In the wake of the COVID-19 pandemic, the Russian war of aggression against Ukraine and the resurgence of the Middle East conflict, government measures to support the economy have intervened massively in economic activity and thus influenced the real insolvency situation. This situation creates...

This paper explores whether and how corporate social responsibility behavior affects firm value in highly distressed firms. Our results show that sustainability activity is a powerful instrument by which to strategically prevent damage to the company in the form of liquidation risk. Stronger...