에너지효율성이 부채조달비용에 미치는 영향과 외국인투자자의 영향

The Effect of Energy Efficiency on the Cost of Debt, and the Impacts of Foreign Investors

Purpose Since companies improve energy efficiency in order to reduce greenhouse gas emissions and solve energy problems simultaneously, energy efficiency will be an important evaluation index for efforts to respond to climate change risks. However, it is difficult to ascertain that energy efficiency affects debt capital costs. This study verifies whether a firm’s high energy efficiency affects its debt capital cost, and whether such an effect is strengthened with a high level of foreign shareholders. Design/Methodology/Approach The sample taken for this study includes 812 firm-year observations. The sample employed herein was obtained from firms listed on the Korean Stock Exchange (KSE) from 2011 to 2019. Findings The results of the analysis are as follows. First, a firm’s high energy efficiency has a negative relation with its debt capital cost. Second, a firm’s high energy efficiency has more negative relations to its debt capital cost. The results indicate that when a firm’s high energy efficiency level has a high level of foreign shareholders, its debt capital cost is further lower. Research Implications This study could be helpful for decision-making by the government and capital market participants, as well as companies responding to climate change risks.