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Do ESG Risk Scores Influence Financial Distress? Evidence from a Dynamic NDEA Approach

Author

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  • Jorge Antunes

    (COPPEAD Graduate Business School, Federal University of Rio de Janeiro, Rua Paschoal Lemme, 355, Rio de Janeiro 21949-900, Brazil)

  • Peter Wanke

    (COPPEAD Graduate Business School, Federal University of Rio de Janeiro, Rua Paschoal Lemme, 355, Rio de Janeiro 21949-900, Brazil)

  • Thiago Fonseca

    (Fundação Getulio Vargas—Escola Brasileira de Administração Publica e de Empresas, Edifício Roberto Campos, Jornalista Orlando Dantas Street, 30—Botafogo CEP, Rio de Janeiro 22231-010, Brazil)

  • Yong Tan

    (School of Management, University of Bradford, Bradford BD7 1DP, UK)

Abstract

Financial distress is a research topic in finance that has attracted attention from academia following past financial crises. Although previous studies associate financial distress with several elements, the relationship between distress and ESG has not been broadly explored. This paper investigates these issues by elaborating a Dynamic Network DEA model to address the underlying connections between accounting and financial indicators. Thus, a model that includes profit and loss, balance sheet, and capital and operating expenditures indicators is demonstrated under the dynamic network structure to compute financial-distress efficiency scores. Then, the impact of carryovers is considered for the accurate calculation of efficiency scores for the three substructures. The influence of contextual variables, such as socioeconomic and macroeconomic variables, and whether the firm owns an ESG Risk Score or not, is assessed through a stochastic non-linear model that combines three distinct regression types: Simplex, Tobit, and Beta. The results indicate that firms that hold an ESG Risk Score are less prone to be in financial distress, and Governance Score is negatively associated with financial distress efficiency.

Suggested Citation

  • Jorge Antunes & Peter Wanke & Thiago Fonseca & Yong Tan, 2023. "Do ESG Risk Scores Influence Financial Distress? Evidence from a Dynamic NDEA Approach," Sustainability, MDPI, vol. 15(9), pages 1-32, May.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:9:p:7560-:d:1139520
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