@unpublished{theses_frw3720,
            year = {2021},
          author = {Mathijs Bastiaan Pott},
           title = {How ESG performance is associated with lower cost of debt of US Real Estate Investment Trusts},
        abstract = {The rising interest in the sustainability of real estate is entering a mature phase. This study gives an alternative financial incentive for real estate investments trusts (REITs) to invest in sustainability activities by testing whether Environmental, Social and Governance (ESG) performance is associated with a lower cost of debt. The literature argues that the ESG performance is negatively associated with the cost of debt. To examine the association a panel data analysis on 136 REITs over 2017 ? 2020 is performed. Different ESG indicators are tested to analyze the association on the credit spread. The results provide significant evidence for a negative association between ESG performance and the credit spread. If a REIT enhances its ESG performance, then its cost of debt will decrease. This incentive will improve sustainability activities, which will be beneficial for REITs, their stakeholders, and all life on planet earth.},
             url = {https://frw.studenttheses.ub.rug.nl/3720/}
}