Επίδραση των δεικτών ESG στις αποδόσεις των μετοχών
Effect of ESG indices on stock returns

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Keywords
Βιώσιμη ανάπτυξη ; Πυλώνες ESG ; Χρηματιστηριακοί δείκτες ESG ; Απόδοση μετοχών ; Sustainable development ; ESG pillars ; ESG indices ; Stocks’ returnsAbstract
Sustainable Development counts many years of presence in the economic field, however the
effects of climate change make the application of its imperatives more necessary than ever. The
use of the pillars of Sustainable Development, i.e. the ESG pillars, which include Environment,
Society and Governance, by stock exchanges indicates the importance of sustainability in the
business world. ESG stock indices are now being created, which help companies monitor their
performance in the three areas of focus of Sustainable Development. Greece is not lagging
behind, but rather following developments, with the Athens Stock Exchange creating the
ATHEX ESG Index and the ESG Transparency Methodology, a guide of information and rules,
with the aim of helping Greek companies to integrate into their practices Sustainable
Development and measure their sustainability performance. Of particular interest is the
relationship between companies' financial performance and ESG, as it is important to see
whether or not investing in ESG strategies enhances companies' financial performance, which
is presented through an extensive literature review. The empirical study of this paper examines
the relationship between the course of the European sustainability index Dow Jones
Sustainability Index – Europe and the returns on the stocks of European companies.