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7. Discussion of the Results

  • 2025
  • OriginalPaper
  • Chapter
Published in:
Author
Anna Gappmaier
Published in
The Influence of ESG on Credit Risk
Publisher
Springer Fachmedien Wiesbaden

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Abstract

This chapter delves into the empirical results of how ESG factors influence credit risk, comparing these findings with existing literature. The analysis reveals that, contrary to expectations, ESG performance does not significantly impact risk premiums at bond issuance. Instead, traditional financial metrics remain the primary determinants of risk premiums. The chapter also explores the varying effects of ESG on credit ratings, with a particular focus on the social dimension, which is found to have a negative impact on ratings. The environmental and governance dimensions, however, show no clear significant results. The study further investigates the role of ESG as a moderating variable, finding that increased ESG preference can lead to a risk-reducing effect of governance performance on both risk premiums and ratings. The chapter also discusses the challenges and criticisms surrounding ESG ratings, including issues of objectivity, measurement, and the lack of consensus among rating agencies. It concludes that while ESG factors are gaining attention, their integration into credit risk assessment is still evolving and faces significant hurdles.
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previous chapter Results of the Empirical Study on ESG and Credit Risk
next chapter Conclusion
Title
Discussion of the Results
Author
Anna Gappmaier
Copyright Year
2025
Book
The Influence of ESG on Credit Risk

Print ISBN: 978-3-658-49089-8

Electronic ISBN: 978-3-658-49090-4

Copyright Year: 2025

DOI
https://doi.org/10.1007/978-3-658-49090-4_7
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