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ESG and Credit Risk

In: Sustainable Finance and ESG

Author

Listed:
  • Chrysovalantis Gaganis

    (University of Crete)

  • Fotios Pasiouras

    (Montpellier Business School)

  • Menelaos Tasiou

    (University of Portsmouth)

Abstract

In recent years, the incorporation of environmental, social and governance (ESG) factors into credit risk assessments has received attention from both academics and market participants. The present chapter consists of two main parts. The first part discusses academic studies that provide empirical evidence of the ESG-credit risk nexus and the implied mechanisms behind it. The second part discusses how the three major rating agencies (Fitch, Moody’s, S&P) view and incorporate ESG aspects into their credit ratings.

Suggested Citation

  • Chrysovalantis Gaganis & Fotios Pasiouras & Menelaos Tasiou, 2023. "ESG and Credit Risk," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Chrysovalantis Gaganis & Fotios Pasiouras & Menelaos Tasiou & Constantin Zopounidis (ed.), Sustainable Finance and ESG, pages 125-143, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-031-24283-0_6
    DOI: 10.1007/978-3-031-24283-0_6
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