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

In: Economic Resilience and Sustainability—Vol. 1

Author

Listed:
  • Alvin Zikro

    (Telkom University, Department of Accounting, School of Economics and Business)

  • Farida Titik Kristanti

    (Telkom University, Department of Accounting, School of Economics and Business)

  • Hosam Alden Riyadh

    (Telkom University, Department of Accounting, School of Economics and Business)

Abstract

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.

Suggested Citation

  • Alvin Zikro & Farida Titik Kristanti & Hosam Alden Riyadh, 2025. "ESG as a Buffer Against Financial Distress: Insights from Energy Firms in the Asia–Pacific," Springer Proceedings in Business and Economics, in: Veland Ramadani & Abdylmenaf Bexheti & Hyrije Abazi-Alili & Christina Theodoraki & Gadaf Rexhepi & B (ed.), Economic Resilience and Sustainability—Vol. 1, chapter 0, pages 215-229, Springer.
    • Handle: RePEc:spr:prbchp:978-3-032-04218-7_14
    DOI: 10.1007/978-3-032-04218-7_14
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