ESG Resilience Amid Financial Distress: the Role of Board Gender Diversity in EU Firms

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dc.authorid0000-0003-4150-4101
dc.authorid0000-0002-8905-5037
dc.authorid0000-0002-6274-6110
dc.contributor.authorÖzekenci, Süreyya Yilmaz
dc.contributor.authorErbaş, Cansu Ünver
dc.contributor.authorDsouza, Suzan
dc.date.accessioned2026-03-02T12:25:20Z
dc.date.available2026-03-02T12:25:20Z
dc.date.issued2025
dc.departmentİktisadi ve İdari Bilimler Fakültesi
dc.description.abstractInvestors often view financial distress, defined as a company's inability to pay its debts on time, as a sign of declining creditworthiness. However, they also consider non-financial data, such as the environmental, social, and governance (ESG) activities of firms, when making decisions. This study investigates the impact of financial distress on ESG scores among European Union (EU) firms, using firm fixed effects (FE) and random effects (RE) models, along with Pooled Ordinary Least Squares (OLS), Common Correlated Effects Mean Group (CCEMG), and Augmented Mean Group (AMG) estimators. The panel data covers the years from 2013 to 2023. To examine the relationship between financial distress and ESG scores, the study employs the board gender diversity variable, which reflects the ratio of female to male representation on a firm's board of directors, as a moderating factor. The Altman Z-score is used as an indicator of financial distress. The findings indicate that firms experiencing higher financial distress tend to have higher ESG scores. However, a higher percentage of women on the board of directors during periods of financial distress appears to mitigate this relationship in ESG scores overall, as well as for individual components. To the best of the authors' knowledge, a high percentage of women on the managerial boards of firms during financial distress has a negative impact on ESG scores across the sampled EU firms. This research adds valuable insights into how financial distress and board gender diversity interact, contributing to the existing literature on the subject.
dc.identifier.citationOzekenci, S. Y., Erbas, C. U., & Dsouza, S. (2025). ESG Resilience Amid Financial Distress: the Role of Board Gender Diversity in EU Firms. Prague Economic Papers, 34(4).
dc.identifier.doi10.18267/j.pep.902
dc.identifier.endpage494
dc.identifier.issn1210-0455
dc.identifier.issue4
dc.identifier.startpage470
dc.identifier.urihttp://dx.doi.org/10.18267/j.pep.902
dc.identifier.urihttps://hdl.handle.net/20.500.12507/3515
dc.identifier.volume34
dc.identifier.wos001648786100003
dc.identifier.wosqualityQ3
dc.indekslendigikaynakWeb of Science
dc.institutionauthorÖzekenci, Süreyya Yilmaz
dc.institutionauthorErbaş, Cansu Ünver
dc.institutionauthorid0000-0003-4150-4101
dc.institutionauthorid0000-0002-8905-5037
dc.language.isoen
dc.publisherPrague Univ Economics and Business
dc.relation.ispartofPRAGUE ECONOMIC PAPERS
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectREGRESSION
dc.subjectIMPACT
dc.subjectMODEL
dc.subjectRISK
dc.titleESG Resilience Amid Financial Distress: the Role of Board Gender Diversity in EU Firms
dc.typeArticle

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