RT Journal Article
T1 Does corporate social performance improve environmentally adjusted efficiency? Evidence from the energy sector
A1 Maside Sanfiz, José Manuel
A1 Suárez Fernández, Óscar
A1 López Penabad, Celia
A1 Alzghoul, Mohammad Omar
K1 Corporate social performance
K1 Data envelopment analysis
K1 Energy sector
K1 Environmental firm efficiency
K1 ESG
K1 U-shaped
AB This study analyses the impact of corporate social performance (CSP), proxied by the Environmental, Social and Governance (ESG) Index and its pillars and dimensions, on the environmentally adjusted efficiency (EAE) of 239 listed companies, over the period 2016–2021, in the global energy sector. The EAE index, estimated via data envelopment analysis (DEA), assesses the efficiency of companies by considering economic aspects alongside CO2 and energy consumption reduction targets. Our results support the hypothesis that only above a certain level of performance, do CSP practices positively influence EAE, so there is a non-linear U-shaped association between the overall ESG score and EAE. The same holds for the social and governance pillars, and the human rights and management subspecific dimensions, on EAE. Other ESG attributes show a positive linear relationship with EAE, namely the environmental pillar, the environmental innovation dimension and the shareholder dimension. Our paper has significant implications for companies, policy makers and researchers insofar as it estimates EAE and indicates which CSP practices should be invested in over the long term to have a positive effect on it
PB Wiley
SN 1535-3958
YR 2023
FD 2023
LK http://hdl.handle.net/10347/33001
UL http://hdl.handle.net/10347/33001
LA eng
NO Maside-Sanfiz, J. M., Suárez Fernández, Ó., López-Penabad, M.-C., & Alzghoul, M. O. (2023). Does corporate social performance improve environmentally adjusted efficiency? Evidence from the energy sector. Corporate Social Responsibility and Environmental Management, 1–21. https://doi.org/10.1002/csr.2650
NO This work was supported by the Spanish Ministry of Science and Innovation, the State Investigation Agency (10.13039/501100011033) and European Regional Development Fund (Project number PID2021-127527OB-I00)
DS Minerva
RD 24 abr 2026