The Impact of Environment, Social, and Governance (ESG) Performance on the Change of Z-score before and after the COVID-19 – the Case of Chinese A-Share Manufacturing Industry Companies
Chih-Yi Hsiao, Qian Jiang, Lin-Yi Lian, You-Shen Wang
Asian Journal of Economics, Business and Accounting · pp. 46–57 · Published 16 Mar 2022
10.9734/ajeba/2022/v22i630571Abstract
Since the outbreak of the COVID-19, many companies around the world have fallen into financial difficulties to varying degrees due to various factors. But there are also a lot of companies that have taken on more corporate social responsibilities than usual during the epidemic. The enterprises have to pay a huge capital to undertake social responsibility, according to the connotation of sustainable operation of corporate social responsibility, the ultimate goal of implementing corporate social responsibility should be to achieve a win-win situation between enterprises and stakeholders. Therefore, this study uses the A-share manufacturing industry of Chinese listed companies from 2019, 2020, and the third quarter of 2021 as the research samples, and empirically probes the impact of ESG performance on changes in the Z-score of companies before and after the COVID-19. The results of the study found that during the epidemic, the better the ESG performance, and the more unfavorable the overall financial situation of the company, this is due to the huge expenditure for unusual business. However, if the company that ESG performance kept the same or even improved compared with last year would significantly improve the overall financial situation of the company. The improvement was even more pronounced for companies at the high level of financial physique, that is, the continued effort on corporate social responsibility worked. In addition, after the recovery of the epidemic, the performance of ESG has no significant impact on the overall financial situation of the company, but companies with better financial situation recovery can significantly improve the Z-score of the company if the ESG performance can be on par with the previous period or even improve. According to the empirical research results, this study also puts forward corresponding suggestions.
Cited by 5
Xiaolong Zhou, Zhang Mingyue · Studies of the Industrial Geography Commission of the Polish Geographical Society · 2023
Shuyi Zheng, Tiantian Wang · Applied Mathematics and Nonlinear Sciences · 2024
Yongming Zhu, Saima Kiran, Muhammad Salman · PLOS ONE · 2024
Bochra Issa, Sana Ben Abdallah, Foued Badr Gabsi · 2025
Xiaomin Bao, Muhammad Sadiq, Weiling Tye · Journal of Environmental Management · 2024
Related research
- COVID 19 Disease Caused by Coronavirus 2 (SARS-CoV-2) (Severe Acute Respiratory Syndrome) — shares topic coverage
- Assessment of Anxiety in Healthcare Providers Working in ICU during COVID-19 Pandemics — shares topic coverage
- Azithromycin and Hydroxychloroquine Accelerate Recovery of Outpatients with Mild/Moderate COVID-19 — shares topic coverage
- Elevated Levels of Lactate Dehydrogenase Predicts Poor Outcomes for Patients with COVID-19: A Review — shares topic coverage
- Addressing the Challenges of Containing Covid-19 Spread in a Rural, Poor Area in India: A Case Study — shares topic coverage
Article metrics
Real usage data collected on this platform.
0
Page views
0
PDF downloads
0
Outbound clicks
5
Citations
Views by country
Approximate, from request IP at view time — not citizenship or institution. Countries with fewer than 5 views are grouped as "Other".
No views recorded yet.
Traffic sources
Referring site, by host.
No traffic recorded yet.
Views and downloads exclude known bots/crawlers. Citations combines this platform's own DOI-resolved index with each external source's own reported total — see Cited by above for individually listed citing works. Last refreshed 0 seconds ago.