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Permanent URI for this collectionhttps://hdl.handle.net/10347/40018

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Financing the sustainable energy transition: A configurational approach to the analysis of community initiatives
(ESIC, 2025-12-30) Romero Castro, Noelia María; Miramontes Viña, Vanessa; Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade
Objective: This study examines the role of social capital in mobilising investments for community renewable energy (CRE) initiatives in Spain. Combining sustainability transition theory, resource mobilisation theory and complexity theory, it investigates the involvement of individuals, SMEs and local public authorities in CRE projects and explores how these social capital factors, alongside project diversification and installed renewable energy (RE) capacity, influence investment mobilisation. Methodology: A fuzzy-set qualitative comparative analysis (fsQCA) approach is applied to analyse a sample of 68 CRE communities in Spain. The study assesses how different configurations of social capital factors and project characteristics contribute to achieving high or low levels of investment mobilisation. Results: Findings confirm equifinality, causal asymmetry and conjunctural causation in CRE investment mobilisation. High installed RE capacity consistently appears in paths leading to high investment. However, a high number of individuals or local public authorities does not always correlate with greater investment. The results highlight the complexity of interactions between social capital factors and project characteristics. Limitations: This study focuses on Spain, limiting the generalisability of findings to other geographical contexts. Additionally, the sample includes only CRE communities supported by public incentive programs, potentially overlooking other CRE models. Practical implications: Policy frameworks should prioritise increasing installed RE capacity and facilitating SME involvement in CRE initiatives. Local governments play a key role in building trust and driving investment, but their role must be strategically designed to maximise funding. The findings indicate that balancing social capital, project diversity and capacity is crucial for optimising CRE investment mobilisation.
Decentralized Finance in Business and Economics Research: A Bibliometric Analysis
(MDPI, 2025-11-06) Romero Castro, Noelia María; López Cabarcos, María Ángeles; Vittori-Romero, Valentín; Piñeiro Chousa, Juan Ramón; Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade; Universidade de Santiago de Compostela. Departamento de Organización de Empresas e Comercialización
The constant evolution of Decentralized Finance (DeFi) calls for the continuous monitoring of its developments and implications through a critical review of the academic literature. While DeFi holds promise for enhancing economic activity by expanding market access for enterprises and promoting financial inclusion, concerns remain that digital assets are primarily used for speculative purposes rather than for financing the real economy. This study employs bibliometric methods to investigate whether and how the current academic literature addresses the potential influence of DeFi on real economic dynamics. Employing bibliometric methods—including co-citation, bibliographic coupling, and keyword co-occurrence analyses—focused on DeFi-related publications in the Economics and Business subject areas within the Scopus database, the study maps the knowledge base, author networks, and thematic trends and their temporal evolution, supporting regulators, researchers, and practitioners. The findings reveal that the integration of DeFi with the real economy has received limited attention in scholarly research. This highlights the need for further investigation into DeFi’s implications for financial stability, productive investment, and long-term economic growth.
Beyond Climate Targets: Exploring When and How Female Directors Influence Corporate Decarbonization Transparency
(Wiley, 2025-02-06) García Sánchez, Isabel María; Núñez Torrado, Miriam; Aibar Guzmán, Cristina; Aibar Guzmán, Beatriz; Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade
The 2015 Paris Agreement established an international commitment to limit global warming to 1.5°C, which requires climate neutrality through deep cuts in greenhouse gas emissions. In pursuit of this goal, companies worldwide are adopting decarbonization strategies that are increasingly aligned with principles of transparency and accountability. This study examines a sample of 6575 large global companies to analyze the impact of board gender diversity on climate-related disclosures. Our findings show that the presence of at least one female director increases corporate transparency regarding decarbonization targets, timelines, strategic levers, and performance metrics. Thus, this study challenges the critical mass theory by demonstrating that even a single female director adds unique value in promoting sustainability transparency. Furthermore, we show that contextual factors—such as industry environmental sensitivity, regional regulatory frameworks and climate-related business opportunities—moderate the influence of female directors on decarbonization transparency. These findings advance corporate governance and sustainability research by providing a multidimensional understanding of how board gender diversity drives transparency, particularly in sustainability-sensitive industries and regulatory environments. On a practical level, the findings highlight the strategic value of gender-diverse boards for managers, investors, and policymakers seeking to enhance corporate accountability and align with global sustainability goals. By underscoring the transformative role of female directors in promoting transparent and responsible corporate practices, this research contributes actionable insights to the transition to a net-zero economy.
What Do We Know About How Companies Manage Waste? The Effect of Tenure and Diversity of Directors on Disclosures
(Wiley, 2026-02-17) García-Sánchez, Isabel María; Aibar Guzmán, Beatriz; Marín-Hernández, Salvador; Ortiz-Martínez, Esther; Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade
This paper aims to analyze the effect of board tenure on firms' waste management disclosure and explore whether this effect is amplified by board gender and cultural diversity. The analysis is based on data from 832 large firms worldwide from 2011 to 2020. We draw on a multi-theoretical framework combining the Upper Echelons Theory (UET), Resource Dependence Theory (RDT), and the Resource-Based View (RBV) as our main theoretical underpinnings and complementing them with entrenchment theory, gender socialization theory (GST), and imprinting theory. The results indicate that board tenure positively affects waste management disclosure and that board diversity strengthens the direct impact of tenure on the waste information firms disclose to stakeholders. These results are robust to variations in methodological specifications. Additionally, the amplifying role of the health crisis triggered by the COVID pandemic is identified.
Benchmarking and non-financial disclosure: the case of large Spanish local governments and the 2030 Agenda
(Taylor and Francis Group, 2025-09-16) Rieiro García, Manuel; Garrido Ruso, María; Aibar Guzmán, Cristina; Aibar Guzmán, Beatriz; Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade
This study examines the disclosure level of Spanish municipalities regarding the United Nations Sustainable Development Goals (SDGs) by analyzing information from 102 municipalities’ official websites from 2016 to 2022. Using a 60-item SDG disclosure index, the results revealed an average SDG disclosure level of 37.22% across the entire period. However, the level of SDG disclosure increased from 34.06% in 2016 to 40.40% in 2022. Demographic factors, such as population size, density, and dependent population, emerged as key drivers of SDG disclosure. This study's findings demonstrate that SDG disclosure is essential for SDG benchmarking, allowing local governments to set policy benchmarks and prioritize sustainability targets. The paper advances the argument that disclosure serves as an accountability mechanism and a constitutive dimension of benchmarking, thereby influencing municipal governance and SDG implementation. From a theoretical standpoint, this study contributes to the field by conceptualizing the disclosure of the SDGs as a mediating practice that connects benchmarking and policymaking within the context of local governance
A Composite Index to Identify Appropriate Locations for Rural Community Renewable Energy Projects
(MDPI, 2025) Romero Castro, Noelia María; Miramontes Viña, Vanessa; López Cabarcos, María Ángeles; Santos Rodrigues, Helena; Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade; Universidade de Santiago de Compostela. Departamento de Organización de Empresas e Comercialización
This study develops a composite index to identify and prioritize the most suitable geographical locations for rural Community Renewable Energy (CRE) projects. CRE is central to the sustainable energy transition, but its strategic deployment in rural areas is challenging due to uneven development, the necessity of coordinating diverse resources, and the need for governments to guarantee the prudent use of scarce funds. Framed under the Resource Mobilization Theory, the proposed index helps mitigate these uncertainties by providing a structure for site evaluation. Although the empirical application is performed in a specific Portuguese region, the methodological approach is explicitly designed to be transferable to other national and regional contexts. The index provides significant practical implications for CRE promoters, investors, and spatial planners, offering a transparent, clear-cut tool to define targets and optimize resource allocation. Furthermore, this study contributes to rural development literature by merging entrepreneurship and renewable energy fields, demonstrating how local CRE can effectively leverage available resources to deliver both private and community benefits.
From role conflict situations to employees’ extra-role and hostility behaviors. The role of cynicism
(Emerald, 2025) López Cabarcos, María Ángeles; López Carballeira, Analía; Ferro Soto, Carlos; Universidade de Santiago de Compostela. Departamento de Organización de Empresas e Comercialización
Purpose This research highlights the importance of the well-being of police professionals, as they are responsible for ensuring public safety. Design/methodology/approach Using structural equation modeling and multigroup analysis on a sample of 180 public police officers, the study examines the mediating role of cynicism between role conflict and organizational citizenship behavior (OCB) and hostile behaviors. It also explores how personal resources—compassion and esteem—and job resources—social support—moderate these effects. Findings The findings reveal that cynicism fully mediates the relationships between role conflict and both OCB and hostile behaviors. Additionally, compassion moderates the relationship between role conflict and cynicism, social support moderates the relationship between cynicism and OCB, and esteem moderates the relationship between cynicism and hostile behaviors. Originality/value The study underscores the need for designing strategies focused on the human dimension and well-being of police professionals in the workplace.
Análisis Coste-Efectividad de una Unidad de ICTUS: Estudio del Caso del Complejo Hospitalario Universitario de Santiago de Compostela
(IMR Press, 2025) Reyes Santías, Francisco; Castro, Alicia do Carme Pastoriza; Santamarina Cadavid, María; Castro, Emilio; Rodríguez Yáñez, Manuel; Prieto González, José María; Aibar Guzmán, Beatriz; Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade
Introducción: el ictus tiene un impacto enorme en la sociedad, tanto desde el punto de vista social como económico. Es la causa más habitual de ingreso y prolongación de la estancia en la planta de neurología. Métodos: En este trabajo se realiza un análisis coste-efectividad del tratamiento del ictus en el Complejo Hospitalario de Santiago de Compostela, donde se trata a los enfermos en una unidad de ictus. En primer lugar, se lleva a cabo un análisis de los costes del tratamiento en la unidad de ictus que no se había realizado hasta el momento. Los costes se comparan con los que habría si se siguiera tratando la enfermedad sin unidad de ictus, verificando que la existencia de dicha unidad implica un incremento de los costes del tratamiento. A continuación, se analizan diversos parámetros que reflejan la eficacia del tratamiento para finalmente realizar un análisis coste-efectividad con el objetivo de determinar si el aumento de los costes está justificado por una mejora en los resultados. Resultados: el tratamiento del ictus en la unidad centralizada de ictus sería coste-efectivo si tomamos como medida de efectividad la mortalidad durante la hospitalización o a los tres meses del alta, el parámetro mRS en el momento del alta o a los tres meses del alta y la discapacidad grave en el momento del alta. Conclusión: se puede afirmar que el incremento de los costes de una unidad de ictus se ve justificado por la mejora en la salud de los pacientes.
Bridging the ESG Credibility Gap: The Role of Institutional Investors in Mitigating ESG Decoupling
(Wiley, 2025) Cepêda, Catarina; Monteiro, Albertina Paula; Aibar Guzmán, Beatriz; Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade
Because of their capacity for sustained and informed monitoring, institutional investors are uniquely positioned to enhance corporate transparency and mitigate ESG decoupling, the gap between corporate sustainability rhetoric and reality. This study examines whether and under what circumstances institutional ownership contributes to aligning ESG disclosure with actual sustainability performance. Analysing an international sample of 3465 listed companies (13,488 firm-year observations) from 2009 to 2023, we find that institutional investors play a crucial role in reducing ESG decoupling. However, this effect depends on their investment horizon: long-term institutional investors mitigate ESG decoupling, whereas short-term institutional investors exacerbate it. These findings contribute to the corporate governance and sustainability literature by showing that institutional investors are not a homogeneous group and that their monitoring effectiveness varies depending on their investment horizon. From a practical perspective, our results highlight the need for regulatory initiatives that incentivise long-term institutional engagement and more stringent ESG reporting requirements to curb opportunistic disclosure practices.
Decarbonisation strategies and climate governance: Are institutional investors reshaping the business model of multinationals?
(Elsevier, 2025) García Sánchez, Isabel María; Aibar Guzmán, Cristina; López Pérez, María Luisa; Aibar Guzmán, Beatriz; Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade
Multinational companies are increasingly under pressure to integrate decarbonisation into their business models as a sign of climate leadership and as a strategy for their long-term value. Institutional investors play a key role in this, both directly, by influencing the adoption of decarbonisation strategies, and indirectly, by promoting climate governance mechanisms within companies that facilitate the implementation of decarbonisation initiatives and strategies. Analysing a sample of 4,956 companies from 2015 to 2022, we find that institutional investors positively influence companies' decarbonisation strategies through both direct and indirect channels. Although this is not affected by institutional investors' investment horizon or objectives, some types of institutional investors, in particular cross-holdings, financial institutions and pension funds, strengthen governance frameworks and promote more ambitious climate strategies. These findings underscore the critical role of institutional investors in driving corporate climate action, and highlight the need for policymakers and corporate leaders to consider investor-driven governance structures as a lever for accelerating decarbonisation.
Does human-oriented governance foster labor and human rights disclosure?
(Springer, 2025) García Sánchez, Isabel María; Raimo, Nicola; Vitolla, Filippo; Aibar Guzmán, Beatriz; Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade
Based on the idea that an organization’s morphology influences its response to pressures, this study aims to understand what drives companies to disclose material information about their impacts on labour and human rights (LHR) in response to social and regulatory pressures. This study posits that a substantive internalization of respect for human rights in business operations can be supported by a human-oriented approach to corporate governance that fosters an ethical organizational culture in which protecting and promoting LHR is viewed not as a moral option, but as a fundamental responsibility, thereby encouraging corporate transparency in this regard. The results obtained from a balanced data panel of 792 multinationals over the period 2011–2020 show that companies with a human-oriented approach to corporate governance disclose more comprehensive information on LHR issues. Furthermore, the results indicate that LHR performance negatively moderates the relationship between human-oriented governance and the level of LHR disclosure.
Value Creating Corporate Social Responsibility Strategies of Family and Non-Family Firms: An Interventionist Perspective
(Springer, 2025) García Sánchez, Isabel María; Rodríguez Ariza, Lázaro; Aibar Guzmán, Cristina; Khan, Huda; Zahoor, Nadia; Tarba, Shlomo Y.; Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade
This paper presents a study on how corporate social responsibility (CSR) strategies create value amongst family and non-family firms. Additionally, in our study, we considered the moderating effect of independent directors on the relationship between CSR and firm value. Based on data drawn from companies operating in 61 countries over an 11-year period (i.e. from 2010 to 2020), our findings demonstrate that non-family firms derive market benefits from the governance improvements made by independent directors concerning CSR strategies. In contrast, the CSR strategies promoted within family firms are associated with lower firm value. However, this negative association is neutralised by the role played by independent directors, especially when the company is controlled by succeeding generations and not just by the founding one. These directors play a dissuasive role that leads family members to reassess their external socio-emotional preferences (reputation, image, etc.) in order to uphold the internal priorities of day-to-day decision-making. Our study has important implications for research and practice.
Women in the C-Suite and Carbon Mitigation Actions: Understanding the Impact of the Disruptive Shocks From the COVID19 Pandemic and the Ukraine War
(Wiley, 2025) García Sánchez, Isabel María; Aibar Guzmán, Cristina; Hussain, Nazim; Aibar Guzmán, Beatriz; Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade
Achieving carbon neutrality by 2050 requires the implementation of ambitious policies and initiatives to reduce carbon emissions at the corporate level, which typically requires strong commitment from the top management team. This study examines to what extent greater female representation on top management teams leads to the development of a more advanced and integrated carbon reduction strategy, and how the context of crisis and uncertainty arising from the COVID19 and the Russia–Ukraine war may affect this relationship. Based on an index that measures the level of development of carbon mitigation actions, the findings, based on panel data from 3,212 multinational firms from 2013 to 2022, confirm the driving role of gender diversity in the C-suite in the process of corporate decarbonization, especially in the timeframe leading up to the disruptive period 2020–2022. The results are robust to alternative methodological choices, confirming their research and practical implications.
Autonomía enerxética local e desenvolvemento rural sustentable. Análise da predisposición a participar en comunidades enerxéticas renovables
(Universidade de Santiago de Compostela, 2020) López Cabarcos, María Ángeles; Romero Castro, Noelia María; Miramontes Viña, Vanessa; Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade
As comunidades enerxéticas renovables (CER) postuláronse na literatura académica como unha potencial fonte de oportunidades para o desenvolvemento rural sustentable. As novas liñas estratéxicas do Goberno da nación apuntan a que poderían empezar a incentivarse dun modo máis contundente, polo que se fai necesario a análise dos condicionantes da predisposición a participar e/ou investir neste tipo de iniciativas. Con base na información recollida a través dunha enquisa nunha pequena localidade de Galicia, analizamos mediante técnicas cuantitativas (análises de compoñentes principais e de regresión múltiple) as características sociodemográficas e sociopsicolóxicas que determinan a predisposición a participar e/ou investir nunha CER rural. Os resultados revelan que o xénero, o nivel de renda e un factor de capital social relacionado coa confianza e a cooperación resultan significativos. Estes resultados permítennos formular conclusións e recomendacións para investigadores, promotores e lexisladores.
All that glitters is not gold. The rise of gaming in the COVID-19 pandemic
(Elsevier, 2020) López Cabarcos, María Ángeles; Ribeiro Soriano, Domingo; Piñeiro Chousa, Juan Ramón; Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade
The COVID-19 pandemic has led to an unprecedented situation, with incalculable health, social, and economic consequences. At the start of the outbreak, the financial markets collapsed, although not all sectors suffered equally. The gaming and eSports industry is one of those that has suffered the least from the fall in the markets. Millions of people locked up at home, bored, stressed, and anguished, gave gaming and eSports companies growing prominence throughout the first half of 2020. This prominence has elicited interest in analyzing which variables can influence the returns in an industry in better financial health than many others. Using a logit–probit model, this research aims to analyze the relationship between financial (VIX, S&P GSCI Gold Index) and social (worldwide daily variation in total deaths from COVID-19 and worldwide Google attention on coronavirus) variables and the returns offered by the video game and eSports exchange traded fund (ESPO). The results show that the influence of social variables is weaker than the influence of financial variables. There is a significant inverse relationship between market volatility and ESPO returns and a highly significant relationship between ESPO returns and gold returns. While the relationship of ESPO returns with worldwide Google attention on coronavirus is significant, the relationship with worldwide daily variation in total deaths from COVID-19 is not. The conclusions of the study are discussed at the end of the paper.
Decoupling in Sustainability Reporting: A Systematic Literature Review
(Wiley, 2025-04-25) Cepêda, Catarina; Monteiro, Albertina Paula Moreira; Aibar Guzmán, Beatriz; Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade
Decoupling in sustainability reporting raises concerns about the credibility of sustainability disclosures. This study conducts a bib-liometric review of 74 articles from 44 journals indexed in the Web of Science up to 2023, tracking key trends. The findings revealtwo phases in research: an erratic growth from 2012 to 2017, followed by a surge from 2018 to 2023, with almost half of the publica-tions in the last two years. Regulatory frameworks, particularly Directive 2014/95/EU, have notably influenced decoupling practises.Researchers use different proxies to measure decoupling, diverse theoretical lenses and empirical approaches, with China emerging asthe most studied country. This study identifies five main research streams: characterisation, drivers, mitigating factors, impacts, andalternative views. Complementary analysis of recent publications confirms this trend, with the largest number of articles being pub-lished in 2024. The study contributes to the debate on the implications of decoupling for corporate transparency and accountability.
Do Consumers Value Environmental Innovation in Product?
(MDPI, 2021) Aibar Guzmán, Cristina; Somohano Rodríguez, Francisco M.; Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade
Customers are considered to be major stakeholders whose demands and preferences have a strong influence on corporate strategies. In this sense, increased consumer environmental awareness has led to a growing demand for environmentally friendly products which, in turn, has compelled firms to adopt innovative forms of integrating environmental protection into product development and production processes. Nevertheless, an “attitude–behavior gap” has been witnessed, which implies that consumers’ environmental attitudes do not always translate into an actual ecologically compatible purchasing behavior and, consequently, eco-product innovations will not necessarily entail a positive economic impact for companies. This paper aims to analyze if the companies that invest in eco-product innovation are valued by consumers, showing higher growth. Specifically, we propose that eco-product innovation has a positive effect on a firm’s sales growth. Additionally, we aim to analyze the consumers’ preferences in relation to eco-product innovations considering two alternative approaches that companies can follow in this respect: eco-design and products with ecological use. The results obtained for an unbalanced sample of 5391 international companies corresponding to the period 2002–2017 (51,666 observations) show that proactive environmental innovation strategies are positively valued by consumers, having a positive impact on the companies’ sales growth. Furthermore, consumers show a greater preference for environmental innovations in eco-design than for products with ecological use.
Bitcoin volatility, stock market and investor sentiment. Are they connected?
(Elsevier, 2021) López Cabarcos, María Ángeles; Pérez Pico, Ada María; Piñeiro Chousa, Juan Ramón; Šević, Aleksandar; Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade
Bitcoin is the cryptocurrency with the largest market capitalization, and many studies have examined its role in financial markets. In this manuscript, we contribute to the extant body of knowledge by analyzing the Bitcoin behavior and the effect that investor sentiment, S&P 500 returns, and VIX returns have on Bitcoin volatility using GARCH and EGARCH models. The results suggest that Bitcoin volatility is more unstable in speculative periods. In stable periods, S&P 500 returns, VIX returns, and sentiment influence Bitcoin volatility.
The influence of financial features and country characteristics on B2B ICOs’ website traffic
(Elsevier, 2021) Piñeiro Chousa, Juan Ramón; López Cabarcos, María Ángeles; Ribeiro Soriano, Domingo; Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade; Universidade de Santiago de Compostela. Departamento de Organización de Empresas e Comercialización
Technology, blockchain, and initial coin offerings (ICOs) have changed the established ways of financing companies and doing business. The changes that affect organizational communications, specifically marketing communications, remain unclear, especially in the context of business-to-business (B2B) organizations. The current trend is for B2B companies to view social media as an optimal way to enhance lasting and valuable relationships with other companies. There is little research on social media marketing strategies by B2B organizations. To fill this gap, this study uses a sample of 57 B2B ICOs completed by December 2019 and qualitative comparative analysis to examine how the combined effect of four conditions related to B2B ICOs (percentage of tokens distributed, amount of funding raised, minimum investment required, and ICO price) and two conditions related to the promoter’s country (institutional efficiency and tax haven status) lead to a low Alexa Rank. While the percentage of tokens distributed and the amount of funds raised play a key role in achieving a low Alexa Rank, the minimum investment required seems to play a secondary role. Moreover, the importance of the characteristics of the B2B ICO promoter’s country depends on both the presence and the value of the conditions related to financial characteristics.
The Ethical Commitment of Business Strategy: ESG‑Related Factors as Drivers of the SDGs
(Springer, 2025-04-23) López Cabarcos, María Ángeles; Ziane, Ydriss; López Pérez, María Luisa; Piñeiro Chousa, Juan Ramón; Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade
Companies play an important role in sustainable development. While many companies have incorporated ESG initiatives into their strategies, the specifc impact of these eforts on the SDGs remains unclear, especially regarding how these initiatives are prioritized or aligned within corporate strategies. Despite the common relationship between ESG practices and sustainability, limited research has investigated how ESG strategies contribute to the SDGs. This paper aims to assess the ethical commitment of organizational practices, analysing how the combination of fve ESG-related variables (ecological impacts, access and afordability, labour practices, product design and lifecycle management, and business ethics) leads to a positive contribution to the SDGs among 137 companies belonging to EUROSTOXX and S&P500 indexes. A fsQCA analysis has been conducted, distinguishing between ESG variables with internal, external, human and non-human connotations. The fndings highlight that the combination of all these variables rather than isolated ESG practices is essential to achieve the SDGs. Although diferences are shown between the companies belonging to the two indexes, ethical governance, environmental issues and labour practices have emerged as the most relevant ESG variables for achieving sustainable goals. This study provides a better understanding of what and how ESG initiatives can contribute to the SDGs, helping companies and policy makers identify the ethical approaches to consider when designing strategies to advance towards sustainable performance.

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