Template-Type: ReDIF-Article 1.0

Author-Name: Boglarka Kiss
Author-Workplace-Name: Eotvos Lorand University
Author-Email: kissboglarka@student.elte.hu
Author-Person:

Author-Name: Daniel Homolya
Author-Workplace-Name: Tokaj-Hegyalja University
Author-Email: homolya.daniel@unithe.hu
Author-Person:

Author-Name: Gyorgy Walter
Author-Workplace-Name: Eotvos Lorand University
Author-Email: walter.gyorgy@gtk.elte.hu
Author-Person: pwa727

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

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.

Classification-JEL: C10, G20, G21, Q56
Keywords: ESG, credit risk, bank, corporate finance, systematic literature review
Pages: 96-117
Volume: 24
Issue: 4
Year: 2025
File-URL: https://hitelintezetiszemle.mnb.hu/sw/static/file/fer-24-4-st5-kiss-homolya-walter.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:24:y:2025:i:4:p:96-117