{"id":"https://openalex.org/W7225422114","doi":"https://doi.org/10.1111/beer.70162","title":"Decomposing the Short and Long\u2010Run Effects of ESG Performance and Materiality on Corporate External Financing Needs","display_name":"Decomposing the Short and Long\u2010Run Effects of ESG Performance and Materiality on Corporate External Financing Needs","publication_year":2026,"publication_date":"2026-11-06","ids":{"openalex":"https://openalex.org/W7225422114","doi":"https://doi.org/10.1111/beer.70162"},"language":"en","primary_location":{"id":"doi:10.1111/beer.70162","doi":"https://doi.org/10.1111/beer.70162","is_oa":true,"landing_page_url":"https://doi.org/10.1111/beer.70162","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/beer.70162","source":{"id":"https://openalex.org/S4210218449","display_name":"Business Ethics the Environment & Responsibility","issn_l":"2694-6416","issn":["2694-6416","2694-6424"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-20","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Business Ethics, the Environment & Responsibility","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"bronze","oa_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/beer.70162","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5038755697","display_name":"Abdelaziz Fourati","orcid":"https://orcid.org/0000-0002-1767-6096","observed_orcids":["https://orcid.org/0000-0002-1767-6096"]},"institutions":[{"id":"https://openalex.org/I3131031036","display_name":"Mediterranean School of Business","ror":"https://ror.org/02fyv5292","country_code":"TN","type":"education","lineage":["https://openalex.org/I3131031036"]},{"id":"https://openalex.org/I4405273500","display_name":"South Mediterranean University","ror":"https://ror.org/05x7s6790","country_code":"TN","type":"education","lineage":["https://openalex.org/I4405273500"]}],"countries":["TN"],"is_corresponding":true,"raw_author_name":"Abdelaziz Fourati","raw_affiliation_strings":["Mediterranean School of Business South Mediterranean University  Tunis Tunisia"],"raw_orcid":"https://orcid.org/0000-0002-1767-6096","affiliations":[{"raw_affiliation_string":"Mediterranean School of Business South Mediterranean University  Tunis Tunisia","institution_ids":["https://openalex.org/I3131031036","https://openalex.org/I4405273500"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5038755697"],"corresponding_institution_ids":["https://openalex.org/I3131031036","https://openalex.org/I4405273500"],"apc_list":{"value":3450,"currency":"USD","value_usd":3450},"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.9564999938011169,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.9564999938011169,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.031300000846385956,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13146","display_name":"Sustainable Finance and Green Bonds","score":0.001500000013038516,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/esg-performance","display_name":"ESG performance","score":0.9990000128746033},{"id":"https://openalex.org/keywords/esg-materiality","display_name":"ESG materiality","score":0.925000011920929},{"id":"https://openalex.org/keywords/external-financing-needs","display_name":"external financing needs","score":0.8519999980926514},{"id":"https://openalex.org/keywords/long-run-and-short-run-effects","display_name":"short-run and long-run effects","score":0.8389999866485596},{"id":"https://openalex.org/keywords/asset-tangibility","display_name":"tangibility","score":0.796999990940094},{"id":"https://openalex.org/keywords/free-cash-flow","display_name":"free cash flow","score":0.9919999837875366},{"id":"https://openalex.org/keywords/financial-constraints","display_name":"financial constraints","score":0.9959999918937683},{"id":"https://openalex.org/keywords/investment-efficiency","display_name":"investment efficiency","score":0.9909999966621399},{"id":"https://openalex.org/keywords/information-overload","display_name":"information overload","score":0.7649999856948853},{"id":"https://openalex.org/keywords/compliance-costs","display_name":"compliance costs","score":0.8880000114440918},{"id":"https://openalex.org/keywords/esg-reporting","display_name":"ESG reporting","score":0.4309999942779541},{"id":"https://openalex.org/keywords/corporate-financing","display_name":"corporate financing","score":0.4869999885559082}],"concepts":[{"id":"https://openalex.org/C610760","wikidata":"https://www.wikidata.org/wiki/Q1340706","display_name":"Endogeneity","level":2,"score":0.6757000088691711},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.6668000221252441},{"id":"https://openalex.org/C123307717","wikidata":"https://www.wikidata.org/wiki/Q1003682","display_name":"Materiality (auditing)","level":2,"score":0.661899983882904},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6190000176429749},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.49390000104904175},{"id":"https://openalex.org/C2780334105","wikidata":"https://www.wikidata.org/wiki/Q9297784","display_name":"Free cash flow","level":3,"score":0.48669999837875366},{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.4650000035762787},{"id":"https://openalex.org/C2776517139","wikidata":"https://www.wikidata.org/wiki/Q873442","display_name":"Asset management","level":2,"score":0.42080000042915344},{"id":"https://openalex.org/C2776667712","wikidata":"https://www.wikidata.org/wiki/Q5172498","display_name":"Corporate sustainability","level":3,"score":0.4050999879837036},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.3905999958515167},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.3894999921321869},{"id":"https://openalex.org/C141261163","wikidata":"https://www.wikidata.org/wiki/Q218600","display_name":"Corporate social responsibility","level":2,"score":0.3643999993801117},{"id":"https://openalex.org/C116834253","wikidata":"https://www.wikidata.org/wiki/Q2039217","display_name":"Identification (biology)","level":2,"score":0.3635999858379364},{"id":"https://openalex.org/C66204764","wikidata":"https://www.wikidata.org/wiki/Q219416","display_name":"Sustainability","level":2,"score":0.3431999981403351},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.3303000032901764},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.32820001244544983},{"id":"https://openalex.org/C2778865806","wikidata":"https://www.wikidata.org/wiki/Q6060850","display_name":"Investment decisions","level":3,"score":0.32010000944137573},{"id":"https://openalex.org/C80515813","wikidata":"https://www.wikidata.org/wiki/Q1134763","display_name":"Corporate finance","level":2,"score":0.3131999969482422},{"id":"https://openalex.org/C32896092","wikidata":"https://www.wikidata.org/wiki/Q189447","display_name":"Risk management","level":2,"score":0.29789999127388},{"id":"https://openalex.org/C36673458","wikidata":"https://www.wikidata.org/wiki/Q392896","display_name":"Agency cost","level":4,"score":0.2976999878883362},{"id":"https://openalex.org/C2776007630","wikidata":"https://www.wikidata.org/wiki/Q2798912","display_name":"Accountability","level":2,"score":0.29420000314712524},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.28760001063346863},{"id":"https://openalex.org/C2778860618","wikidata":"https://www.wikidata.org/wiki/Q157499","display_name":"Goodwill","level":2,"score":0.2856999933719635},{"id":"https://openalex.org/C60297154","wikidata":"https://www.wikidata.org/wiki/Q1434943","display_name":"Contingency theory","level":2,"score":0.28130000829696655},{"id":"https://openalex.org/C2781460075","wikidata":"https://www.wikidata.org/wiki/Q1399332","display_name":"Compliance (psychology)","level":2,"score":0.2757999897003174},{"id":"https://openalex.org/C97508593","wikidata":"https://www.wikidata.org/wiki/Q1359069","display_name":"Contingency","level":2,"score":0.2752000093460083},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.2750000059604645},{"id":"https://openalex.org/C199776023","wikidata":"https://www.wikidata.org/wiki/Q202875","display_name":"Negotiation","level":2,"score":0.27390000224113464},{"id":"https://openalex.org/C199521495","wikidata":"https://www.wikidata.org/wiki/Q181487","display_name":"Audit","level":2,"score":0.273499995470047},{"id":"https://openalex.org/C2778300220","wikidata":"https://www.wikidata.org/wiki/Q114380","display_name":"Financial crisis","level":2,"score":0.2689000070095062},{"id":"https://openalex.org/C2780473208","wikidata":"https://www.wikidata.org/wiki/Q1668727","display_name":"Sustainability reporting","level":3,"score":0.26829999685287476},{"id":"https://openalex.org/C179420905","wikidata":"https://www.wikidata.org/wiki/Q223871","display_name":"Mediation","level":2,"score":0.2583000063896179}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1111/beer.70162","doi":"https://doi.org/10.1111/beer.70162","is_oa":true,"landing_page_url":"https://doi.org/10.1111/beer.70162","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/beer.70162","source":{"id":"https://openalex.org/S4210218449","display_name":"Business Ethics the Environment & Responsibility","issn_l":"2694-6416","issn":["2694-6416","2694-6424"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-20","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Business Ethics, the Environment & Responsibility","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.1111/beer.70162","doi":"https://doi.org/10.1111/beer.70162","is_oa":true,"landing_page_url":"https://doi.org/10.1111/beer.70162","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/beer.70162","source":{"id":"https://openalex.org/S4210218449","display_name":"Business Ethics the Environment & Responsibility","issn_l":"2694-6416","issn":["2694-6416","2694-6424"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-20","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Business Ethics, the Environment & Responsibility","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7225422114.pdf","grobid_xml":"https://content.openalex.org/works/W7225422114.grobid-xml"},"referenced_works_count":82,"referenced_works":["https://openalex.org/W18396254","https://openalex.org/W1537892272","https://openalex.org/W1547562990","https://openalex.org/W1738524706","https://openalex.org/W1811926288","https://openalex.org/W1969421476","https://openalex.org/W1975637155","https://openalex.org/W1977952640","https://openalex.org/W1991428446","https://openalex.org/W2014335114","https://openalex.org/W2030741893","https://openalex.org/W2037689620","https://openalex.org/W2043139620","https://openalex.org/W2054661316","https://openalex.org/W2056674732","https://openalex.org/W2062269829","https://openalex.org/W2064891424","https://openalex.org/W2091596451","https://openalex.org/W2101242833","https://openalex.org/W2104633109","https://openalex.org/W2112352537","https://openalex.org/W2117482595","https://openalex.org/W2117594039","https://openalex.org/W2118248224","https://openalex.org/W2118836230","https://openalex.org/W2121588178","https://openalex.org/W2127756437","https://openalex.org/W2138053063","https://openalex.org/W2145788913","https://openalex.org/W2587074600","https://openalex.org/W2597496650","https://openalex.org/W2612153614","https://openalex.org/W2785606188","https://openalex.org/W2810094550","https://openalex.org/W2944313104","https://openalex.org/W2945754206","https://openalex.org/W2955890230","https://openalex.org/W2996625159","https://openalex.org/W3007347587","https://openalex.org/W3022774728","https://openalex.org/W3121400036","https://openalex.org/W3121412009","https://openalex.org/W3121720731","https://openalex.org/W3122220309","https://openalex.org/W3122389139","https://openalex.org/W3122859634","https://openalex.org/W3123282572","https://openalex.org/W3123478739","https://openalex.org/W3123897291","https://openalex.org/W3124006715","https://openalex.org/W3124114405","https://openalex.org/W3124259699","https://openalex.org/W3124986135","https://openalex.org/W3125688476","https://openalex.org/W3217526767","https://openalex.org/W4221020031","https://openalex.org/W4232175246","https://openalex.org/W4233420185","https://openalex.org/W4239883852","https://openalex.org/W4285404769","https://openalex.org/W4318462295","https://openalex.org/W4378978041","https://openalex.org/W4380738354","https://openalex.org/W4387500296","https://openalex.org/W4388109963","https://openalex.org/W4389866331","https://openalex.org/W4390238600","https://openalex.org/W4390826514","https://openalex.org/W4392627002","https://openalex.org/W4392711055","https://openalex.org/W4394858418","https://openalex.org/W4400477345","https://openalex.org/W4403139719","https://openalex.org/W4404360602","https://openalex.org/W4410611437","https://openalex.org/W4412710381","https://openalex.org/W4413833379","https://openalex.org/W4413982446","https://openalex.org/W4414158388","https://openalex.org/W4414999353","https://openalex.org/W4416068763","https://openalex.org/W7106003525"],"related_works":["https://openalex.org/W4414999353","https://openalex.org/W7222066731","https://openalex.org/W7221065049","https://openalex.org/W4386520957","https://openalex.org/W4415139604","https://openalex.org/W4392174087","https://openalex.org/W7157164048","https://openalex.org/W7220354482","https://openalex.org/W3175261387","https://openalex.org/W7124838857"],"abstract_inverted_index":{"ABSTRACT":[0],"This":[1],"study":[2,110],"examines":[3],"the":[4,70,75,112,119,143,157],"impact":[5],"of":[6,108,114,121,146,163],"Environmental,":[7],"Social":[8],"and":[9,26,37,43,101,124,132,151,160,173],"Governance":[10],"(ESG)":[11],"performance":[12,65],"on":[13,31],"corporate":[14,166],"external":[15],"financing":[16],"needs":[17],"(EFN),":[18],"using":[19,46],"a":[20,115],"global":[21],"panel":[22],"comprising":[23],"3437":[24],"firms":[25],"11,075":[27],"firm\u2010year":[28],"observations.":[29],"Drawing":[30],"theories":[32],"from":[33],"institutional,":[34],"risk":[35],"management":[36],"behavioral":[38],"finance,":[39],"we":[40],"decompose":[41],"short\u2010":[42],"long\u2010run":[44],"dynamics":[45],"correlated":[47],"random":[48],"effects":[49],"models,":[50],"addressing":[51],"endogeneity":[52],"through":[53,86],"two\u2010stage":[54],"least":[55],"squares":[56],"(2SLS)":[57],"estimations.":[58],"Our":[59],"findings":[60],"show":[61],"that":[62,82,142],"higher":[63],"ESG":[64,122,147,164],"significantly":[66],"reduces":[67],"EFN,":[68],"with":[69,180],"greatest":[71],"benefits":[72],"accruing":[73],"over":[74],"long":[76],"term.":[77],"Formal":[78],"mediation":[79],"analysis":[80],"reveals":[81],"this":[83,109],"relationship":[84,117],"operates":[85],"four":[87],"economic":[88],"channels:":[89],"enhanced":[90],"asset":[91],"tangibility,":[92],"improved":[93],"free":[94],"cash":[95],"flow":[96],"generation,":[97],"eased":[98],"financial":[99,181],"constraints":[100],"superior":[102],"investment":[103],"efficiency.":[104],"A":[105],"key":[106],"contribution":[107],"is":[111],"identification":[113],"U\u2010shaped":[116],"between":[118],"materiality":[120],"reporting":[123],"EFN.":[125,138],"Above":[126],"an":[127],"optimal":[128],"threshold,":[129],"information":[130],"overload":[131],"compliance":[133],"costs":[134],"dominate,":[135],"thereby":[136],"increasing":[137],"We":[139],"also":[140],"document":[141],"mitigating":[144],"effect":[145],"varies":[148],"across":[149],"pillars":[150],"time":[152],"horizons.":[153],"These":[154],"results":[155],"emphasize":[156],"temporal,":[158],"contingent":[159],"mechanism\u2010driven":[161],"nature":[162],"in":[165],"financing,":[167],"providing":[168],"actionable":[169],"guidance":[170],"for":[171],"managers":[172],"policymakers":[174],"seeking":[175],"to":[176],"align":[177],"sustainability":[178],"practices":[179],"resilience.":[182]},"counts_by_year":[],"updated_date":"2026-11-10T11:39:43.021295","created_date":"2026-11-07T00:00:00"}