ESG Disclosure and Access to Credit: A Configurational Analysis of European Listed Firms

IF 12.5 1区管理学 Q1 BUSINESS

Business Strategy and The Environment Pub Date : 2025-04-02 DOI:10.1002/bse.4274

Carmen Gallucci, Rosalia Santulli, Riccardo Tipaldi

引用次数: 0

Abstract

This study investigates how various ESG disclosure configurations affect credit access for European firms listed on the STOXX Europe 600 Index during 2021–2022. Employing fuzzy‐set qualitative comparative analysis and ESG disclosures standardised under the Global Reporting Initiative (GRI), the findings demonstrate that disclosure patterns associated with enhanced credit access vary between short‐ and long‐term financing. Notably, climate change‐related disclosure consistently improves credit access across financing types. The study emphasises the significance of aligning ESG disclosure with financing objectives and provides practical insights for firms, lenders and policymakers. Firms can strategically concentrate on disclosures that best support their financing requirements, whereas lenders gain from standardised frameworks like GRI for more dependable credit evaluations. Policymakers, in turn, can leverage the role of ESG disclosure in credit markets to promote sustainability transitions.

查看原文本刊更多论文

ESG信息披露与信贷获取：欧洲上市公司的结构分析

本研究探讨了2021-2022年期间，不同的ESG披露配置如何影响STOXX欧洲600指数上市公司的信贷获取。采用模糊集定性比较分析和全球报告倡议组织（GRI）标准化的ESG披露，研究结果表明，与增强信贷获取相关的披露模式在短期融资和长期融资之间存在差异。值得注意的是，与气候变化相关的信息披露持续改善了各种融资类型的信贷获取。该研究强调了将ESG披露与融资目标结合起来的重要性，并为企业、贷款人和政策制定者提供了实用的见解。公司可以战略性地集中于最能支持其融资需求的信息披露，而贷方则可以从GRI等标准化框架中获得更可靠的信用评估。反过来，政策制定者可以利用ESG信息披露在信贷市场中的作用，促进可持续性转型。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Business Strategy and The Environment Multiple-

CiteScore

22.50

自引率

19.40%

发文量

336

期刊介绍： Business Strategy and the Environment (BSE) is a leading academic journal focused on business strategies for improving the natural environment. It publishes peer-reviewed research on various topics such as systems and standards, environmental performance, disclosure, eco-innovation, corporate environmental management tools, organizations and management, supply chains, circular economy, governance, green finance, industry sectors, and responses to climate change and other contemporary environmental issues. The journal aims to provide original contributions that enhance the understanding of sustainability in business. Its target audience includes academics, practitioners, business managers, and consultants. However, BSE does not accept papers on corporate social responsibility (CSR), as this topic is covered by its sibling journal Corporate Social Responsibility and Environmental Management. The journal is indexed in several databases and collections such as ABI/INFORM Collection, Agricultural & Environmental Science Database, BIOBASE, Emerald Management Reviews, GeoArchive, Environment Index, GEOBASE, INSPEC, Technology Collection, and Web of Science.