ESG Performance, Debt Maturity Structure and Corporate Resilience

Abstract

This paper explores the relationship between corporate ESG performance and corporate resilience through an empirical analysis of data from China A-share listed companies from 2014 to 2023. The study finds that strong ESG performance significantly enhances corporate resilience and improves the ability to cope with risks. Further analysis indicates that the debt maturity structure plays a crucial moderating role, where an increase in the proportion of long-term debt strengthens the positive impact of ESG performance on corporate resilience, while short-term debt weakens this effect. Additionally, there is heterogeneity in the impact of ESG performance on corporate resilience across firms with different ownership structures and internal control levels. Based on these findings, the paper recommends that governments improve relevant policies and regulations, and that companies adopt forward-looking strategies and enhance organizational learning mechanisms to strengthen corporate resilience and achieve sustainable development.