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Erschienen in:
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2023 | OriginalPaper | Buchkapitel

8. The Role of ESG on Credit Rating in the Banking Sector: A Mediation Analysis to Disentangle the Direct and Indirect Effects

verfasst von : Manuela Fasano, Barbara Guardabascio, Elena Stanghellini

Erschienen in: ESG Integration and SRI Strategies in the EU

Verlag: Springer Nature Switzerland

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Abstract

The attention to sustainable finance has dramatically increased in the recent past. In Europe, the perceived relevance of financial sustainability is mainly due to the European Commission’s commitment to integrate Environmental, Social and Governance (ESG) parameters into all aspects of the financial system. Our objective is to investigate the existence and extent of the impact of compliance with ESG on Credit Rating of European companies. With reference to the financial sector, we use mediation analysis to disentangle the effect of standard balance sheet indicators (measuring the stability and leverage of a company) on Credit Ratings, into a direct one and an indirect one, this second mediated by the ESG rating. Given the different implications of the three aspects of the overall score, Environment, Social and Governance, we apply the methodology to each score separately considered. Results show that only Governance plays a role, with a significant indirect effect that is, however, negligible in magnitude. Data are provided by Thomson Reuters.

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Vorheriges Kapitel Insurance Industry and Sustainability Preferences: Contracts and Products
Nächstes Kapitel The European Blue Economy Framework and Blue Bonds as New Instruments of Blue Finance
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Metadaten
Titel
The Role of ESG on Credit Rating in the Banking Sector: A Mediation Analysis to Disentangle the Direct and Indirect Effects
verfasst von
Manuela Fasano
Barbara Guardabascio
Elena Stanghellini
Copyright-Jahr
2023
Buch
ESG Integration and SRI Strategies in the EU

Print ISBN: 978-3-031-36456-3

Electronic ISBN: 978-3-031-36457-0

Copyright-Jahr: 2023

DOI
https://doi.org/10.1007/978-3-031-36457-0_8