with Drs. Liang Hu and Hiu Lam Choy

The incorporation of Environmental, Social, and Governance (ESG) performance into corporate strategy demonstrates companies’ dedication to sustainable practices and ethical business operations. This study analyzes the impact of Bloomberg ESG scores on capital costs by studying panel data from U.S.-domiciled and U.S.-listed companies between 2014 and 2022. The findings reveal that ESG performance impacts financing costs unevenly with specific consequences that vary according to both firm size and positioning in capital markets. Investors view higher ESG performance as limiting their flexibility or a potential agency cost which results in increased equity costs. ESG engagement reduces debt costs because creditors link it to diminished default risk and improved financial stability. Large companies see greater debt cost savings from ESG initiatives but encounter higher equity financing expenses. The market effects faced by smaller firms tend to be minimal because their limited visibility and resource constraints reduce the significance of their ESG commitments. These results demonstrate how ESG financial consequences depend on firm size which makes it essential for companies to develop sustainability strategies that best suit their financing needs.

with Caroline Adamczyk

Work in progress

An Updated Measure of Food Insecurity

with Brenna Friday

"An Assessment of the Impacts of Corporate Social Responsibility"

Washington, D.C.

"Capital Markets' Response to ESG"

Washington, D.C.

[CSMGEP Dissertation Session] "Food Security in Southeastern Michigan: The ESG Test"

New Orleans, LA

"Modeling Intersections of Food Insecurity, Disease Risk, and Climate Vulnerability in Metropolitan Detroit"

Washington, D.C.

"Planning for Food Security During Emergencies"

Detroit, MI