Drivers of Sustainable Performance in European Energy Sector

The main purpose of this study is to identify the drivers of sustainable performance in firms that operate in the energy sector. Under the assumption of bidirectional impacts, we empirically tested the trade-offs between sustainable and financial performance, in light of neoclassical theory, the nat...

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Autores principales:	Monika Wieczorek-Kosmala, Dorota Marquardt, Jarosław Kurpanik
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	sustainable performance firm’s performance sustainability reporting energy sector Technology T
Acceso en línea:	https://doaj.org/article/5488060f588c433290228143b6a38078
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spelling	oai:doaj.org-article:5488060f588c433290228143b6a380782021-11-11T15:52:03ZDrivers of Sustainable Performance in European Energy Sector10.3390/en142170551996-1073https://doaj.org/article/5488060f588c433290228143b6a380782021-10-01T00:00:00Zhttps://www.mdpi.com/1996-1073/14/21/7055https://doaj.org/toc/1996-1073The main purpose of this study is to identify the drivers of sustainable performance in firms that operate in the energy sector. Under the assumption of bidirectional impacts, we empirically tested the trade-offs between sustainable and financial performance, in light of neoclassical theory, the natural-resources-based view, and instrumental stakeholder theory. We hypothesize that, in the energy sector, sustainable performance is positively associated with firms’ financial performance and that sustainability reporting is an important driver of sustainable performance. We add primarily by considering the relevance of sustainability-policy-oriented factors and revising the role of sustainability reporting within. We provide empirical evidence based on a large panel of firm-year observations within the 2013–2020 time span, for firms that operate in the energy sector and are located in Europe. We have found strong support for the positive link between sustainable performance (proxied with ESG score) and returns, which conforms to the assumptions of the natural-resources-based view. However, we have also found some evidence that more sustainable firms face greater costs input, which is considered in neoclassical theory. We have also confirmed no relevance of the slack-resources-based view. Finally, we found sustainability reporting to be the most influential among the set of sustainability-policy-oriented factors. This evidence demonstrates that stakeholders’ pressure on firms’ transparency could be an important driver of sustainable performance in the energy sector.Monika Wieczorek-KosmalaDorota MarquardtJarosław KurpanikMDPI AGarticlesustainable performancefirm’s performancesustainability reportingenergy sectorTechnologyTENEnergies, Vol 14, Iss 7055, p 7055 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	sustainable performance firm’s performance sustainability reporting energy sector Technology T
spellingShingle	sustainable performance firm’s performance sustainability reporting energy sector Technology T Monika Wieczorek-Kosmala Dorota Marquardt Jarosław Kurpanik Drivers of Sustainable Performance in European Energy Sector
description	The main purpose of this study is to identify the drivers of sustainable performance in firms that operate in the energy sector. Under the assumption of bidirectional impacts, we empirically tested the trade-offs between sustainable and financial performance, in light of neoclassical theory, the natural-resources-based view, and instrumental stakeholder theory. We hypothesize that, in the energy sector, sustainable performance is positively associated with firms’ financial performance and that sustainability reporting is an important driver of sustainable performance. We add primarily by considering the relevance of sustainability-policy-oriented factors and revising the role of sustainability reporting within. We provide empirical evidence based on a large panel of firm-year observations within the 2013–2020 time span, for firms that operate in the energy sector and are located in Europe. We have found strong support for the positive link between sustainable performance (proxied with ESG score) and returns, which conforms to the assumptions of the natural-resources-based view. However, we have also found some evidence that more sustainable firms face greater costs input, which is considered in neoclassical theory. We have also confirmed no relevance of the slack-resources-based view. Finally, we found sustainability reporting to be the most influential among the set of sustainability-policy-oriented factors. This evidence demonstrates that stakeholders’ pressure on firms’ transparency could be an important driver of sustainable performance in the energy sector.
format	article
author	Monika Wieczorek-Kosmala Dorota Marquardt Jarosław Kurpanik
author_facet	Monika Wieczorek-Kosmala Dorota Marquardt Jarosław Kurpanik
author_sort	Monika Wieczorek-Kosmala
title	Drivers of Sustainable Performance in European Energy Sector
title_short	Drivers of Sustainable Performance in European Energy Sector
title_full	Drivers of Sustainable Performance in European Energy Sector
title_fullStr	Drivers of Sustainable Performance in European Energy Sector
title_full_unstemmed	Drivers of Sustainable Performance in European Energy Sector
title_sort	drivers of sustainable performance in european energy sector
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/5488060f588c433290228143b6a38078
work_keys_str_mv	AT monikawieczorekkosmala driversofsustainableperformanceineuropeanenergysector AT dorotamarquardt driversofsustainableperformanceineuropeanenergysector AT jarosławkurpanik driversofsustainableperformanceineuropeanenergysector
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Drivers of Sustainable Performance in European Energy Sector

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