“…There is a potential link and the challenge is to identify under which circumstances this link exists (Berman et al, 1999;Edwards, 1998;Esty and Porter, 1998;Friedman, 1970;Hart and Ahuja, 1996;Judge and Douglas, 1998;Klassen and McLaughlin, 1996;Louche, 2001;McGuire et al, 1988;Munn, 1998;Pava and Krausz, 1996;Reinhardt, 1999;Repetto and Austin, 1999;Schaltegger and Figge, 2000;Schaltegger and Synnestvedt, 2002;Stigson, 2001;Wagner and Schaltegger, 2003;Wagner et al, 2001b;Weber, 2006). In turn the economic performance of a company has a link to its creditworthiness and its credit risk (Caouette et al, 1998;Coulson and Monks, 1999;Keidel, 1997;Saunders, 1999;Schaltegger and Thomas, 1996) as it can infl uence the solvency or future earnings. This risk is transferred to the lender who has to rate and manage the risk.…”