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ESG as a Shield: Does ESG Performance Protect Companies from Bankruptcy?

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发布日期：2024年05月19日上次修订日期：2024年05月19日

Zihao Lin williamliyo@qq.com Sun Yat-sen University

摘要

This study examines a sample of Chinese listed companies from 2009 to 2021 and finds that Environmental, Social, and Governance (ESG) performance significantly reduces bankruptcy risk. Robustness tests support the bankruptcy risk mitigation effect of ESG performance. Mechanism analysis shows that ESG performance reduces bankruptcy risk by decreasing systematic risk and alleviating financing constraints. Further analysis indicates that the performance of the three dimensions of ESG, namely Environment (E), Social (S), and Governance (G), contributes to the reduction of bankruptcy risk.

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关键词：

ESG performance Bankruptcy risk Systematic risk Financing constraints

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