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Sustainability and Credit Spreads in Japan

In: Environmental Technology Innovation and ESG Investment

Author

Listed:
  • Tatsuyoshi Okimoto

    (Keio University and Research Institute of Economy, Trade and Industry (RIETI))

  • Sumiko Takaoka

    (Seikei University)

Abstract

The rapid expansion of environmental, social, and governance (ESG) investing raises a question vis-á-vis if the asset prices reflect the firm’s ESG performance. Early empirical research related to the relationship between corporate social responsibility (CSR) and financial performance shows mixed results.

Suggested Citation

  • Tatsuyoshi Okimoto & Sumiko Takaoka, 2024. "Sustainability and Credit Spreads in Japan," Springer Books, in: Sumiko Takaoka (ed.), Environmental Technology Innovation and ESG Investment, pages 11-38, Springer.
    • Handle: RePEc:spr:sprchp:978-981-99-9768-8_2
    DOI: 10.1007/978-981-99-9768-8_2
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    Citations

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    Cited by:

    1. Okimoto, Tatsuyoshi & Takaoka, Sumiko, 2024. "Credit default swaps and corporate carbon emissions in Japan," Energy Economics, Elsevier, vol. 133(C).
    2. Ikuko Shiiyama, 2025. "Expected Credit Spreads and Market Choice: Evidence from Japanese Bond Issuers," JRFM, MDPI, vol. 18(9), pages 1-19, September.
    3. Lin, Zi & Yang, Qing & Chen, Shasha, 2025. "Exploring the correlation between financial leverage and corporate bond credit spreads," Finance Research Letters, Elsevier, vol. 75(C).
    4. Sharma, Shivani & Sharma, Udayan, 2025. "What does green bond prospectus communicate about credit spread?," Finance Research Letters, Elsevier, vol. 79(C).
    5. Ruizhen Li & Kanwal Zahra & Hina Najam & Saitao Jia, 2025. "Examining the role of digitalization and ESG strategies in enhancing resilience and sustainable performance of SMEs," International Entrepreneurship and Management Journal, Springer, vol. 21(1), pages 1-23, December.
    6. Dai, Haiyan & Dong, Xueqin & Xue, Fang, 2024. "Corporate credit risk and bond yield spreads: Market reactions to the spreads," Finance Research Letters, Elsevier, vol. 67(PB).
    7. Ruan, Qingsong & Li, Chengyu & Lv, Dayong & Wei, Xiaokun, 2025. "Going Green: Effect of green bond issuance on corporate debt financing costs," The North American Journal of Economics and Finance, Elsevier, vol. 75(PA).

    More about this item

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • 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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