Απόδοση ESG και χρηματοοικονομικές αποδόσεις : θεωρητική και εμπειρική προσέγγιση
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Keywords
Βιώσιμη ανάπτυξη ; ESG ; Ελληνικό χρηματιστήριο ; ATHEX ESG ; Κερδοφορία επιχειρήσεων ; Συστημικές τράπεζες ; Παλινδρόμηση OLS ; ROE ; Ανάλυση συσχέτισης ; ΕλλάδαAbstract
This thesis examines the relationship between environmental, social, and governance performance (ESG) and corporate financial performance in the Greek market. Specifically, it focuses on companies included in the ATHEX ESG index and investigates whether ESG performance is related to return on equity (ROE). The research is based on the ESG “underperformance” hypothesis, which argues that companies oriented toward sustainability may achieve lower financial returns.
Using secondary data for the period 2015–2024, the study employs descriptive statistics, correlation analysis, independent-sample t-tests, and ordinary least squares (OLS) regression models. The results indicate a positive correlation between ESG performance and ROE in the baseline models. Companies with higher ESG scores show significantly higher average profitability compared to companies with lower ESG scores. However, when firm size and industry characteristics are controlled for, the strength of this relationship weakens, meaning that ESG effects are partly influenced by firm-specific factors.
Overall, the results do not support the view that participation in ESG leads to financial underperformance. Instead, they support that ESG practices are not detrimental to profitability and can contribute to improved financial outcomes under certain conditions. The study contributes to the limited literature on ESG performance in the Greek context and provides useful insights for investors, corporate managers, and policymakers interested in sustainable finance.
Postgraduate Studies Programme
Πρόγραμμα Μεταπτυχιακών Σπουδών στη Διοίκηση Επιχειρήσεων - Διοίκηση Επιχειρήσεων στη Βιώσιμη Ανάπτυξη (MBA in Sustainability)Department
Σχολή Οικονομικών, Επιχειρηματικών και Διεθνών Σπουδών. Τμήμα Οργάνωσης και Διοίκησης ΕπιχειρήσεωνNumber of pages
53Language
GreekCollections
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Αναφορά Δημιουργού - Μη Εμπορική Χρήση - Παρόμοια Διανομή 3.0 Ελλάδα
Αναφορά Δημιουργού - Μη Εμπορική Χρήση - Παρόμοια Διανομή 3.0 Ελλάδα