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Balancing sustainability and financial stability: examining the effect of ESG on corporate financial distress with dividend payout policy as a moderator - an analysis across economic cycles
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Resumo(s)
This study examines how environmental, social and governance (ESG) affects corporate
financial distress (CFD) and assesses the role of dividend payout policy (DPP) in moderating
this relationship. Analysing a global dataset of 49,211 firm-year-observations from 2006 to
2023, we find that ESG is associated with increased CFD. Moreover, we find that a robust DPP
may mitigate the increased distress risk. We also conduct an analysis for economic downturn
and upswing periods. Our findings further strengthen the statistically significant, positive link
between ESG and CFD while revealing no clear statistical significance across different models
for the moderating effect of DPP.
Descrição
Palavras-chave
Sustainability ESG score Corporate financial distress Altman Z-Score Dividend payout policy Shareholder theory Stakeholder theory Economic cycle