Abstract:The purpose of this article is to analyze, in a three-stage research project and from an economic an operational perspective, the relationships between environmental expenses, the improvements achieved in five environmental variables analyzed and efficiency. To achieve these objectives, we analyze sustainability reports and economic data from 24 Spanish ports. The three aforementioned stages of this research are the following: first, the analysis of the sustainability reports to determine the level of informat… Show more
“…First, this paper highlights the overall effect of ESG in improving investment efficiency. Most extant studies focus on the single ESG dimension, such as the environment, social responsibility, and corporate governance ( Bostian et al, 2016 ; Chen et al, 2018 ; Castelló-Taliani et al, 2021 ). Few studies have taken these three dimensions as a unit.…”
Dramatic changes in the business environment have created demands for additional information such as management discussions, governance information, and financial statement notes that go beyond the coverage of traditional financial reporting. Environmental, social, and governance (ESG) information can help gain stakeholder trust, reduce transaction costs, and improve investment efficiency. Taking Chinese A-share listed companies from 2011 to 2020 as a sample, we run fixed effect regressions to test the effect of ESG performance on investment efficiency. ESG performance is measured with the ESG score from the Bloomberg database. The results show that (a) good ESG performance significantly improves investment efficiency, (b) auditing quality partially mediates the relationship between ESG performance and investment efficiency, and (c) the role of ESG performance is stronger in non-state-owned enterprises, undeveloped regions, and firms with low accounting information quality. This paper contributes to the literature on ESG performance and provides references for ESG practice and sustainable corporate development in emerging countries.
“…First, this paper highlights the overall effect of ESG in improving investment efficiency. Most extant studies focus on the single ESG dimension, such as the environment, social responsibility, and corporate governance ( Bostian et al, 2016 ; Chen et al, 2018 ; Castelló-Taliani et al, 2021 ). Few studies have taken these three dimensions as a unit.…”
Dramatic changes in the business environment have created demands for additional information such as management discussions, governance information, and financial statement notes that go beyond the coverage of traditional financial reporting. Environmental, social, and governance (ESG) information can help gain stakeholder trust, reduce transaction costs, and improve investment efficiency. Taking Chinese A-share listed companies from 2011 to 2020 as a sample, we run fixed effect regressions to test the effect of ESG performance on investment efficiency. ESG performance is measured with the ESG score from the Bloomberg database. The results show that (a) good ESG performance significantly improves investment efficiency, (b) auditing quality partially mediates the relationship between ESG performance and investment efficiency, and (c) the role of ESG performance is stronger in non-state-owned enterprises, undeveloped regions, and firms with low accounting information quality. This paper contributes to the literature on ESG performance and provides references for ESG practice and sustainable corporate development in emerging countries.
“…There is evidence that those companies that adopt these principles positively impact firm financial performance (Ortas et al, 2015) and profitability (Orzes et al, 2020). Moreover, some literature reveals that ED plays a role in reducing firm costs (Castelló‐Taliani et al, 2021; Kuo et al, 2010). In addition, Longoni and Cagliano (2018) reveal that financial performance is significant and positive, the more inclusive ED practices are.…”
Section: Literature Review and Hypothesesmentioning
This research aims to determine the effect of corporate social responsibility (CSR) disclosure on the firm performance (FP) of Spanish‐listed companies considering the mediation produced by the economic dimension. Using their sustainability reports, partial least squares structural equation modeling is employed for a content analysis. This study provides evidence on the mediating role of the disclosure of economic dimension practices and the intensity shown in the relationships between social and environmental dimensions and FP, allowing for a deeper understanding of the relationships between the various CSR dimensions. Findings show that the disclosure of social and environmental actions, aligned with appropriate standards in the economic dimension, can lead to an improvement in the FP of the company.
“…Port of Damietta, Egypt: It has implemented a comprehensive sustainability plan that includes renewable energy sources, such as wind and solar power [32]; • Port of Gijón, Spain: It focuses on economic and social sustainability and has implemented various initiatives to support local businesses and engage the community. For example, the port has developed a business incubation program to support local startups and has established a community engagement program to foster dialogue and collaboration with residents [33]; • Port of Bar, Montenegro: This port focuses on the development of an inventory of existing equipment that includes detailed data on energy consumption and the compilation of a prioritized list of feasible and promising energy sustainability measures for the port as a whole, but also for specific areas/facilities (e.g., buildings, warehouses, storages, etc.) and operations/equipment (e.g., ship loading/unloading equipment, yard operations equipment, terminal vehicles) [34].…”
Ports are under increased pressure to reduce their negative climate and environmental impacts. Their roles and functions in transportation systems and the economy make them a key industry in promoting sustainability. In particular, small- and medium-sized ports (SMSPs) should serve as lighthouses or flagships of environmental and digital transformation, allowing access to remote locations and integrating peripheral regions. Their sustainability planning faces significant challenges in this context, such as limited resources, access to technical expertise, and stakeholder involvement. Sustainable planning strives for long-term viability, while balancing economic, social, and environmental goals. Ports can ensure that they are cost-effective, environmentally sustainable, and capable of satisfying local people’s and companies’ long-term demands by applying sustainable planning methods. This research aims to assist stakeholders in designing and implementing activities that will optimize the sustainability of SMSPs, promote the sustainable development of the neighboring communities, and encourage the sustainable use of coastal and marine resources.
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