Novodobé trendy a řízení rizik korporátních dluhopisů

This bachelor's thesis analyzes the impact of ESG scores on the credit spreads of corporate bonds in the era of emerging trends in sustainable finance and digitalization. The empirical analysis is conducted on a sample of 28 major European non-financial companies that, in terms of size and market significance, correspond to the structure of the STOXX Europe 600 index. Using data covering the period from 2020 to 2025, the thesis tests the hypothesis of whether an issuer's high ESG performance leads to a reduction in its credit spread (the ESG premium effect). It is necessary to distinguish this research objective from the concept of greenium in its narrow sense, which refers to the pricing differential of green bonds compared to conventional bonds issued by the same entity. The results of the fixed-effects panel regression models at a 10% significance level suggest a surprising conclusion: the hypothesis of a lower spread for ESG leaders was not confirmed. Instead, the bond market exhibits marginal evidence of penalizing ESG leaders with a higher risk premium, alongside a lower spread for ESG laggards. These findings are consistent with the hypothesis that, during periods of macroeconomic instability, investors prioritize an issuer's ability to generate free cash flow over costly green transformation. The results should be interpreted with caution, given the marginal statistical power of the tests and the specificity of the examined period