Page 55 - SUSTAINABILITY ISSUES & COVID-19

Table 2A Descriptive Statistics (after winsorization) H1 (COD measurement)
Variables Mean Standard Deviation Min Max Skewness
COD 0.037 0.026 0.000 0.112 1.125
ESG 0.303 0.147 0.058 0.690 0.457

SIZE 8.094 1.327 4.381 11.365 -0.128
LEV 0.534 0.174 0.084 0.934 -0.320
ROE 0.162 0.112 0.001 0.499 1.317
CFO 0.107 0.085 -0.138 0.363 0.803
GDP 0.045 0.013 0.010 0.069 -0.609

Table 2B Descriptive Statistics (after winsorization) H2 (YTM measurement)
Variables Mean Standard Deviation Min Max Skewness
YTM 0.053 0.029 -0.003 0.106 0.068
ESG 0.355 0.132 0.086 0.657 0.133
SIZE 8.710 0.997 6.559 11.196 0.332

LEV 0.613 0.127 0.304 0.934 -0.236
ROE 0.108 0.095 -0.165 0.391 0.356
CFO 0.075 0.064 -0.117 0.268 -0.113
GDP 0.047 0.010 0.029 0.069 -0.095

Table 2C Descriptive Statistics (after winsorization) H3 (EIR measurement)
Variables Mean Standard Deviation Min Max Skewness
EIR 0.049 0.038 0.000 0.163 1.144
ESG 0.286 0.144 0.038 0.690 0.597
SIZE 7.936 1.312 4.381 11.365 -0.040

LEV 0.530 0.180 0.084 0.934 -0.273
ROE 0.152 0.137 -0.241 0.550 0.718
CFO 0.107 0.088 -0.128 0.363 0.832
GDP 0.045 0.013 0.010 0.069 -0.710

By reference to Chauhan & Kumar (2018) and Eliwa et al. (2019), the following research
model is used, including the Year and Country Dummy.

In the attempt to understand how strong the correlation magnitude resulted out of fund sourced from the bond versus
the bank loan, the model will use 3 separate measurements of the Cost of Debt (COD) as the following:
• To test H1, COD variable used is Weighted Average Cost of Debt (COD), as a proxy for the cost of debt through both
bond and bank loans financing;
• To test H2, COD variable used is Corporate bond spread (YTM) as a proxy for bonds financing;
• To test H3, COD variable used is Effective interest rate (EIR) as a proxy for the bank loans financing.

54 International Conference on Sustainability
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