Hållbarhet och kreditvärdering : En studie om ESG-betygens inverkan på nordiska bolags kreditbetyg

Sammanfattning: This study aims to investigate the relationship between ESG-scores and credit ratings for Large Cap companies listed on the Nasdaq Nordic Stock Exchange Market. The purpose of the study is also to achieve a deeper understanding of how Swedish banks incorporate sustainability in the credit process. Considering the purpose of the study, triangulation was chosen as the approach as it includes both quantitative and qualitative procedures. Inspired by prior research the variables has primarily been conducted using simple linear and logistic regressions. Compared to significant prior research illuminating the positive effects of sustainability on financial performance, as well as risk mitigation effects, the study provides surprising results. Positive correlation between ESG-scores and credit scores can only be confirmed for two of the studied years. Four of the years verifies a positive correlation between a high ESG-score and a high credit score. The result also reflect that the strength of the correlation varies across industries and countries. Insights from the qualitative part of the study confirms that banks take sustainability into account in the credit process. The result of the study goes both hand in hand with prior research and deviates from it, which creates interesting opportunities for future research.