| Author: | Sun, Xiaofei |
| Title: | ESG and corporate financial distress : evidence from real estate developers in China |
| Advisors: | Shen, Jeff (BRE) |
| Degree: | M.Sc. |
| Year: | 2024 |
| Subject: | Real estate business -- Environmental aspects Real estate developers -- China Corporations -- Finance Social responsibility of business Hong Kong Polytechnic University -- Dissertations |
| Department: | Department of Building Environment and Energy Engineering |
| Pages: | vi, 76 pages |
| Language: | English |
| Abstract: | At present, there is a growing emphasis on corporate social sustainability. The effects of environmental, social and governance (ESG) performance on the financial distress of listed companies have not been thoroughly examined. This study analyses the relationship between ESG performance and corporate financial distress, using ESG and distress data from listed real estate developers in China, which had massive defaults after 2020. The findings indicate that greater ESG performance of listed companies can decrease the probability of the company being in financial distress. Notably, the environmental performance of the company exerts a most pronounced influence. Meanwhile, companies with better ESG performance demonstrate enhanced resilience when companies face with financial distress, and help firms recover from the distress. This offers novel insights into the function of ESG in risk management within a particular industry, thereby providing substantiation for strategies of sustainable development in the real estate sector. Ultimately, based on regulatory and corporate perspectives, pertinent recommendations are put forth for listed companies. |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 8074.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 1.18 MB | Adobe PDF | View/Open |
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