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The Relationship between ESG Factors and Corporate Credit Risk: Research Trends from a Bibliometric Perspective

Author

Listed:
  • Boglarka Kiss

    (Eotvos Lorand University)

  • Daniel Homolya

    (Tokaj-Hegyalja University)

  • Gyorgy Walter

    (Eotvos Lorand University)

Abstract

The study reviews the literature analysing the relationship between ESG factors and corporate credit risk using bibliometric and systematic literature review methods, processing scientific publications published between 2020 and 2024. Of these, 61 relevant studies are identified and examined in detail, focusing primarily on research trends and empirical results. Due to stricter regulations and market interest, the number of articles focusing on ESG and credit risk has increased significantly. According to the majority of publications, better ESG performance reduces credit risk. Our analysis revealed several research gaps: the examination of the relationship between ESG and credit risk in the small and medium-sized enterprise sector, the impact of climate risks on corporate credit risk and credit portfolios, region-specific analyses, and the application of innovative artificial intelligence and machine learning-based methodological frameworks are areas that could generate significant added value in both academic and market contexts.

Suggested Citation

  • Boglarka Kiss & Daniel Homolya & Gyorgy Walter, 2025. "The Relationship between ESG Factors and Corporate Credit Risk: Research Trends from a Bibliometric Perspective," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 24(4), pages 96-117.
    • Handle: RePEc:mnb:finrev:v:24:y:2025:i:4:p:96-117
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    File URL: https://hitelintezetiszemle.mnb.hu/sw/static/file/fer-24-4-st5-kiss-homolya-walter.pdf
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    References listed on IDEAS

    as
    1. Baojun Ma & Jingxia He & Hui Yuan & Jian Zhang & Chi Zhang, 2022. "Corporate social responsibility and trade credit: the role of textual features," Journal of Electronic Business & Digital Economics, Emerald Group Publishing Limited, vol. 2(1), pages 89-109, December.
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    Cited by:

    1. Gabor Szigel, 2026. "How Banks' Tasks Regarding Their Financed Carbon Footprint Is Misunderstood by EU Regulation," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 25(1), pages 151-163.

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    Keywords

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    JEL classification:

    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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