Anjos, FernandoKasslatter, Stefan2024-10-112023-09-272023-05-30http://hdl.handle.net/10362/173354This study investigates the relationship between the change in ESG scores and the change in debt-to-equity ratios for energy companies. Using panel-data on 119 global energy companies, a Pooled OLS and Fixed Effects regression analysis were conducted to research the relationship. The findings of this study suggest a significant negative relationship between the change in ESG scores and the change in debt-to-equity ratios for energy companies. This negative relationship is more pronounced for smaller firms. Also, a significant negative relationship was found between the change in the social and governance pillar scores, respectively, and the change in debt-to-equity ratios.engEsgCapital structureDebt-to-equity ratioEnergy companiesmaster thesis203516907