Environmental sustainability practices and ROA: A configurational Analysis of IBEX 35 firms in Energy and Industry & Construction
環境持続可能性実践とROA：IBEX 35企業のエネルギーおよび産業・建設部門における構成分析 (AI 翻訳)
Lorena Pérez-Alfonso, Sofía García-Manglano
🤖 gxceed AI 要約
日本語
本研究は、EUのCSRD/ESRSに準拠した環境持続可能性実践が財務パフォーマンスに与える影響を、スペインのIBEX 35上場企業を対象に分析した。再生可能エネルギー比率、廃棄物回収率、EMAS成熟度の3条件を用いたfsQCAの結果、単一の環境実践が高ROAに必須ではないこと、セクターによって十分条件が異なることが示された。特に産業・建設部門では、廃棄物回収とEMAS成熟度の組み合わせ、または再生可能エネルギー比率の高さが代替的な経路となる。
English
This study examines how environmental sustainability practices relate to financial performance (ROA) in Spanish IBEX 35 firms, in the context of CSRD/ESRS. Using fsQCA on three conditions (renewable energy share, waste recovery, EMAS maturity), it finds no single necessary practice but sector-specific sufficient pathways. For Industry & Construction, two equifinal configurations are identified, while for Energy no stable sufficient configuration emerged. The study supports a non-additive view of environmental practices and calls for multi-year and assurance-extended research.
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
本論文は、EUのCSRD/ESRSに基づく標準化された開示要件の強化を背景に、環境実践と財務成果の関係をスペインの事例から分析。日本企業にとっても、SSBJや有報における非財務情報の開示が進む中、環境指標の組み合わせ効果を検証する手法として示唆に富む。特に、EMAS（EUエコマネジメント監査制度）のような認証制度の成熟度と再生可能エネルギー比率の相互作用は、日本の環境報告書における指標設計に参考となる。
In the global GX context
This paper adds empirical evidence to the CSRD/ESRS discussion by showing that environmental practices do not act in isolation; their combinatory effects matter for financial performance. For global audiences, it highlights the importance of using auditable indicators (like EMAS maturity and waste recovery) rather than aggregated ESG ratings, which often disagree. The sector-specific findings also suggest that one-size-fits-all sustainability strategies may be suboptimal.
👥 読者別の含意
🔬研究者:This study demonstrates the application of fsQCA to environmental sustainability-performance research, which can be extended to multi-year panels and other European or Japanese contexts.
🏢実務担当者:Corporate sustainability teams can use the identified configurations to prioritize combinations of environmental practices that may enhance ROA, especially in Industry & Construction.
🏛政策担当者:Regulators can note that auditable indicators like EMAS maturity and waste recovery capture distinct aspects of environmental performance, supporting the move toward standardized disclosure under CSRD/ESRS.
📄 Abstract（原文）
Background: The transition from voluntary sustainability narratives to more standardised and auditable disclosure requirements in Europe (CSRD/ESRS) has intensified the need for evidence on how observable environmental practices relate to financial outcomes. Persistent disagreement among commercial sustainability ratings, especially on environmental components, reinforces the case for using auditable indicators in sustainability-performance research. Purpose: This study identifies which configurations of environmental sustainability practices are associated with high financial performance in Spanish IBEX-listed firms, and whether those pathways differ across Energy and Industry & Construction. Study design: Using hand-collected data from 2023 corporate reports for 15 IBEX-listed firms, we calibrate three environmental conditions, renewable energy share, waste recovery, and EMAS maturity, and apply fuzzy-set Qualitative Comparative Analysis (fsQCA) to examine pathways to high return on assets (ROA). Findings: No single environmental practice emerges as necessary for high ROA. Sufficiency differs by sector: in Energy, no stable sufficient configuration is retained under the adopted consistency threshold, suggesting ROA is shaped by additional drivers beyond this parsimonious set. In Industry & Construction, two sufficient pathways highlight equifinality: one combines high waste recovery with EMAS maturity despite low renewable share, while the alternative one links high renewable share to high ROA in the absence of both waste recovery and EMAS maturity. These results support a non-additive view within the environmental pillar; social and governance dimensions are outside the scope of the present design. Limitations/implications: The study is scoped to the environmental pillar and a single fiscal year; future research should extend the design to multi-year panels, incorporate assurance/verification quality, and test broader ESG dimensions as European reporting standards evolve.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.5937/straman2600008pfirst seen 2026-05-15 19:07:55
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