ESG Practices and the Economic and Financial Performance of Energy Companies: A Multi-Method Analysis
エネルギー企業のESG実践と経済・財務パフォーマンス：マルチメソッド分析 (AI 翻訳)
Guido Migliaccio, Mirko Mozzillo
🤖 gxceed AI 要約
日本語
本稿は2014〜2023年の欧州エネルギー企業59社を対象に、ESG格付けと財務パフォーマンスの関係を相関分析・回帰分析・構造方程式モデリング(SEM)で分析。SEMではROE、ROA、ROCEを経済パフォーマンスの潜在変数としてモデル化。結果はESG格付けが短期的収益性だけでなく、戦略・組織・ガバナンス要因により説明されることを示唆。ESG-CFP研究に貢献。
English
This paper analyzes the relationship between ESG ratings and financial performance for 59 European energy companies from 2014 to 2023 using correlation, OLS, and SEM. In SEM, ROE, ROA, and ROCE are modeled as reflective indicators of a latent economic performance construct. The results show that ESG ratings are not solely explained by short-term profitability but also by broader strategic, organizational, and financing conditions. The study contributes to the ESG-CFP literature by proposing an exploratory SEM approach.
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
欧州エネルギー企業を対象としたESG-財務パフォーマンス関係の実証分析。日本企業でもESGと財務の関連性が注目される中、本稿のSEM手法はSSBJ開示や投資家対応に示唆を与える。ただしEUタクソノミーなど欧州特有の規制環境を考慮する必要がある。
In the global GX context
This study provides insights into the ESG-financial performance link in the European energy sector, relevant for global transition finance discussions. It highlights that broader factors beyond profitability drive ESG ratings, informing corporate strategy and disclosure under frameworks like TCFD and ISSB.
👥 読者別の含意
🔬研究者:The paper offers a methodological contribution using SEM to model economic performance as a latent construct, applicable to other ESG-CFP studies.
🏢実務担当者:Energy companies can understand that ESG ratings reflect more than financial metrics, guiding sustainability strategy and reporting.
🏛政策担当者:Policymakers should note that ESG ratings capture strategic and governance factors beyond financial performance, informing disclosure requirements.
📄 Abstract（原文）
The relationship between environmental, social and governance (ESG) performance and corporate financial performance (CFP) remains an open question, particularly in capital-intensive sectors exposed to regulatory pressures and long-term transition costs. This study analyses the relationship between ESG ratings and financial performance using accounting data from 59 listed European energy companies over the period 2014–2023. ESG ratings were obtained from standardised sustainability scores available on Yahoo Finance and are therefore used as proxies for corporate sustainability performance. Financial data were extracted from Orbis Europe Full. The empirical design adopts an exploratory multi-method approach combining correlation analysis, multiple linear regression (OLS) and structural equation modelling (SEM). In the SEM model specification, ROE, ROA and ROCE are modelled as reflective indicators of a latent construct termed ‘economic performance’, whilst financial leverage is treated as a distinct observed variable representing firms’ financing structure. The results show that traditional linear models have limited explanatory power in explaining ESG ratings. The SEM analysis indicates that the latent construct of economic performance has a positive but statistically insignificant association with ESG ratings, whilst financial leverage shows a marginally significant positive association. Factor loadings confirm that ROE, ROA and ROCE consistently represent the common dimension of economic performance. Overall, the results suggest that ESG ratings in the European energy sector are explained not solely by short-term accounting profitability but also by broader strategic, organisational, governance, and financing conditions. The study contributes to research on the ESG-CFP relationship by proposing an exploratory structural equation modelling approach to modelling economic performance as a latent accounting construct. It offers food for thought for managers and policymakers evaluating sustainability strategies in capital-intensive transition contexts.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.mdpi.com/1911-8074/19/7/482/pdf?version=1782805117first seen 2026-07-18 07:50:18
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