ESG and Corporate Creditworthiness: An Ordinal-Logistic Exploration of Global Markets
ESGと企業信用力：グローバル市場における順序ロジスティック分析 (AI 翻訳)
Fatima Anaz, Antoine B. Awad
🤖 gxceed AI 要約
日本語
本研究は、2008～2022年のアジア、欧州、アメリカ、オセアニアの非金融企業400社を対象に、ESGスコアと企業信用力の関係を順序ロジスティック回帰で分析。全体のESGスコア及び各ピラーが信用格付けと正の相関を持つことを示し、企業規模、収益性、カバレッジ比率も重要。実務および政策への示唆を提供。
English
This study uses ordinal-logistic regression on 400 non-financial firms from Asia, Europe, Americas, and Oceania (2008-2022) to examine the relationship between ESG scores and corporate creditworthiness. Findings show a significant positive association between overall ESG score, its individual components, and credit ratings. Larger firms, higher profitability, and stronger coverage ratios also enhance creditworthiness. The results are robust to endogeneity checks and provide practical implications for stakeholders and policymakers.
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開示基準が整備され、格付け機関もESGを考慮する中、本研究成果はESGと信用力の正の関係をグローバルデータで示し、日本企業の開示や投資家対応に実証的根拠を提供する。
In the global GX context
Amid rising integration of ESG factors into credit ratings globally (ISSB, TCFD, transition finance), this paper provides robust cross-country evidence that higher ESG scores improve creditworthiness, supporting the business case for ESG adoption and disclosure.
👥 読者別の含意
🔬研究者:Empirical evidence on the ESG-credit rating link, including novel use of interest and cash flow coverage ratios and heterogeneity by rating category.
🏢実務担当者:Demonstrates that stronger ESG performance can lead to better credit ratings, informing corporate sustainability strategy and engagement with rating agencies.
🏛政策担当者:Reinforces the role of ESG disclosure and regulatory pressure in improving corporate credit quality, relevant for capital market authorities and standard-setters.
📄 Abstract（原文）
Purpose: This paper aims to investigate whether the ESG performance, in addition to the standalone ESG pillars, i.e., environmental, social, and governance scores, are associated with the corporate creditworthiness. Study Design/Methodology/Approach: This study utilized ordinal-logistic regression using 400 non-financial firms extracted from Asia, Europe, the Americas, and Oceania for the period 2008–2022. Findings: The empirical findings reveal a significant positive relationship between the overall ESG score, each of its individual components, and corporate creditworthiness, indicating that higher ESG scores contribute to better credit ratings. Additionally, the results show that larger firms, higher profitability, improved coverage ratios, and stronger economic growth enhance a firm's creditworthiness. To ensure the robustness of these findings, we conducted further tests using a two-step GMM approach. Originality: This study is the first to include interest coverage and cash flow coverage ratios as predictors of a firm's ability to service its debt and generate sufficient operating cash flows for debt repayment. A heterogeneity analysis is conducted using two subsamples—investment-grade and speculative-grade firms—to examine whether the relationship between a firm’s ESG performance and its creditworthiness holds across these two rating categories. Practical implications: The findings highlight the growing importance of ESG performance for stakeholders in making informed decisions. They are also of significant relevance to credit rating agencies, capital market authorities, and policymakers, as these groups play a crucial role in exerting institutional pressure on companies to adopt and improve their ESG practices.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.2139/ssrn.6744778first seen 2026-07-18 08:04:09
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