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

Kiss, Boglárka and Homolya, Dániel and Walter, György (2025) The Relationship between ESG Factors and Corporate Credit Risk: Research Trends from a Bibliometric Perspective. FINANCIAL AND ECONOMIC REVIEW, 24 (4). pp. 96-117. ISSN 2415-9271

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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.

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