Christian Lohmann, Steffen Möllenhoff, Sebastian Lehner
{"title":"财务困境与ESG得分关系研究","authors":"Christian Lohmann, Steffen Möllenhoff, Sebastian Lehner","doi":"10.1002/csr.70033","DOIUrl":null,"url":null,"abstract":"<p>This empirical study analyzes the relationship between a company's financial distress obtained from a bankruptcy prediction model and ESG scores from Refinitiv, MSCI, ESG Book, and Moody's ESG. Applying a nonparametric regression technique on panel data of listed US companies for 2003–2022 reveals a pronounced and statistically significant U-shaped relationship between financial distress and ESG scores. Financially distressed companies exhibit high ESG scores. Further empirical analysis shows that the most plausible interpretation is that companies anticipate their upcoming financial distress and intensify ESG-supporting disclosures to manage their ESG scores upward. The empirical results underline the importance of including the financial health of a company in ESG assessments. Only by taking into account both the ESG performance and the financial sustainability of a company is it possible to assess responsible corporate governance.</p>","PeriodicalId":48334,"journal":{"name":"Corporate Social Responsibility and Environmental Management","volume":"32 5","pages":"6377-6401"},"PeriodicalIF":9.1000,"publicationDate":"2025-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/csr.70033","citationCount":"0","resultStr":"{\"title\":\"On the Relationship Between Financial Distress and ESG Scores\",\"authors\":\"Christian Lohmann, Steffen Möllenhoff, Sebastian Lehner\",\"doi\":\"10.1002/csr.70033\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>This empirical study analyzes the relationship between a company's financial distress obtained from a bankruptcy prediction model and ESG scores from Refinitiv, MSCI, ESG Book, and Moody's ESG. Applying a nonparametric regression technique on panel data of listed US companies for 2003–2022 reveals a pronounced and statistically significant U-shaped relationship between financial distress and ESG scores. Financially distressed companies exhibit high ESG scores. Further empirical analysis shows that the most plausible interpretation is that companies anticipate their upcoming financial distress and intensify ESG-supporting disclosures to manage their ESG scores upward. The empirical results underline the importance of including the financial health of a company in ESG assessments. Only by taking into account both the ESG performance and the financial sustainability of a company is it possible to assess responsible corporate governance.</p>\",\"PeriodicalId\":48334,\"journal\":{\"name\":\"Corporate Social Responsibility and Environmental Management\",\"volume\":\"32 5\",\"pages\":\"6377-6401\"},\"PeriodicalIF\":9.1000,\"publicationDate\":\"2025-06-24\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1002/csr.70033\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Corporate Social Responsibility and Environmental Management\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1002/csr.70033\",\"RegionNum\":2,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Corporate Social Responsibility and Environmental Management","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/csr.70033","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
On the Relationship Between Financial Distress and ESG Scores
This empirical study analyzes the relationship between a company's financial distress obtained from a bankruptcy prediction model and ESG scores from Refinitiv, MSCI, ESG Book, and Moody's ESG. Applying a nonparametric regression technique on panel data of listed US companies for 2003–2022 reveals a pronounced and statistically significant U-shaped relationship between financial distress and ESG scores. Financially distressed companies exhibit high ESG scores. Further empirical analysis shows that the most plausible interpretation is that companies anticipate their upcoming financial distress and intensify ESG-supporting disclosures to manage their ESG scores upward. The empirical results underline the importance of including the financial health of a company in ESG assessments. Only by taking into account both the ESG performance and the financial sustainability of a company is it possible to assess responsible corporate governance.
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.
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
