Corporate resilience in the ESG dimension: synergy of financial, security and marketing determinants
DOI: https://doi.org/10.3846/jbem.2026.28205Abstract
This article develops an integrated model of corporate resilience in the ESG dimension, combining financial, security, and marketing determinants under conditions of growing uncertainty and systemic risks. The study addresses the limitations of traditional resilience assessment approaches that overlook the interdisciplinary nature of ESG-related factors.
The aim is to substantiate and empirically verify the impact of ESG performance on corporate resilience, considering the mediating role of financial stability and the moderating role of sustainable marketing. The research applies a systemic and interdisciplinary approach, supported by content analysis, expert evaluation, economic–mathematical modelling, panel regression with fixed effects.
The findings confirm a statistically significant positive relationship between ESG performance and corporate resilience. Governance demonstrates the strongest direct effect, while financial stability serves as the main mediator of ESG influence. Sustainable marketing strengthens the transformation of ESG initiatives into financial and reputational outcomes. Corporate resilience is therefore interpreted as a multidimensional capability integrating financial, operational, and market stability.
The novelty of the study lies in proposing a comprehensive analytical framework that combines ESG principles, financial stability, security management, and sustainable marketing. The model can support strategic management, ESG integration, risk management, investment assessment, and the development of long-term corporate sustainability policies.
Keywords:
sustainable development, socio-economic systems, quality assessment, corporate governance, risk management, corporate securityHow to Cite
Share
License
Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University.
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Aguilera, R. V., Marano, V. & Haxhi, I. (2019). International corporate governance: A review and opportunities for future research. Journal of International Business Studies, 50(4), 457–498. https://doi.org/10.1057/s41267-019-00232-w
Albuquerque, R., Koskinen, Y., Yang, S., & Zhang, C. (2020). Resiliency of environmental and social stocks: An analysis of the exogenous COVID-19 market crash. The Review of Corporate Finance Studies, 9(3), 593–621. https://doi.org/10.1093/rcfs/cfaa011
Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589–609. https://doi.org/10.2307/2978933
Bansal, P., Kistruck, G., & Roth, K. (2021). Why companies go green: A model of ecological responsiveness. Academy of Management Journal, 64(3), 870–901.
Broadstock, D. C., Chan, K., Cheng, L. T. W., & Wang, X. (2021). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance Research Letters, 38, Article 101716. https://doi.org/10.1016/j.frl.2020.101716
Carroll, A. B. (1999). Corporate social responsibility: Evolution of a definitional construct. Business & Society, 38(3), 268–295. https://doi.org/10.1177/000765039903800303
Cherniak, O., Trishch, R., Ginevičius, R., Nechuiviter, O., & Burdeina, V. (2024). Methodology for assessing the processes of the occupational safety management system using functional dependencies. In M. Nechyporuk, V. Pavlikov, & D. Krytskyi (Eds.), Lecture notes in networks and systems: Vol. 996. Integrated computer technologies in mechanical engineering – 2023. ICTM 2023 (pp. 3–13). Springer, Cham. https://doi.org/10.1007/978-3-031-60549-9_1
Cherniak, O., Trishch, R., Kim, N., Ratajczak, S. (2020). Quantitative assessment of working conditions in the workplace. Engineering Management in Production and Services, 12(2), 99–106. https://doi.org/10.2478/emj-2020-0014
Duchek, S. (2020). Organizational resilience: A capability-based conceptualization. Business Research, 13, 215–246. https://doi.org/10.1007/s40685-019-0085-7
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917
Gianfrate, G., Rubin, M., Ruzzi, D. & van Dijk, M. (2024). On the resilience of ESG firms during the COVID-19 crisis: Evidence across countries and asset classes. Journal of International Business Studies, 55, 1069–1084. https://doi.org/10.1057/s41267-024-00718-2
Hillmann, J. & Guenther, E. (2021). Organizational resilience: A valuable construct for management research? International Journal of Management Reviews, 23(1), 7–44. https://doi.org/10.1111/ijmr.12239
Holling, C. S. (1973). Resilience and stability of ecological systems. Annual Review of Ecology and Systematics, 4, 1–23. https://doi.org/10.1146/annurev.es.04.110173.000245
Hovorov, P., Trishch, R., Ginevičius, R., Petraškevičius, V., & Šuhajda, K. (2025). Assessment of risks of voltage quality decline in load nodes of power systems. Energies, 18(7), Article 1579. https://doi.org/10.3390/en18071579
Kotler, P., & Kartajaya, H. (2019). Marketing 4.0: Moving from traditional to digital. Asian Competitors. https://doi.org/10.1142/11135
Lengnick-Hall, C. A., Beck, T. E., & Lengnick-Hall, M. L. (2011). Developing a capacity for organizational resilience through strategic human resource management. Human Resource Management Review, 21(3), 243–255. https://doi.org/10.1016/j.hrmr.2010.07.001
Likhonosova, G., Mamanazarov, M., Adilchaev, R., & Mamanazarov, A. (2025). Socio-economic development management: Marketing the use of reserves and potentials. Access to Science, Business, Innovation in Digital Economy, 6(2), 319–335. https://doi.org/10.46656/access.2025.6.2(5)
Likhonosova, G., Shevchenko, I., & Hatylo, V. (2026). Managing sustainable digital marketing in the context of SDGs: Financial, environmental, ethical and security dimensions. Problemy Ekorozwoju, 21(1), 111–128. https://doi.org/10.35784/preko.7723
Liu, H., Fan, W., & Li, C. (2025). From ESG performance to corporate resilience: Evidence from China’s manufacturing industry. Sustainability, 17(21), Article 9672. https://doi.org/10.3390/su17219672
Pankratz, S., & Zehntbauer, J. (2021). Corporate ESG profiles and financial risk. Review of Finance, 25(3), 955–1011. https://doi.org/10.1093/rof/rfaa030
Pomering, A., & Dolnicar, S. (2009). Assessing the prerequisite of successful CSR implementation: Are consumers aware of CSR initiatives? Journal of Business Ethics, 85(2), 285–301. https://doi.org/10.1007/s10551-008-9729-9
Porter, M. E., & Kramer, M. R. (2011). Creating shared value. Harvard Business Review, 89(1–2), 62–77.
Saebi, T., Lien, L., & Foss, N. J. (2017). What drives business model adaptation? The impact of opportunities, threats and strategic orientation. Long Range Planning, 50(5), 567–581. https://doi.org/10.1016/j.lrp.2016.06.006
Torelli, C. J., Balluchi, F., & Lazzini, A. (2020). Greenwashing and environmental communication: Effects on consumer trust and brand equity. Journal of Business Ethics, 165(4), 731–749.
Trishch, R., Petraškevičius, V., Šimelytė, A., Cherniak, O. & Lomanov, K. (2025). Assessment of product quality risks by qualimetric methods using functionally dependent statistics. Engineering Management in Production and Services, 17(3), 65–82. https://doi.org/10.2478/emj-2025-0020
Ushenko, N., Likhonosova, G., Zahariev, A., Shaulska, L., Kęsy, M., & Hurochkina, V. (2023). Strategies for strengthening business economic security with account to global financial challenges. Financial and Credit Activity Problems of Theory and Practice, 6(53), 300–317. https://doi.org/10.55643/fcaptp.6.53.2023.4178
Wang, H., Jiao, S., & Ma, C. (2024). The impact of ESG responsibility performance on corporate resilience. International Review of Economics & Finance, 93, 1115–1129. https://doi.org/10.1016/j.iref.2024.05.033
Wang, K., Yu, S., Mei, M., Yang, X., Peng, G., & Lv, B. (2023). ESG performance and corporate resilience: An empirical analysis based on the capital allocation efficiency perspective. Sustainability, 15(23), Article 16145. https://doi.org/10.3390/su152316145
Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5, 171–180. https://doi.org/10.1002/smj.4250050207
World Commission on Environment and Development. (1987). Report of the World Commission on Environment and Development: Our common future. United Nations.
Wu, H., & Zhang, K., & Li, R. (2024). ESG score, analyst coverage and corporate resilience. Finance Research Letters, 62(B), Article 105248. https://doi.org/10.1016/j.frl.2024.105248
View article in other formats
CrossMark check
Published
Issue
Section
Copyright
Copyright (c) 2026 The Author(s). Published by Vilnius Gediminas Technical University.
License
This work is licensed under a Creative Commons Attribution 4.0 International License.