Sustainability, Financial Performance, and Green Investment: Evidence from the Portuguese Energy Sector
サステナビリティ、財務パフォーマンス、グリーン投資：ポルトガルエネルギーセクターの証拠 (AI 翻訳)
Natália Teixeira
🤖 gxceed AI 要約
日本語
本稿は、ポルトガルのエネルギー企業EDPとGalpを対象に、サステナビリティ政策が企業価値に与える影響を分析。再生可能エネルギー比率と資産収益率(ROA)の正の相関、CO2排出と株主収益率(ROE)の負の関係が一部確認される一方、短期的な「ブラウン利益」の持続も示唆。グリーン投資が財務指標に与える影響は企業の戦略により異なる。
English
This paper analyzes the relationship between sustainability policies and corporate value for Portuguese energy firms EDP and Galp (2011-2023). It finds a positive association between renewable share and ROA, and a negative relationship between CO2 emissions and ROE for EDP but positive for Galp, highlighting the persistence of 'brown profits'. Green capital expenditure effects vary by firm strategy.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
ポルトガルの事例だが、日本企業のGX投資と財務パフォーマンスの関連性を検証する際の比較材料として有用。特に、統合報告書を用いた分析手法は日本の有報・統合報告にも応用可能。
In the global GX context
While focused on Portugal, this study provides comparative evidence on how sustainability strategies affect financial outcomes, relevant for global investors and firms navigating the energy transition. The use of integrated reports aligns with ISSB standards.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the financial implications of sustainability strategies in the energy sector, useful for comparative studies.
🏢実務担当者:Offers insights into how green investments and emissions management can impact financial metrics, aiding corporate strategy.
📄 Abstract（原文）
This study investigates whether sustainability policies translate into measurable corporate value, focusing on a comparative analysis of EDP and Galp between 2011 and 2023. Using audited integrated annual reports, the analysis combines financial indicators (ROA, ROE, EBITDA margin) with sustainability metrics (CO2 emissions, renewable share, and green capital expenditure). The results show partial yet significant relationships. The renewable share is positively associated with asset profitability (ROA) for both firms, with a stronger effect for Galp (r = 0.49) than for EDP (r = 0.26). Carbon emissions exhibit a negative relationship with shareholder returns (ROE) in EDP (r = −0.32) but remain positively linked for Galp (r = 0.43), illustrating the persistence of short-term “brown profits.” Green capital expenditure has divergent effects, slightly reducing operating margins in EDP but improving efficiency in Galp. These findings highlight how transition timing and strategic orientation shape the financial outcomes of sustainability policies. Consistent with stakeholder theory and the concept of shared value, the study suggests that sustainability-oriented strategies enhance firms' resilience and long-term competitiveness. By integrating financial and environmental, social, and governance (ESG) dimensions, it contributes comparative firmlevel evidence from Portugal and underscores the emerging role of FinTech solutions in enhancing ESG transparency and the efficiency of sustainable finance mechanisms.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.47852/bonviewfsi62027617first seen 2026-05-14 21:50:00
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