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Bootstrapping of the structural model. Note: The variables include financial distress (FD), environmental, social, and governance (ESG), return on assets (ROA), cost leadership (CL), and control variables (CON) which include firm size (SIZE), firm leverage (LEV), firm age (AGE), coronavirus crisis (COV), and sector classification (SEC). H4 represents the “CL -> ESG -> FD” path; H5 represents the “CL -> ROA -> FD” path; H6 represents the “ESG -> ROA -> FD” path.
