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

IF 3.3 Q2 BUSINESS
Fatemeh (Nasim) Binesh, Sahar E-Vahdati, Ozgur Ozdemir
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引用次数: 0

摘要

设计/方法/途径使用汤森路透 ESG 数据库、Compustat 和证券价格研究中心 (CRSP) 得出 2003 年至 2022 年期间 1,572 家公司和 11,618 个公司年观测值的最终样本量。研究结果发现,ESG参与度的提高会导致Z得分的增加(即财务困境的降低),这种影响在COVID-19期间以及企业创新能力提高时更为显著。然而,在 COVID-19 期间,资本支出的增加削弱了 ESG 对财务困境的积极影响。研究局限性/启示本研究为越来越多的关于 ESG 表现对财务困境的影响以及在 COVID-19 等不确定时期这种关系的性质的文献做出了贡献。实践意义本研究为管理者和从业人员制定企业财务战略,尤其是财务困境管理提供了启示,显示了在类似 COVID-19 的动荡时期,创新和资本强度的潜在益处。 原创性/价值在外部冲击(如 COVID-19)导致的不确定性时期,ESG 参与如何帮助度过财务困境,这方面的知识很少。本文探讨了 ESG 参与对财务困境的影响,以及资本密集度和创新性如何影响这种关系,同时对 COVID-19 的影响提出了新的见解。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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.

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来源期刊
CiteScore
7.20
自引率
13.20%
发文量
69
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.
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