What drives Indonesian companies to engage in ESG: The non-financial corporate context

https://doi.org/10.35912/ijfam.v7i2.2676
Published: Sep 1, 2025

Abstract:

Purpose: This study aims to determine how managerial myopia and financial distress affect ESG performance through earnings management.

Methodology/approach: The PLS-SEM approach was used to examine secondary data in this quantitative investigation. This study uses data from non-financial companies listed on the IDX from 2013-2022.

Results/findings: This study discovered that financial distress improves the company's ESG performance as seen through earnings management, but this effect is insignificant. Meanwhile, managerial myopia has a negative and insufficient effect on ESG performance as seen through earnings management. Separate research revealed that managerial myopia and financial distress had a detrimental impact but not significant on ESG performance.

Conclusion: Companies facing financial distress tend to reduce ESG involvement, while myopic managers prioritize short-term outcomes over sustainability practices. Earnings management weakens ESG performance, and both financial distress and managerial myopia fail to significantly drive ESG engagement in Indonesian firms.

Limitations: Due to the limitations of research data, especially data on research and development (R&D), this study cannot compare ROA, marketing, and R&D performance to measure managerial myopia. This study does not further investigate whether the low motivation of companies towards ESG caused by financial distress and managerial myopia affects the company's financial performance.

Contribution: This research contributes to deepening understanding of the negative impacts of financial distresses and managerial myopia as well as the effects of earnings management on corporate sustainability.

Keywords:
1. Earnings Management
2. ESG Performance
3. Financial Distress
4. Managerial Myopia
Authors:
1 . Fanji Indra Julian Dini
Padjajaran University, Jawa Barat, Indonesia
2 . Muhammad Dahlan
Padjajaran University, Jawa Barat, Indonesia
3 . Dede Abdul Hasyir
Padjajaran University, Jawa Barat, Indonesia
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How to Cite
Dini, F. I. J. ., Dahlan, M. ., & Hasyir, D. A. . (2025). What drives Indonesian companies to engage in ESG: The non-financial corporate context. International Journal of Financial, Accounting, and Management, 7(2), 213–224. https://doi.org/10.35912/ijfam.v7i2.2676
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Issue & Section
Vol. 7 No. 2 (2025): September
Articles
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References

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    Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate Social Responsibility And Firm Risk: Theory And Empirical Evidence. Management science, 65(10), 4451-4469. doi:https://doi.org/10.1287/mnsc.2018.3043

    Almubarak, W. I., Chebbi, K., & Ammer, M. A. (2023). Unveiling The Connection Among Esg, Earnings Management, And Financial Distress: Insights From An Emerging Market. Sustainability, 15(16), 12348. doi:https://doi.org/10.3390/su151612348

    Amel-Zadeh, A., & Serafeim, G. (2018). Why And How Investors Use Esg Information: Evidence From A Global Survey. Financial analysts journal, 74(3), 87-103. doi:https://doi.org/10.2139/ssrn.2925310

    Atan, R., Alam, M. M., Said, J., & Zamri, M. (2018). The Impacts Of Environmental, Social, And Governance Factors On Firm Performance: Panel Study Of Malaysian Companies. Management of Environmental Quality: An International Journal, 29(2), 182-194. doi:https://doi.org/10.31235/osf.io/ntz52

    Bergquist, S., & Sletten, M. L. (2020). The Bidirectional Relationship Between Esg And Earnings Management In Norway.

    Brochet, F., Loumioti, M., & Serafeim, G. (2015). Speaking Of The Short-Term: Disclosure Horizon And Managerial Myopia. Review of Accounting Studies, 20(3), 1122-1163. doi:https://doi.org/10.1007/s11142-015-9329-8

    Chang, Y.-S., Liu, L.-L., & Forgione, D. A. (2022). Financially Distressed Firms' Earnings Management Behavior: Does Audit Partners' Industry Expertise Matter? Asian Review of Accounting, 30(4), 616-644. doi:https://doi.org/10.1108/ara-04-2022-0079

    Chen, Y., Chen, C. H., & Huang, S. L. (2010). An Appraisal Of Financially Distressed Companies' Earnings Management: Evidence From Listed Companies In China. Pacific Accounting Review, 22(1), 22-41. doi:https://doi.org/10.1108/01140581011034209

    Cohen, G. (2023). ESG risks and corporate survival. Environment Systems and Decisions,. 43 (1), 16–21. doi:https://doi.org/10.1007/s10669-022-09886-8

    Cui, Y., & Zhu, S. (2024). The Influencing Mechanism of Managerial Myopic Behavior on Enterprise Sustainable Development Performance: Evidence Based on Listed Companies in China. Sustainability, 16(11), 4472. doi:https://doi.org/10.3390/su16114472

    Ding, H., Jiang, F., Zhang, S., & Zhang, Z. (2024). Managerial Myopia And Corporate Social Responsibility: Evidence From The Textual Analysis Of Chinese Earnings Communication Conferences. Journal of Behavioral and Experimental Finance, 41, 100886. doi:https://doi.org/10.1016/j.jbef.2024.100886

    Dkhili, H. (2024). Does Environmental, Social And Governance (Esg) Affect Market Performance? The Moderating Role Of Competitive Advantage. Competitiveness Review: An International Business Journal, 34(2), 327-352. doi:https://doi.org/10.1108/cr-10-2022-0149

    El-Feel, H. W. T., Mohamed, D. M., Amin, H. M., & Hussainey, K. (2024). Can Csr Constrain Accruals And Real Earnings Management During The Covid-19 Pandemic? An International Analysis. Journal of Financial Reporting and Accounting, 22(1), 79-104. doi:https://doi.org/10.1108/jfra-06-2023-0307

    Fadhilah, A. N., & Suranta, E. (2023). The Effect of Accrual Earnings Management and Real Earnings Management on Environmental, Social, and Governance (ESG) Reporting Performance. Ilomata International Journal of Tax and Accounting, 5(1), 77-96. doi:https://doi.org/10.52728/ijtc.v5i1.1001

    Fan, Z., Chen, Y., & Mo, Y. (2024). Management Myopia And Corporate Esg Performance. International Review of Financial Analysis, 92, 103071. doi:https://doi.org/10.2139/ssrn.4649210

    Farooq, M., & Noor, A. (2021). The Impact Of Corporate Social Responsibility On Financial Distress: Evidence From Developing Economy. Pacific Accounting Review, 33(3), 376-396. doi:https://doi.org/10.1108/par-10-2020-0196

    Gaio, C., Gonçalves, T., & Sousa, M. V. (2022). Does Corporate Social Responsibility Mitigate Earnings Management? Management Decision, 60(11), 2972-2989. doi:https://doi.org/10.1108/md-05-2021-0719

    Gargouri, R. M., Shabou, R., & Francoeur, C. (2010). The Relationship Between Corporate Social Performance And Earnings Management. Canadian Journal of Administrative Sciences/Revue Canadienne Des Sciences De l'Administration, 27(4), 320-334. doi:https://doi.org/10.1002/cjas.178

    Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. doi:https://doi.org/10.1016/j.jcorpfin.2021.101889

    Gonçalves, T., Gaio, C., & Ferro, A. (2021). Corporate Social Responsibility And Earnings Management: Moderating Impact Of Economic Cycles And Financial Performance. Sustainability, 13(17), 9969. doi:https://doi.org/10.3390/su13179969

    Habbash, M., & Haddad, L. (2020). The Impact Of Corporate Social Responsibility On Earnings Management Practices: Evidence From Saudi Arabia. Social Responsibility Journal, 16(8), 1073-1085. doi:https://doi.org/10.1108/srj-09-2018-0232

    Habib, A., Uddin Bhuiyan, B., & Islam, A. (2013). Financial Distress, Earnings Management And Market Pricing Of Accruals During The Global Financial Crisis. Managerial Finance, 39(2), 155-180. doi:https://doi.org/10.1108/03074351311294007

    Harymawan, I., Putra, F. K. G., Fianto, B. A., & Wan Ismail, W. A. (2021). Financially Distressed Firms: Environmental, Social, And Governance Reporting In Indonesia. Sustainability, 13(18), 10156. doi:https://doi.org/10.3390/su131810156

    Jiang, F., & Hui, D. (2023). Shaped By Time Orientation: Managerial Myopia And Corporate Social Responsibility. Ding, Shaped by Time Orientation: Managerial Myopia and Corporate Social Responsibility. doi:https://doi.org/10.2139/ssrn.4374913

    Kanoujiya, J., Singh, K., & Rastogi, S. (2023). Impact Of Environmental, Social And Governance Engagements On Financial Distress Under Competition: Evidence From Non-Financial Firms Listed In India. International Journal of Corporate Governance, 13(3), 277-296. doi:https://doi.org/10.1504/ijcg.2023.130759

    Kaur, R. (2021). Impact of Financial Distress, CEO power and compensation on Environment, Social and Governance (ESG) Performance: Evidence-based on UK firms. De Montfort University.

    Li, Z., & Wu, Y. (2023). Does Managerial Myopia Hinder Green Technological Innovations? An Examination Based On Chinese-Listed Heavy Polluters. Frontiers in Environmental Science, 11, 1140171. doi:https://doi.org/10.3389/fenvs.2023.1140171

    Liu, H., & Zhang, Z. (2023). The Impact Of Managerial Myopia On Environmental, Social And Governance (Esg) Engagement: Evidence From Chinese Firms. Energy Economics, 122, 106705. doi:https://doi.org/10.1016/j.eneco.2023.106705

    Liu, T. (2022). Financial Constraint’Impact on Firms’ ESG Rating Based on Chinese Stock Market. 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022), 1085-1095. doi:https://doi.org/10.2991/978-94-6463-098-5_122

    Lu, Z., Liang, Y., Hu, Y., & Liu, Y. (2024). Is Managerial Myopia Detrimental To Corporate Esg Performance? International Review of Economics & Finance, 92, 998-1015. doi:https://doi.org/10.1016/j.iref.2024.02.061

    Martínez?Ferrero, J., Gallego?Álvarez, I., & García?Sánchez, I. M. (2015). A Bidirectional Analysis Of Earnings Management And Corporate Social Responsibility: The Moderating Effect Of Stakeholder And Investor Protection. Australian Accounting Review, 25(4), 359-371. doi:https://doi.org/10.1111/auar.12075

    Nareswari, N., Tarczy?ska-?uniewska, M., & Al Hashfi, R. U. (2023). Analysis Of Environmental, Social, And Governance Performance In Indonesia: Role Of Esg On Corporate Performance. Procedia Computer Science, 225, 1748-1756. doi:https://doi.org/10.1016/j.procs.2023.10.164

    Ningsih, S., Prasetyo, K., Puspitasari, N., Cahyono, S., & Kamarudin, K. A. (2023). Earnings Management And Sustainability Reporting Disclosure: Some Insights From Indonesia. Risks, 11(7), 137. doi:https://doi.org/10.3390/risks11070137

    Pinheiro, A. B., Panza, G. B., Berhorst, N. L., Toaldo, A. M. M., & Segatto, A. P. (2024). Exploring The Relationship Among Esg, Innovation, And Economic And Financial Performance: Evidence From The Energy Sector. International Journal of Energy Sector Management, 18(3), 500-516. doi:https://doi.org/10.1108/ijesm-02-2023-0008

    Prior, D., Surroca, J., & Tribó, J. A. (2008). Are Socially Responsible Managers Really Ethical? Exploring The Relationship Between Earnings Management And Corporate Social Responsibility. Corporate governance: An international review, 16(3), 160-177. doi:https://doi.org/10.1111/j.1467-8683.2008.00678.x

    Salehi, M., Ahmed Jabbar, M., & Orfizadeh, S. (2024). Management Psychological Characteristics And Earnings Management. Journal of Facilities Management, 22(4), 626-652. doi:https://doi.org/10.1108/jfm-05-2022-0055

    Sheng, X., Guo, S., & Chang, X. (2022). Managerial Myopia And Firm Productivity: Evidence From China. Finance Research Letters, 49, 103083. doi:https://doi.org/10.1016/j.frl.2022.103083

    Sun, W., Chen, S., Jiao, Y., & Feng, X. (2024). How Does Esg Constrain Corporate Earnings Management? Evidence From China. Finance Research Letters, 61, 104983. doi:https://doi.org/10.1016/j.frl.2024.104983

    Tunyi, A. A., Ntim, C. G., & Danbolt, J. (2019). Decoupling Management Inefficiency: Myopia, Hyperopia And Takeover Likelihood. International Review of Financial Analysis, 62, 1-20. doi:https://doi.org/10.1016/j.irfa.2019.01.004

    Velte, P. (2019). The Bidirectional Relationship Between Esg Performance And Earnings Management–Empirical Evidence From Germany. Journal of global responsibility, 10(4), 322-338. doi:https://doi.org/10.1108/jgr-01-2019-0001

    Viana Jr, D. B. C., Lourenço, I., & Black, E. L. (2022). Financial Distress, Earnings Management And Big 4 Auditors In Emerging Markets. Accounting Research Journal, 35(5), 660-675. doi:https://doi.org/10.1108/arj-06-2021-0165

    Westman, M., Hobfoll, S. E., Chen, S., Davidson, O. B., & Laski, S. (2004). Organizational Stress Through The Lens Of Conservation Of Resources (Cor) Theory Exploring interpersonal dynamics (Vol. 4, pp. 167-220): Emerald Group Publishing Limited.

    Witold, H., Tim, K., & Robin, N. (2019). Five ways that ESG creates value: Getting your environmental, social, and governance (ESG) proposition right links to higher value creation. McKinsey Q, 12.

    Yang, T., Cui, Y., & Li, R. (2023). Exploitation Or Exploration? Managerial Myopia, Economic Policy Uncertainty And Ambidextrous Innovation Investment. Sustainability, 15(9), 7173. doi:https://doi.org/10.3390/su15097173

    Zhang, J., Li, Y., Xu, H., & Ding, Y. (2023). Can Esg Ratings Mitigate Managerial Myopia? Evidence From Chinese Listed Companies. International Review of Financial Analysis, 90, 102878. doi:https://doi.org/10.1016/j.irfa.2023.102878

  1. Ademi, B., & Klungseth, N. J. (2022). Does It Pay To Deliver Superior Esg Performance? Evidence From Us S&P 500 Companies. Journal of global responsibility, 13(4), 421-449. doi:https://doi.org/10.1108/jgr-01-2022-0006
  2. Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate Social Responsibility And Firm Risk: Theory And Empirical Evidence. Management science, 65(10), 4451-4469. doi:https://doi.org/10.1287/mnsc.2018.3043
  3. Almubarak, W. I., Chebbi, K., & Ammer, M. A. (2023). Unveiling The Connection Among Esg, Earnings Management, And Financial Distress: Insights From An Emerging Market. Sustainability, 15(16), 12348. doi:https://doi.org/10.3390/su151612348
  4. Amel-Zadeh, A., & Serafeim, G. (2018). Why And How Investors Use Esg Information: Evidence From A Global Survey. Financial analysts journal, 74(3), 87-103. doi:https://doi.org/10.2139/ssrn.2925310
  5. Atan, R., Alam, M. M., Said, J., & Zamri, M. (2018). The Impacts Of Environmental, Social, And Governance Factors On Firm Performance: Panel Study Of Malaysian Companies. Management of Environmental Quality: An International Journal, 29(2), 182-194. doi:https://doi.org/10.31235/osf.io/ntz52
  6. Bergquist, S., & Sletten, M. L. (2020). The Bidirectional Relationship Between Esg And Earnings Management In Norway.
  7. Brochet, F., Loumioti, M., & Serafeim, G. (2015). Speaking Of The Short-Term: Disclosure Horizon And Managerial Myopia. Review of Accounting Studies, 20(3), 1122-1163. doi:https://doi.org/10.1007/s11142-015-9329-8
  8. Chang, Y.-S., Liu, L.-L., & Forgione, D. A. (2022). Financially Distressed Firms' Earnings Management Behavior: Does Audit Partners' Industry Expertise Matter? Asian Review of Accounting, 30(4), 616-644. doi:https://doi.org/10.1108/ara-04-2022-0079
  9. Chen, Y., Chen, C. H., & Huang, S. L. (2010). An Appraisal Of Financially Distressed Companies' Earnings Management: Evidence From Listed Companies In China. Pacific Accounting Review, 22(1), 22-41. doi:https://doi.org/10.1108/01140581011034209
  10. Cohen, G. (2023). ESG risks and corporate survival. Environment Systems and Decisions,. 43 (1), 16–21. doi:https://doi.org/10.1007/s10669-022-09886-8
  11. Cui, Y., & Zhu, S. (2024). The Influencing Mechanism of Managerial Myopic Behavior on Enterprise Sustainable Development Performance: Evidence Based on Listed Companies in China. Sustainability, 16(11), 4472. doi:https://doi.org/10.3390/su16114472
  12. Ding, H., Jiang, F., Zhang, S., & Zhang, Z. (2024). Managerial Myopia And Corporate Social Responsibility: Evidence From The Textual Analysis Of Chinese Earnings Communication Conferences. Journal of Behavioral and Experimental Finance, 41, 100886. doi:https://doi.org/10.1016/j.jbef.2024.100886
  13. Dkhili, H. (2024). Does Environmental, Social And Governance (Esg) Affect Market Performance? The Moderating Role Of Competitive Advantage. Competitiveness Review: An International Business Journal, 34(2), 327-352. doi:https://doi.org/10.1108/cr-10-2022-0149
  14. El-Feel, H. W. T., Mohamed, D. M., Amin, H. M., & Hussainey, K. (2024). Can Csr Constrain Accruals And Real Earnings Management During The Covid-19 Pandemic? An International Analysis. Journal of Financial Reporting and Accounting, 22(1), 79-104. doi:https://doi.org/10.1108/jfra-06-2023-0307
  15. Fadhilah, A. N., & Suranta, E. (2023). The Effect of Accrual Earnings Management and Real Earnings Management on Environmental, Social, and Governance (ESG) Reporting Performance. Ilomata International Journal of Tax and Accounting, 5(1), 77-96. doi:https://doi.org/10.52728/ijtc.v5i1.1001
  16. Fan, Z., Chen, Y., & Mo, Y. (2024). Management Myopia And Corporate Esg Performance. International Review of Financial Analysis, 92, 103071. doi:https://doi.org/10.2139/ssrn.4649210
  17. Farooq, M., & Noor, A. (2021). The Impact Of Corporate Social Responsibility On Financial Distress: Evidence From Developing Economy. Pacific Accounting Review, 33(3), 376-396. doi:https://doi.org/10.1108/par-10-2020-0196
  18. Gaio, C., Gonçalves, T., & Sousa, M. V. (2022). Does Corporate Social Responsibility Mitigate Earnings Management? Management Decision, 60(11), 2972-2989. doi:https://doi.org/10.1108/md-05-2021-0719
  19. Gargouri, R. M., Shabou, R., & Francoeur, C. (2010). The Relationship Between Corporate Social Performance And Earnings Management. Canadian Journal of Administrative Sciences/Revue Canadienne Des Sciences De l'Administration, 27(4), 320-334. doi:https://doi.org/10.1002/cjas.178
  20. Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. doi:https://doi.org/10.1016/j.jcorpfin.2021.101889
  21. Gonçalves, T., Gaio, C., & Ferro, A. (2021). Corporate Social Responsibility And Earnings Management: Moderating Impact Of Economic Cycles And Financial Performance. Sustainability, 13(17), 9969. doi:https://doi.org/10.3390/su13179969
  22. Habbash, M., & Haddad, L. (2020). The Impact Of Corporate Social Responsibility On Earnings Management Practices: Evidence From Saudi Arabia. Social Responsibility Journal, 16(8), 1073-1085. doi:https://doi.org/10.1108/srj-09-2018-0232
  23. Habib, A., Uddin Bhuiyan, B., & Islam, A. (2013). Financial Distress, Earnings Management And Market Pricing Of Accruals During The Global Financial Crisis. Managerial Finance, 39(2), 155-180. doi:https://doi.org/10.1108/03074351311294007
  24. Harymawan, I., Putra, F. K. G., Fianto, B. A., & Wan Ismail, W. A. (2021). Financially Distressed Firms: Environmental, Social, And Governance Reporting In Indonesia. Sustainability, 13(18), 10156. doi:https://doi.org/10.3390/su131810156
  25. Jiang, F., & Hui, D. (2023). Shaped By Time Orientation: Managerial Myopia And Corporate Social Responsibility. Ding, Shaped by Time Orientation: Managerial Myopia and Corporate Social Responsibility. doi:https://doi.org/10.2139/ssrn.4374913
  26. Kanoujiya, J., Singh, K., & Rastogi, S. (2023). Impact Of Environmental, Social And Governance Engagements On Financial Distress Under Competition: Evidence From Non-Financial Firms Listed In India. International Journal of Corporate Governance, 13(3), 277-296. doi:https://doi.org/10.1504/ijcg.2023.130759
  27. Kaur, R. (2021). Impact of Financial Distress, CEO power and compensation on Environment, Social and Governance (ESG) Performance: Evidence-based on UK firms. De Montfort University.
  28. Li, Z., & Wu, Y. (2023). Does Managerial Myopia Hinder Green Technological Innovations? An Examination Based On Chinese-Listed Heavy Polluters. Frontiers in Environmental Science, 11, 1140171. doi:https://doi.org/10.3389/fenvs.2023.1140171
  29. Liu, H., & Zhang, Z. (2023). The Impact Of Managerial Myopia On Environmental, Social And Governance (Esg) Engagement: Evidence From Chinese Firms. Energy Economics, 122, 106705. doi:https://doi.org/10.1016/j.eneco.2023.106705
  30. Liu, T. (2022). Financial Constraint’Impact on Firms’ ESG Rating Based on Chinese Stock Market. 2022 4th International Conference on Economic Management and Cultural Industry (ICEMCI 2022), 1085-1095. doi:https://doi.org/10.2991/978-94-6463-098-5_122
  31. Lu, Z., Liang, Y., Hu, Y., & Liu, Y. (2024). Is Managerial Myopia Detrimental To Corporate Esg Performance? International Review of Economics & Finance, 92, 998-1015. doi:https://doi.org/10.1016/j.iref.2024.02.061
  32. Martínez?Ferrero, J., Gallego?Álvarez, I., & García?Sánchez, I. M. (2015). A Bidirectional Analysis Of Earnings Management And Corporate Social Responsibility: The Moderating Effect Of Stakeholder And Investor Protection. Australian Accounting Review, 25(4), 359-371. doi:https://doi.org/10.1111/auar.12075
  33. Nareswari, N., Tarczy?ska-?uniewska, M., & Al Hashfi, R. U. (2023). Analysis Of Environmental, Social, And Governance Performance In Indonesia: Role Of Esg On Corporate Performance. Procedia Computer Science, 225, 1748-1756. doi:https://doi.org/10.1016/j.procs.2023.10.164
  34. Ningsih, S., Prasetyo, K., Puspitasari, N., Cahyono, S., & Kamarudin, K. A. (2023). Earnings Management And Sustainability Reporting Disclosure: Some Insights From Indonesia. Risks, 11(7), 137. doi:https://doi.org/10.3390/risks11070137
  35. Pinheiro, A. B., Panza, G. B., Berhorst, N. L., Toaldo, A. M. M., & Segatto, A. P. (2024). Exploring The Relationship Among Esg, Innovation, And Economic And Financial Performance: Evidence From The Energy Sector. International Journal of Energy Sector Management, 18(3), 500-516. doi:https://doi.org/10.1108/ijesm-02-2023-0008
  36. Prior, D., Surroca, J., & Tribó, J. A. (2008). Are Socially Responsible Managers Really Ethical? Exploring The Relationship Between Earnings Management And Corporate Social Responsibility. Corporate governance: An international review, 16(3), 160-177. doi:https://doi.org/10.1111/j.1467-8683.2008.00678.x
  37. Salehi, M., Ahmed Jabbar, M., & Orfizadeh, S. (2024). Management Psychological Characteristics And Earnings Management. Journal of Facilities Management, 22(4), 626-652. doi:https://doi.org/10.1108/jfm-05-2022-0055
  38. Sheng, X., Guo, S., & Chang, X. (2022). Managerial Myopia And Firm Productivity: Evidence From China. Finance Research Letters, 49, 103083. doi:https://doi.org/10.1016/j.frl.2022.103083
  39. Sun, W., Chen, S., Jiao, Y., & Feng, X. (2024). How Does Esg Constrain Corporate Earnings Management? Evidence From China. Finance Research Letters, 61, 104983. doi:https://doi.org/10.1016/j.frl.2024.104983
  40. Tunyi, A. A., Ntim, C. G., & Danbolt, J. (2019). Decoupling Management Inefficiency: Myopia, Hyperopia And Takeover Likelihood. International Review of Financial Analysis, 62, 1-20. doi:https://doi.org/10.1016/j.irfa.2019.01.004
  41. Velte, P. (2019). The Bidirectional Relationship Between Esg Performance And Earnings Management–Empirical Evidence From Germany. Journal of global responsibility, 10(4), 322-338. doi:https://doi.org/10.1108/jgr-01-2019-0001
  42. Viana Jr, D. B. C., Lourenço, I., & Black, E. L. (2022). Financial Distress, Earnings Management And Big 4 Auditors In Emerging Markets. Accounting Research Journal, 35(5), 660-675. doi:https://doi.org/10.1108/arj-06-2021-0165
  43. Westman, M., Hobfoll, S. E., Chen, S., Davidson, O. B., & Laski, S. (2004). Organizational Stress Through The Lens Of Conservation Of Resources (Cor) Theory Exploring interpersonal dynamics (Vol. 4, pp. 167-220): Emerald Group Publishing Limited.
  44. Witold, H., Tim, K., & Robin, N. (2019). Five ways that ESG creates value: Getting your environmental, social, and governance (ESG) proposition right links to higher value creation. McKinsey Q, 12.
  45. Yang, T., Cui, Y., & Li, R. (2023). Exploitation Or Exploration? Managerial Myopia, Economic Policy Uncertainty And Ambidextrous Innovation Investment. Sustainability, 15(9), 7173. doi:https://doi.org/10.3390/su15097173
  46. Zhang, J., Li, Y., Xu, H., & Ding, Y. (2023). Can Esg Ratings Mitigate Managerial Myopia? Evidence From Chinese Listed Companies. International Review of Financial Analysis, 90, 102878. doi:https://doi.org/10.1016/j.irfa.2023.102878