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:: Volume 34, Issue 117 (quarterly journal of economic research and policies 2026) ::
qjerp 2026, 34(117): 336-375 Back to browse issues page
The Impact of Environmental, Social, and Governance Performance on Intellectual Capital with Emphasis on Financial Constraints
Ebrahim Navidi Abbaspour , Somayeh Mollazadeh Tasmalu * , Fatemeh Manafi
Department of Accounting, Marand Branch, Islamic Azad University , somayeh.mollazadehtasmalu@iau.ir
Abstract:   (304 Views)
This study empirically examines the relationship between overall (and individual) environmental, social, and governance (ESG) performance and intellectual capital, using data from 115 firms listed on the Tehran Stock Exchange over the period 2017 to 2023. Additionally, the Altman Z-score is employed to investigate the moderating role of financial constraints on the relationship between ESG performance and intellectual capital. A panel data approach with pooled data analysis was utilized, employing the EViews statistical software. The findings indicate that the performance indicators, along with their three core components, have a significant positive impact on intellectual capital. This suggests that companies should incorporate ESG activities as an integral part of their strategies and pursue innovations that prevent competitors from imitating their business approaches. Moreover, the higher the Altman Z-score, the stronger and more positive the relationship between financial and non-financial performance and intellectual capital. The study contributes to the limited existing literature on performance indicators and intellectual capital. Firms demonstrating strong financial and non-financial performance in sustainable development enjoy a competitive advantage. Therefore, information regarding companies’ strategies for integrating, creating, transferring, and applying intellectual capital can provide stakeholders with a long-term perspective on the firm's future
Keywords: Financial and Non-Financial Performance, Intellectual Capital, Financial Constraints, Altman’s Z-Score Model
Full-Text [PDF 881 kb]   (135 Downloads)    
Type of Study: Research | Subject: Special
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Navidi Abbaspour E, Mollazadeh Tasmalu S, Manafi F. The Impact of Environmental, Social, and Governance Performance on Intellectual Capital with Emphasis on Financial Constraints. qjerp 2026; 34 (117) :336-375
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Volume 34, Issue 117 (quarterly journal of economic research and policies 2026) Back to browse issues page
فصلنامه پژوهشها و سیاستهای اقتصادی Journal of Economic Research and Policies
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