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

Boglarka Kiss (), Daniel Homolya () and Gyorgy Walter ()
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Boglarka Kiss: Eotvos Lorand University
Daniel Homolya: Tokaj-Hegyalja University
Gyorgy Walter: Eotvos Lorand University

Financial and Economic Review, 2025, vol. 24, issue 4, 96-117

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.

Keywords: ESG; credit risk; bank; corporate finance; systematic literature review (search for similar items in EconPapers)
JEL-codes: C10 G20 G21 Q56 (search for similar items in EconPapers)
Date: 2025
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