{"title":"COVID-19 期间的环境、社会和公司治理绩效与财务困境:创新和资本密集度的调节作用","authors":"Fatemeh (Nasim) Binesh, Sahar E-Vahdati, Ozgur Ozdemir","doi":"10.1108/apjba-12-2022-0515","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>This study examines the relationship between Environmental, Social and Governance (ESG) practices and financial distress in times of uncertainty.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>Thomson Reuters ESG database, Compustat and Center for Research in Security Prices (CRSP) were used to derive a final sample size of 1,572 firms and 11,618 firm-year observations from 2003 to 2022. Fixed-effects regression was used to analyze the data.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>It was found that increasing ESG involvement leads to an increase in Z score (i.e. lower financial distress), and this impact was more profound during the COVID-19 period and also when firms' innovativeness increased. However, during the COVID-19 period, increases in capital expenditures weaken the positive effect of ESG on financial distress.</p><!--/ Abstract__block -->\n<h3>Research limitations/implications</h3>\n<p>This study contributes to the growing body of literature on the impact of ESG performance on financial distress and the nature of this relationship during times of uncertainty such as COVID-19.</p><!--/ Abstract__block -->\n<h3>Practical implications</h3>\n<p>This study offers insights to managers and practitioners when developing their corporate financial strategies, particularly financial distress management, showing the potential benefits of innovativeness and capital intensity during turbulent times similar to COVID-19.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>Little knowledge exists on how ESG engagement helps weather financial distress during periods of uncertainty due to external shocks (e.g. COVID-19). This paper looks at the effect of ESG engagement on financial distress and how capital intensity and innovativeness could influence this relationship while giving fresh insights into the impact of COVID-19.</p><!--/ Abstract__block -->","PeriodicalId":45401,"journal":{"name":"Asia-Pacific Journal of Business Administration","volume":null,"pages":null},"PeriodicalIF":3.3000,"publicationDate":"2024-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"ESG performance and financial distress during COVID-19: the moderating effects of innovation and capital intensity\",\"authors\":\"Fatemeh (Nasim) Binesh, Sahar E-Vahdati, Ozgur Ozdemir\",\"doi\":\"10.1108/apjba-12-2022-0515\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>This study examines the relationship between Environmental, Social and Governance (ESG) practices and financial distress in times of uncertainty.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>Thomson Reuters ESG database, Compustat and Center for Research in Security Prices (CRSP) were used to derive a final sample size of 1,572 firms and 11,618 firm-year observations from 2003 to 2022. Fixed-effects regression was used to analyze the data.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>It was found that increasing ESG involvement leads to an increase in Z score (i.e. lower financial distress), and this impact was more profound during the COVID-19 period and also when firms' innovativeness increased. However, during the COVID-19 period, increases in capital expenditures weaken the positive effect of ESG on financial distress.</p><!--/ Abstract__block -->\\n<h3>Research limitations/implications</h3>\\n<p>This study contributes to the growing body of literature on the impact of ESG performance on financial distress and the nature of this relationship during times of uncertainty such as COVID-19.</p><!--/ Abstract__block -->\\n<h3>Practical implications</h3>\\n<p>This study offers insights to managers and practitioners when developing their corporate financial strategies, particularly financial distress management, showing the potential benefits of innovativeness and capital intensity during turbulent times similar to COVID-19.</p><!--/ Abstract__block -->\\n<h3>Originality/value</h3>\\n<p>Little knowledge exists on how ESG engagement helps weather financial distress during periods of uncertainty due to external shocks (e.g. COVID-19). This paper looks at the effect of ESG engagement on financial distress and how capital intensity and innovativeness could influence this relationship while giving fresh insights into the impact of COVID-19.</p><!--/ Abstract__block -->\",\"PeriodicalId\":45401,\"journal\":{\"name\":\"Asia-Pacific Journal of Business Administration\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":3.3000,\"publicationDate\":\"2024-09-19\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Asia-Pacific Journal of Business Administration\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/apjba-12-2022-0515\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asia-Pacific Journal of Business Administration","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/apjba-12-2022-0515","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS","Score":null,"Total":0}
ESG performance and financial distress during COVID-19: the moderating effects of innovation and capital intensity
Purpose
This study examines the relationship between Environmental, Social and Governance (ESG) practices and financial distress in times of uncertainty.
Design/methodology/approach
Thomson Reuters ESG database, Compustat and Center for Research in Security Prices (CRSP) were used to derive a final sample size of 1,572 firms and 11,618 firm-year observations from 2003 to 2022. Fixed-effects regression was used to analyze the data.
Findings
It was found that increasing ESG involvement leads to an increase in Z score (i.e. lower financial distress), and this impact was more profound during the COVID-19 period and also when firms' innovativeness increased. However, during the COVID-19 period, increases in capital expenditures weaken the positive effect of ESG on financial distress.
Research limitations/implications
This study contributes to the growing body of literature on the impact of ESG performance on financial distress and the nature of this relationship during times of uncertainty such as COVID-19.
Practical implications
This study offers insights to managers and practitioners when developing their corporate financial strategies, particularly financial distress management, showing the potential benefits of innovativeness and capital intensity during turbulent times similar to COVID-19.
Originality/value
Little knowledge exists on how ESG engagement helps weather financial distress during periods of uncertainty due to external shocks (e.g. COVID-19). This paper looks at the effect of ESG engagement on financial distress and how capital intensity and innovativeness could influence this relationship while giving fresh insights into the impact of COVID-19.
期刊介绍:
The Asia Pacific Journal of Business Administration (APJBA) publishes original research on: Business Strategy and Policy, Accounting and Board Governance, Marketing and People Management, and Operations and Supply Chain Management. The journal welcomes practical and skill-based submissions in these areas. There is particular interest in submissions regarding: Sustainable Business Practices, Quality Management Practices, Innovation and Creativity in Management, as well as Managing a Learning Organisation. The Asia Pacific region is full of collaborations between government, NGOs and private enterprise. Submissions are welcome which contribute to our understanding of partnerships and the cross-cultural issues. Research methods vary, and the journal is interested in the full diverse of qualitative (case and action research, etc) as well as quantitative survey studies and their recommendations. The APJBA seeks to become a forum for both established scholars and early career researchers in all aspects of management and business in the Asia-Pacific region. Emphasis is on rigour and relevance, on theory and practice, in a globalised scholarly environment.