The impact of environmental, social, and governance disclosure on credit risk: Evidence from South African firms
環境・社会・ガバナンス（ESG）開示が信用リスクに与える影響：南アフリカ企業からのエビデンス (AI 翻訳)
Delane D. Naidu
🤖 gxceed AI 要約
日本語
本研究は、南アフリカ企業のESG開示が信用リスクに与える影響を検証。2017〜2023年のデータを用いた分析により、開示の向上がデフォルト確率を低下させ、信用モデルスコアを改善する一方、債務コストには影響しないことが明らかになった。ガバナンス開示がデフォルト削減を促進し、環境・社会の柱が信用スコアを強化する。新興市場におけるESGと信用評価の関連性を示す実証研究。
English
This study examines the effect of ESG disclosure on credit risk for South African firms. Using data from 2017-2023, it finds that higher disclosure lowers probability of default and improves credit model scores, but does not affect cost of debt. Governance disclosure drives default reduction, while environmental and social pillars strengthen credit scores. The research provides emerging market evidence linking ESG to credit evaluation.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではSSBJや有報における非財務情報開示の拡充が進んでおり、ESG開示が企業の信用リスク評価に与える影響の理解は、投資家や金融機関にとって重要である。南アフリカの事例は、新興国市場における知見として参考になる。
In the global GX context
This study adds to the global literature on ESG and credit risk, particularly for emerging markets. It highlights how different ESG pillars affect distinct credit channels, offering insights for regulators and financial institutions integrating ESG into risk assessment. The findings are relevant for the ongoing global expansion of ESG disclosure requirements.
👥 読者別の含意
🔬研究者:Provides first South African evidence on ESG-credit risk relationship using endogeneity-corrected models.
🏢実務担当者:Useful for corporate sustainability teams and banks in understanding how improved ESG disclosure can affect credit risk and potentially reduce borrowing costs.
🏛政策担当者:Shows that strengthening ESG disclosure can enhance financial stability by lowering default risk, relevant for emerging market regulators.
📄 Abstract（原文）
Background: Environmental, social, and governance (ESG) disclosure can influence a firm’s credit risk by improving transparency, strengthening risk management, and signalling stability to lenders and rating agencies. In South Africa, where information asymmetry, governance weaknesses, and macroeconomic volatility persist, understanding this relationship is important for promoting financial stability and advancing sustainable investment practices. Aim: This study investigates how ESG disclosure affects three dimensions of credit risk: probability of default (PD), cost of debt (COD), and credit model scores (CMS). It also evaluates whether individual ESG pillars exert distinct effects, thereby identifying which sustainability dimensions are most relevant in the South African context. Setting: The analysis covers 78 non-financial Johannesburg Stock Exchange firms from 2017 to 2023. Method: The study employs baseline ordinary least squares and fixed-effects models, and instrumental-variable two-stage least squares for PD and COD, and ordered probit models, with and without a conditional mixed-process framework, for CMS, allowing treatment of endogeneity. Results: Higher ESG disclosure lowers PD and improves CMS but does not affect COD. Governance drives reductions in PD, while environmental and social pillars strengthen CMS, indicating that ESG components operate through different credit risk channels. Conclusion: Environmental, social, and governance disclosure influences two credit risk measures, highlighting its relevance for credit evaluation in South Africa. Contribution: This study provides the first South African evidence on the ESG-credit risk relationship using different proxies and endogeneity-corrected models. It advances academic debates on ESG in emerging markets and offers practical insights for regulators, lenders, and investors integrating ESG factors into credit-risk evaluation.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.4102/sajems.v29i1.6459first seen 2026-07-18 05:09:43
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