This study examines the association between corporate environmental performance and financial distress. Using a sample of Australian firms, we find that environmental performance is negatively related to the financial distress probability perceived by the market. In addition, the negative association between environmental performance and the financial distress probability is more pronounced for firms with a higher level of risk. The findings provide important empirical evidence regarding the implications of environmental performance on firms’ risk management.

中文翻译：

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企业环境绩效和财务困境：来自澳大利亚的证据

本研究考察了企业环境绩效与财务困境之间的关联。使用澳大利亚公司的样本，我们发现环境绩效与市场感知的财务困境概率呈负相关。此外，环境绩效与财务困境概率之间的负相关关系对于风险水平较高的公司更为明显。研究结果为环境绩效对公司风险管理的影响提供了重要的经验证据。