Unlocking the threshold effects of ESG performance towards policy energy efficiency of the European energy sector: A hybrid multi-criteria decision-making approach based on weight-entropy TOPSIS

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2025-09-22 DOI:10.1016/j.eneco.2025.108915

Georgia Zournatzidou , Christos Staikouras , Konstantina Ragazou , Constantin Zopounidis , Nikolaos Sariannidis

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引用次数: 0

Abstract

This study investigates the threshold effects of Environmental, Social, and Governance (ESG) performance on the energy efficiency of policy in the European energy sector. The relative efficiency of ESG-driven policies across multiple European countries during fiscal years 2022 and 2023 is evaluated using a hybrid Multi-Criteria Decision-Making (MCDM) framework that integrates the TOPSIS method and entropy weighting. The entropy method guarantees an objective weight allocation based on data variability, whereas TOPSIS enables a transparent classification of countries by assessing their proximity to an ideal ESG-performance profile. The methodological stability of the approach is underscored by the sensitivity analysis, which confirms the robustness of the rankings under differing weight scenarios. We have discovered that the governance dimension, particularly internal auditing, and environmental metrics, such as resource utilization, substantially contribute to the enhancement of policy energy efficiency. In contrast, social dimensions have a marginal impact, indicating the necessity of more comprehensive strategies. This research contributes to the development of sustainable energy policies by providing a data-driven and replicable evaluation model. It also offers policymakers and investors practical insights to support the implementation of ESG-aligned energy transition initiatives throughout Europe.

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解锁ESG绩效对欧洲能源部门政策能源效率的阈值效应：基于权重熵TOPSIS的混合多标准决策方法

本研究调查了欧洲能源部门环境、社会和治理（ESG）绩效对能源效率政策的阈值效应。在2022和2023财政年度期间，多个欧洲国家的esg驱动政策的相对效率使用混合多标准决策（MCDM）框架进行评估，该框架集成了TOPSIS方法和熵权。熵值法保证了基于数据可变性的客观权重分配，而TOPSIS通过评估各国与理想esg绩效概况的接近程度，实现了国家的透明分类。敏感性分析强调了该方法方法的稳定性，该分析证实了不同权重情景下排名的稳健性。我们发现，治理维度，特别是内部审计，以及环境指标，如资源利用，极大地促进了政策能源效率的提高。相比之下，社会层面的影响微乎其微，这表明需要更全面的战略。本研究通过提供数据驱动和可复制的评估模型，有助于可持续能源政策的制定。它还为政策制定者和投资者提供了实用的见解，以支持在整个欧洲实施符合esg的能源转型倡议。

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.