This paper explores the impact of environmental practices on firm financial distress during the COVID‐19 pandemic in both emerging and developed countries. Analysing a sample of 12,181 firm observations from 2016 to 2021, our results indicate that adopting of environmental practices leads to reduced financial distress and more crisis‐resilient economies. The mitigating effect of environmental practices is more pronounced in developed countries. This study provides crucial implications for governments and policymakers, emphasizing the importance of encouraging firms to adopt environmental practices to reduce the likelihood of default.

中文翻译：

---

在动荡时期应对企业财务困境：制度背景的影响


本文探讨了新兴国家和发达国家在 COVID-19 大流行期间环境实践对企业财务困境的影响。通过分析 2016 年至 2021 年 12,181 个企业观察样本，我们的结果表明，采用环保实践可以减少财务困境，提高经济的抗危机能力。环境实践的缓解效果在发达国家更为明显。这项研究为政府和政策制定者提供了至关重要的影响，强调了鼓励企业采取环保做法以减少违约可能性的重要性。