The Influence of ESG on Credit Risk: An Analysis of European Corporate Bonds - Softcover

Gappmaier, Anna

Softcover

ISBN 10: 3658490896 ISBN 13: 9783658490898

Verlag: Springer, 2025

Inhaltsangabe

The increasing relevance of ESG (Environmental, Social, and Governance) in financial research and practice is driven by materiality, investor demand, and regulatory developments. Since ESG initiatives often entail (high) costs for companies, the question arises whether such investments “pay off” in terms of higher performance or lower risk. Previous research has primarily focused on the shareholder value perspective. More recent studies examine ESG from a risk perspective, mainly equity-based. However, studies exploring the relationship between ESG and credit risk remain scarce, especially in the European context. From a principal-agent theory perspective, it can be assumed that creditors evaluate ESG investments differently than owners. Creditors are primarily concerned with the servicing of their claims from the company’s cash flow and generally favor less risky investments. The aim of this study is to provide a comprehensive overview of the existing empirical literature and to expand it through an original empirical investigation.

Über diesen Titel

Über die Autorin bzw. den Autor

Dr. Anna Gappmaier works at the Department of Corporate Finance, at Johannes Kepler University Linz. Her research focuses on issues related to sustainability and ESG from a corporate finance perspective.

Von der hinteren Coverseite

The increasing relevance of ESG (Environmental, Social, and Governance) in financial research and practice is driven by materiality, investor demand, and regulatory developments. Since ESG initiatives often entail (high) costs for companies, the question arises whether such investments “pay off” in terms of higher performance or lower risk. Previous research has primarily focused on the shareholder value perspective. More recent studies examine ESG from a risk perspective, mainly equity-based. However, studies exploring the relationship between ESG and credit risk remain scarce, especially in the European context. From a principal-agent theory perspective, it can be assumed that creditors evaluate ESG investments differently than owners. Creditors are primarily concerned with the servicing of their claims from the company’s cash flow and generally favor less risky investments. The aim of this study is to provide a comprehensive overview of the existing empirical literature and to expand it through an original empirical investigation.

The Author

Dr. Anna Gappmaier works at the Department of Corporate Finance, at Johannes Kepler University Linz. Her research focuses on issues related to sustainability and ESG from a corporate finance perspective.

The translation was done with the help of artificial intelligence. A subsequent human revision was done primarily in terms of content.

This book is a translation of an original German edition. The translation was done with the help of artificial intelligence (machine translation by the service DeepL.com). A subsequent human revision was done primarily in terms of content, so that the book will read stylistically differently from a conventional translation.

Details zur Ausgabe

• Verlag: Springer
• Erscheinungsdatum: 2025
• Sprache: Englisch
• ISBN 10: 3658490896
• ISBN 13: 9783658490898
• Einband: Taschenbuch
• Anzahl der Seiten: 260
• Kontakt zum Hersteller: GPSR Kontakt; ProductSafety@springernature.com; ; Slevogtstraße 3-5; Heidelberg; 69126; Deutschland