Η σχέση ESG βαθμολογιών και χρηματιστηριακών αποδόσεων : συγκριτική ανάλυση μεταξύ Ιταλίας και Ελλάδας

Λαπαρδάς, Αναστάσιος

The relationship between ESG ratings and stock market performance : a comparative analysis between Italy and Greece

Master Thesis

Author

Λαπαρδάς, Αναστάσιος

Date

2026-02

Abstract

The dynamics of integrating environmental, social, and governance (ESG) considerations into investment strategies have redefined perceptions of financial performance and risk. In this context, this study examines the relationship between ESG scores and stock market performance through a comparative analysis of two distinct markets: Italy, a mature and institutionally established environment, and Greece, a less developed and institutionally transitional paradigm. The methodological approach involves selecting 20 companies with the highest ESG scores in each country, based on the official FTSE Italia ESG and ATHEX ESG indices. The analysis spans the period from 2020 to 2024, focusing on critical years for both the global and national economies. The stock market performance of companies is studied through indicators such as average annual return, standard deviation, Sharpe ratio and return in times of crisis. The findings reveal that companies with high ESG performance tend, in most cases, to exhibit more stable and predictable investment behaviour, without necessarily outperforming the general index. This stability is more pronounced in Italy, where the ESG strategy is functionally integrated into business decisions, while in Greece, it remains more formal and superficial. At the same time, it is confirmed that the institutional and information-al framework plays a catalytic role in the correlation between ESG and performance. The study concludes that ESG indicators should not be treated as independent mechanisms for generating returns, but as qualitative tools for risk management and establishing investment resilience. Their use by investors and institutional bodies requires a high degree of transparency, standardisation, and institutional maturity to avoid phenomena of “regulatory imitation” or greenwashing. The findings provide valuable insights into the role of ESG criteria in market functioning and offer a springboard for further research exploration in the field of responsible investment

Postgraduate Studies Programme

Οικονομική και Επιχειρησιακή Στρατηγική

Department

Σχολή Οικονομικών, Επιχειρηματικών και Διεθνών Σπουδών. Τμήμα Οικονομικής Επιστήμης

Number of pages

119

Language

Greek

URI

https://dione.lib.unipi.gr/xmlui/handle/unipi/18992

Collections

Τμήμα Οικονομικής Επιστήμης

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Except where otherwise noted, this item's license is described as
Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα