2024. A análise inicial revelou que não há uma relação direta entre inovação sustentável e o custo da dívida. Uma análise adicional, incluindo medidas complementares de sustentabilidade, mostrou que existe uma associação positiva entre inovação sustentável e o custo da dívida. Por outro lado, há uma relação negativa entre o desempenho atual em sustentabilidade e o custo da dívida. A diferença na relação entre inovação sustentável e desempenho em sustentabilidade com o custo da dívida sugere que os credores priorizam os esforços sustentáveis atuais em detrimento dos voltados para o futuro. Análises adicionais destacam que os efeitos persistem ao longo do tempo, e que empresas maiores, mais alavancadas e com melhor capacidade de cobrir suas obrigações de dívida são percebidas como menos arriscadas e tendem a se beneficiar de investimentos em inovação sustentável. Este estudo contribui para a literatura de finanças sustentáveis ao explicar os efeitos da inovação sustentável sobre os custos de financiamento.
This dissertation investigates the relationship between sustainable innovation and the cost of debt. Fixed Effect estimation are employed while using a sample of 747 unique firms owning sustainable patents in the European Union from 2003 until 2024. The initial analysis revealed that there is no direct relationship between sustainable innovation and the cost of debt. Further analysis by including additional sustainability measures showed that there is a positive association between sustainable innovation and the cost of debt. Conversely, there is a negative relationship between current sustainability performance and the cost of debt. The different relationship of sustainable innovation and sustainability performance with the cost of debt suggest that lenders prioritize current sustainability efforts over future-oriented ones. Additional analysis highlights that the relationship remains to exist over time, and that bigger firms, more leveraged firms and firms who are able to cover their debt obligations better are perceived as less risky and are expected to benefit from investments in sustainable innovation. This study contributes to the sustainable finance literature as it explains the effects of sustainable innovation on financing costs.
This dissertation investigates the relationship between sustainable innovation and the cost of debt. Fixed Effect estimation are employed while using a sample of 747 unique firms owning sustainable patents in the European Union from 2003 until 2024. The initial analysis revealed that there is no direct relationship between sustainable innovation and the cost of debt. Further analysis by including additional sustainability measures showed that there is a positive association between sustainable innovation and the cost of debt. Conversely, there is a negative relationship between current sustainability performance and the cost of debt. The different relationship of sustainable innovation and sustainability performance with the cost of debt suggest that lenders prioritize current sustainability efforts over future-oriented ones. Additional analysis highlights that the relationship remains to exist over time, and that bigger firms, more leveraged firms and firms who are able to cover their debt obligations better are perceived as less risky and are expected to benefit from investments in sustainable innovation. This study contributes to the sustainable finance literature as it explains the effects of sustainable innovation on financing costs.
Descrição
Trabalho Final de Mestrado, Science In Finance, ISEG, 2025
Palavras-chave
Sustainable Innovation Cost of Debt ESG Sustainability Inovação Sustentável Custo da Dívida ESG Sustentabilidade