RT Journal Article
T1 How to explain stock returns of utility companies from an environmental, social and corporate governance perspective
A1 López Cabarcos, María Ángeles
A1 Santos Rodrigues, Helena
A1 Quiñoá-Piñeiro, Lara
A1 Piñeiro Chousa, Juan Ramón
K1 Business strategy
K1 Environmental performance
K1 ESG practices
K1 Stock returns
K1 Sustainable development
K1 Utilities industry
AB Sustainability is a major challenge in today's business world, making environmental,social and governance criteria an indispensable tool for business management andinvestment decisions. Using 2020 data of 47 companies from the STOXX EuropeTotal Market Utilities Index and qualitative comparative analysis, this study aims toanalyse how the combination of CO2equivalent emissions, sustainability compensa-tion incentives, environmental investments, environment management training, andpolicy fair competition leads to utility companies' stock market returns. Two subsam-ple models (electricity and non‐electricity utilities) have been considered in the study.The results point to the absence of CO2equivalent emissions, the absence of incen-tives, and the presence of environmental investment as key variables to lead to stockmarket returns. The findings provide relevant information for managers and practi-tioners of utilities industry to achieve improvements in the environmental, social andgovernance management practices, maintaining profitability in financial markets andfacilitating decision‐making for investors
PB Wiley
SN 1535-3958
YR 2023
FD 2023
LK http://hdl.handle.net/10347/30769
UL http://hdl.handle.net/10347/30769
LA eng
NO López-Cabarcos, M. Ángeles, Santos-Rodrigues, H., Quiñoá-Piñeiro, L., & Piñeiro-Chousa, J. (2023). How to explain stock returns of utility companies from an environmental, social and corporate governance perspective. Corporate Social Responsibility and Environmental Management, 1– 14. https://doi.org/10.1002/csr.2483
NO Lara Quiñoá-Piñeiro acknowledges support from the Ministerio de Universidades del Gobierno de España (University Teacher Training program [FPU19/01233])
DS Minerva
RD 28 abr 2026