There is an ever-rising consciousness pertaining to Environmental, Social, and Governance (ESG) practices followed by firms all over the world. The firm-level ESG scores are used as a proxy measuring the sustainability performance of modern-day firms. The current study endeavors to explore the impact of ESG on the other strategic corporate aspects, including firm performance, capital structure, and bankruptcy likelihood. Based on multivariate ordinary least square analysis of 287 firm-year observations taken a sample of 74 firms for the six-year period (2017–2022) of the publicly traded Finnish companies, the study finds that overall ESG score and individual components- Environmental (E) and Social (S) scores favorably affect firm performance as quantifies by Return on Assets (ROA), however, Governance (G) score does not affect the same. In addition, an increasing S score leads to a falling share of debt in the capital structure as calculated by Debt-to-Assets (D/A) ratio, nonetheless, overall ESG score and individual scores of E and G do not affect D/A ratio. Finally, with the rise in overall ESG score and individual scores of E, S, and G, the bankruptcy risk, as measured by Altman Z-score, increases. The current study contributes to the discussion pertaining to the financial implications of the firm-level ESG performance which, consequently, can help the Finnish corporate sector to do more effective financial planning.