Altman, E. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy.
The Journal of Finance, 23(4), 589–609.
https://doi.org/10.2307/2978933
Anselin, L. (1988). Spatial econometrics: Methods and models. Kluwer Academic Publishers.
Atak, A. (2024). Beyond polarity: How ESG sentiment influences idiosyncratic volatility in the Turkish stock market.
Borsa Istanbul Review, 24(Supplement 2), Article 1021.
https://doi.org/10.1016/j.bir.2024.11.003
Bai, L., & Jiarui, L. (2024). Heterogeneous effect of ESG ratings on corporate financing costs.
Journal of Finance and Economics, 50, 124–138.
https://doi.org/10.16538/j.cnki.jfe.20240222.102
Banerjee, S., & David, R. (2024). Does ESG really matter? Accessing the relevance of ESG in Indian investors' decision-making dynamics.
Qualitative Research in Financial Markets, 17(4), 805-829.
https://doi.org/10.1108/QRFM-10-2023-0241
Ben Ameur, H., Ftiti, Z., & Louhichi, W. (2025). Do ESG investments improve portfolio diversification and risk management during times of uncertainty.
Journal of International Financial Markets, Institutions and Money, 103, Article 102199.
https://doi.org/10.1016/j.intfin.2025.102199
Cao, N., & Zeng, Q. (2025). ESG performance and capital market effectiveness: Evidence on stock liquidity in China.
Economic Analysis and Policy. Advance online publication.
https://doi.org/10.1016/j.eap.2025.08.038
Čeryová, B., & Árendáš, P. (2025). Diversification potential and dynamic relationships in Bitcoin–ESG portfolios.
The North American Journal of Economics and Finance, 80, Article 102506.
https://doi.org/10.1016/j.najef.2025.102506
Elhorst, J. P. (2014). Spatial econometrics: From cross-sectional data to spatial panels. Springer.
Fikru, M. G., Brodmann, J., Eng, L. L., & Grant, J. A. (2024). ESG ratings in the mining industry: Factors and implications.
The Extractive Industries and Society, 20, Article 101521.
https://doi.org/10.1016/j.exis.2024.101521
Gao, X., He, X., Sun, C., Wu, D., & Zhang, J. (2025). Innovation in shouldering green responsibility: ESG performance and green technology innovation.
Energy Economics, 114, Article 108197.
https://doi.org/10.1016/j.eneco.2025.108197
Gidage, M., & Bhide, S. (2024). Impact of ESG performance on financial risk in energy firms: Evidence from developing countries.
International Journal of Energy Sector Management, 19(4), 913-939.
https://doi.org/10.1108/IJESM-05-2024-0021
Gul, F. A., Krishnamurti, C., Shams, S., & Chowdhury, H. (2020). Corporate social responsibility, overconfident CEOs and empire building: Agency and stakeholder theoretic perspectives.
Journal of Business Research. Advance online publication.
https://doi.org/10.1016/j.jbusres.2020.01.035
Hao, W., Zhang, W., & Zhang, C. (2025). Can supply chain integration enhance corporate ESG performance?
International Review of Economics & Finance. Advance online publication.
https://doi.org/10.1016/j.iref.2025.104558
Huang, X., Zhao, X., & Lyu, C. (2025). Equity pledge of controlling shareholders and corporate ESG disclosure.
Finance Research Letters, 85(Part E), Article 108274.
https://doi.org/10.1016/j.frl.2025.108274
Huang, Y., Zhang, G., Chen, X., & Du, K. (2025). From awareness to action: The role of ESG committees in driving corporate ambidextrous green innovation.
Energy Economics, 150, Article 108835.
https://doi.org/10.1016/j.eneco.2025.108835
Khalil, M. A., Khalil, S., & Sinliamthong, P. (2024). From ratings to resilience: The role and implications of environmental, social, and governance (ESG) performance in corporate solvency.
Sustainable Futures, 8, Article 100304.
https://doi.org/10.1016/j.sftr.2024.100304
Khalili, Y., & Heydari Rostami, K. (2026). Non-linear dynamics of sustainable communication and financial performance: U- and S-shaped effects in high-risk industries moderated by financial development, ESG divergence, and reporting mandates.
Iranian Journal of Finance, 10(1), 119-144.
https://doi.org/10.30699/ijf.2026.556667.1555
LeSage, J. P., & Pace, R. K. (2009). Introduction to spatial econometrics. CRC Press.
Li, Y., Li, N., & Weng, L. H. (2025). Independent directors with auditing expertise, overconfident CEOs and overinvestment in China.
Pacific-Basin Finance Journal, 73, Article 102733.
https://doi.org/10.1016/j.pacfin.2025.102733
Liu, J., Chang, H. W., Lin, C. Y., & Yen, P. H. (2025). Behavioral reactions to ESG sentiment: Evidence from heterogeneous Asia-Pacific markets.
Finance Research Letters, 85(Part D), Article 108204.
https://doi.org/10.1016/j.frl.2025.108204
Liu, X., Peng, Y., Li, Q., & Wu, C. H. (2025). CEO pay structure and ESG rating disagreement.
International Review of Financial Analysis, 82, Article 104101.
https://doi.org/10.1016/j.irfa.2025.104101
Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. The Journal of Finance, 60(6), 2661–2700.
Nian, H., Said, F. F., Azam, A. H. M., & Ariff, N. M. (2025). Does ESG implementation reduce bankruptcy risk of manufacturing and non-manufacturing firms? Evidence from dynamic panel threshold model.
Finance Research Letters, 85(Part C), Article 108101.
https://doi.org/10.1016/j.frl.2025.108101
Qi, M., & Fang, W. (2025). ESG global trends: A comparative analysis of China and the international community.
Economic Analysis and Policy, 87, 2330-2345.
https://doi.org/10.1016/j.eap.2025.08.021
Shen, L., Zhang, W., & Ma, D. (2025). ESG practices and financing constraints of Chinese high-carbon enterprises under carbon reduction pressure: The role of credit financing and corporate reputation.
Economic Modelling, 152, Article 107252.
https://doi.org/10.1016/j.econmod.2025.107252
Shi, C., Wei, Y., Zheng, Y., Wang, Z., & Wang, Q. (2024). Is ESG investment rewarded or just doing good? Evidence from China.
International Review of Economics & Finance, 96(Part C), Article 103712.
https://doi.org/10.1016/j.iref.2024.103712
Soana, M. G. (2024). Does ESG contracting align or compete with stakeholder interests?
Journal of International Financial Markets, Institutions and Money, 96, Article 102058.
https://doi.org/10.1016/j.intfin.2024.102058
Tang, N., Xu, X., Hsu, Y. T., & Lin, C. Y. (2024). The impact of ESG distance on mergers and acquisitions.
International Review of Financial Analysis, 96(Part B), Article 103677.
https://doi.org/10.1016/j.irfa.2024.103677
Tang, T., Guo, J., Zou, L., & Luo, L. (2025). ESG fund performance and fund manager trading strategy: Evidence from China.
Global Finance Journal, 67, Article 101167.
https://doi.org/10.1016/j.gfj.2025.101167
Verma, G., & Kashiramka, S. (2025). Balancing ESG disclosures and cost efficiency: Implications for bank liquidity.
Finance Research Letters, 85(Part C), Article 108141.
https://doi.org/10.1016/j.frl.2025.108141
Vijaya, A., Qadri, F. D., Angreani, L. S., & Wicaksono, H. (2025). ESGOnt: An ontology-based framework for enhancing Environmental, Social, and Governance (ESG) assessments and aligning with Sustainable Development Goals (SDG).
Resources, Environment and Sustainability, 22, Article 100262.
https://doi.org/10.1016/j.resenv.2025.100262
Wang, J., & Yang, R. (2025). The interrelation of criminal compliance, fintech, and corporate ESG.
Finance Research Letters, 85(Part C), Article 108109.
https://doi.org/10.1016/j.frl.2025.108109
Wu, D., Song, Z., & Jin, S. (2025). ESG performance and financial stability: The moderating effect of CEO characteristics.
Journal of Environmental Management, 393, Article 127049.
https://doi.org/10.1016/j.jenvman.2025.127049
Xing, K., Zhou, Z., & Li, S. (2025). Does litigation risk impact corporate ESG performance? Evidence from China.
Finance Research Letters, 85(Part D), Article 108208.
https://doi.org/10.1016/j.frl.2025.108208
Ying, Y., & Jin, S. (2024). Impact of environmental regulation on corporate green technological innovation: The moderating role of corporate governance and environmental information disclosure.
Sustainability, 16(7), Article 3006.
https://doi.org/10.3390/su16073006
Zeng, H., Yu, C., & Zhang, G. (2024). How does green manufacturing enhance corporate ESG performance? — Empirical evidence from machine learning and text analysis.
Journal of Environmental Management, 370, Article 122933.
https://doi.org/10.1016/j.jenvman.2024.122933
Zhang, X., Zhang, J., & Feng, Y. (2023). Can companies get more government subsidies through improving their ESG performance? Empirical evidence from China.
PLoS ONE, 18(10), e0292355.
https://doi.org/10.1371/journal.pone.0292355
Zhang, Z., Wang, L., & Zheng, S. (2025). Executives' ESG cognition, external governance, and corporate green development.
Economic Analysis and Policy, 87, 2458-2469.
https://doi.org/10.1016/j.eap.2025.08.035
Zhu, Chen, Liu, X., Chen, D., & Yue, Y. (2024). Executive compensation and corporate sustainability: Evidence from ESG ratings.
Heliyon, 10(12), e32943.
https://doi.org/10.1016/j.heliyon.2024.e32943