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Navigating Financial Distress Through ESG Disclosures

ESG開示による財務困難の克服 (AI 翻訳)

Mirza Fahim Ahmed, Khadiza Khatun Tumpa, Md. Amanullah, Habibur Rahman Moni

The International Journal of Sustainability Policy and Practice📚 査読済 / ジャーナル2026-07-15#ESG経営インパクト: 資金調達対象セクター: pharmaceutical
DOI: 10.18848/2325-1166/cgp/a200
原典: https://doi.org/10.18848/2325-1166/cgp/a200

🤖 gxceed AI 要約

日本語

本研究は、バングラデシュの医薬品・化学産業156社のパネルデータを用いて、ESG開示（ESGD）が財務困難に与える影響を検証し、収益性（ROA）の調整効果を分析した。結果、ESGDは財務困難（AltmanのZスコア）を有意に低減し、特に収益性の高い企業で効果が大きいことが示された。ESG開示を中核業務やリスク管理に統合する必要性を提言する。

English

This study examines the effect of ESG disclosures (ESGD) on financial distress, with profitability (ROA) as a moderator, using panel data from 156 Bangladeshi pharmaceutical and chemical firms (2019-2024). Results show ESGD significantly reduces financial distress (measured by Altman's Z-score), and this effect is stronger for profitable firms. The study calls for integrating ESGD into core operations, strategy, and risk management, and for standardized reporting frameworks to enhance corporate resilience.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

本論文はバングラデシュ新興市場のデータに基づく。日本企業にとっては、新興国子会社のESG開示が財務健全性に寄与する可能性を示唆する点で参考となる。SSBJや有報でのESG開示が進む中、財務指標との関連を実証した点で示唆に富む。

In the global GX context

This paper provides empirical evidence from an emerging economy (Bangladesh) on how ESG disclosures reduce financial distress, offering insights for global ESG integration. For firms complying with TCFD/ISSB/CSRD, it supports the business case that ESG transparency can lower financial risk, particularly for profitable firms. It contributes to the growing literature linking ESG performance to financial resilience.

👥 読者別の含意

🔬研究者:Provides empirical evidence from an emerging market on the moderating role of profitability in the ESG disclosure-financial distress relationship.

🏢実務担当者:Highlights that ESG disclosures can reduce financial distress, especially for profitable firms, encouraging integration into risk management.

🏛政策担当者:Supports the need for standardized ESG reporting frameworks to enhance corporate resilience, particularly in emerging economies.

📄 Abstract（原文）

This study aims to examine the effect of Environmental, Social, and Governance Disclosures (ESGD) on financial distress, with profitability (return on asset [ROA]) as a moderating variable. Despite growing global attention to ESG practices, limited empirical evidence exists on how ESGD influences financial distress in emerging economies, particularly within sector-specific contexts. A total of 156 firm-year panel data of the pharmaceutical and chemical industry of Bangladesh, spanning the period between 2019 and 2024, are analyzed for this purpose. The study adopts a quantitative research design based on secondary data. Financial distress is determined through Altman’s Z-score, and profitability is measured through ROA. The results demonstrate that ESGD has a positive and statistically significant effect on Z-score, leading to lower financial distress. Furthermore, profitability significantly moderates the ESGD–financial distress relationship, suggesting that ESGD more effectively reduces financial distress among profitable firms. This study calls for managerial and policy-level implications regarding the integration of ESGD into core operational, strategic, and risk management practices. Alignment of ESG performance with financial performance, with standardized reporting frameworks, will enhance corporate resilience.

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