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This study investigates how ESG performance affects financial distress in energy sector firms across developing Asia–Pacific countries, with capital intensity. Using panel data from 2019 to 2023. Results show that ESG performance significantly reduces financial distress, as indicated by higher Z-scores. However, capital intensity does not significantly moderate this relationship. High capital intensity may weaken ESG benefits due to high fixed costs. The study is limited primarily by its narrow sectoral focus and reliance on a single ESG data source. This research is the first to introduce capital intensity as a moderating factor in the relationship between ESG and financial distress within the context of the energy sector in developing countries.

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ESG as a Buffer Against Financial Distress: Insights from Energy Firms in the Asia–Pacific

  • 会议论文

  • 发表日期：

    2025年

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  • Alvin Zikro,
  • Farida Titik Kristanti,
  • Hosam Alden Riyadh

摘要

This study investigates how ESG performance affects financial distress in energy sector firms across developing Asia–Pacific countries, with capital intensity. Using panel data from 2019 to 2023. Results show that ESG performance significantly reduces financial distress, as indicated by higher Z-scores. However, capital intensity does not significantly moderate this relationship. High capital intensity may weaken ESG benefits due to high fixed costs. The study is limited primarily by its narrow sectoral focus and reliance on a single ESG data source. This research is the first to introduce capital intensity as a moderating factor in the relationship between ESG and financial distress within the context of the energy sector in developing countries.