The Influence of Sustainability on Credit Assessment for the Banking Sector: A Mediation Analysis

IF 9.1 2区管理学 Q1 BUSINESS

Corporate Social Responsibility and Environmental Management Pub Date : 2025-06-17 DOI:10.1002/csr.3266

Carmine Da Fermo, Barbara Guardabascio, Elena Stanghellini

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Abstract

This study investigates how environmental, social, and governance (ESG) scores influence credit ratings in the banking sector, using mediation analysis to explore their role as intermediaries between financial indicators and creditworthiness. Findings reveal that Environmental and Social scores positively impact credit ratings, while Governance does not play any role. Environmental and Social scores appear negatively influenced by financial metrics such as net interest margin (NIM) and return on assets (ROA), suggesting that banks are yet to consider sustainability as a profitable investment strategy. Indeed, when decomposing the effect of NIM on Credit Rating, via mediation analysis, the negative indirect effect of a lower Social score seems to be negligible when compared to the positive direct impact on Credit Rating. However, this is not the case for the Environmental score, which seems to capture all relevant information to form the Credit Rating. Overall, the commitment of rating agencies to account for sustainability factors seems to be supported, possibly triggering a shift in banks' long-term investment strategies.

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可持续性对银行业信用评估的影响：一个中介分析

本研究探讨了环境、社会和治理（ESG）分数如何影响银行业的信用评级，使用中介分析来探索它们在财务指标和信誉之间的中介作用。研究结果显示，环境和社会评分对信用评级有积极影响，而治理不起任何作用。环境和社会得分似乎受到净息差（NIM）和资产回报率（ROA）等财务指标的负面影响，这表明银行尚未将可持续性视为一种有利可图的投资策略。的确，在分解NIM对信用评级的影响时，通过中介分析，与对信用评级的正面直接影响相比，较低的社会得分的负面间接影响似乎可以忽略不计。然而，环境评分并非如此，它似乎捕捉了构成信用评级的所有相关信息。总体而言，评级机构考虑可持续性因素的承诺似乎得到了支持，这可能引发银行长期投资策略的转变。

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来源期刊

Corporate Social Responsibility and Environmental Management Multiple-

CiteScore

17.20

自引率

16.30%

发文量

189

期刊介绍： Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.