La relazione tra la dimensione ESG e la performance patrimoniale e finanziaria aziendale: analisi della letteratura ed evidenze empiriche dalle società non finanziarie quotate alla Borsa italiana (2021-2024).

This research examines the role of ESG metrics as sustainability KPIs in the context of corporate financial distress, with a focus on their potential contribution to early crisis detection and the preservation of business continuity. ESG factors are not treated merely as reputational or compliance tools, but as strategic variables with broader social implications, particularly regarding employment and economic well-being. The main objective is to investigate whether non-financial performance, measured through ESG ratings, is correlated with the financial and equity performance of Italian listed companies, and whether ESG engagement can act as an anticipatory indicator of financial distress. The study is framed within the growing relevance of ESG regulation at the European level and recent reforms in corporate crisis law, which emphasize financial indicators for early detection. The theoretical framework combines two strands of literature: the relationship between ESG performance and profitability, and studies on corporate financial dynamics and crisis conditions. An interdisciplinary approach integrates economic-business and legal perspectives. The empirical analysis is based on a sample of 85 non-financial companies listed on the Italian Stock Exchange over the period 2021–2024. Panel regression models were applied using financial ratios (Current Ratio, Solvency Ratio, and Cash Flow Ratio) as dependent variables and ESG ratings as the main independent variable. The results show low statistical significance and limited explanatory power, indicating that ESG performance does not significantly affect financial indicators nor contribute to early crisis detection. In conclusion, ESG factors do not appear to be a determining variable in predicting financial distress. Future research should expand the dataset and incorporate forward-looking indicators to further explore the relationship between ESG and corporate financial performance.