Sustainability and profitability: The ESG impact on eurozone emission-intensive sectors

IF 5.7 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review Pub Date : 2026-05-01 Epub Date: 2026-02-25 DOI:10.1016/j.bir.2026.100807

Muhammet Atlas Dogan , Bulent Guloglu , Resul Aydemir

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引用次数: 0

Abstract

Companies in industries with intensive greenhouse gas emissions are under increasing pressure to balance sustainability with profitability. This study investigates the impact of environmental, social, and governance (ESG) performance on short-term financial outcomes, the return on assets (ROA), the return on equity (ROE), and trading volume in three sectors in the eurozone that have high emissions: manufacturing, transportation, and mining, refining, and power generation. Using panel data for 139 firms for the period 2008-2023 and quantile regression, we find heterogeneous effects. In manufacturing, ESG raises ROA and ROE but reduces trading volume. In transportation, ESG consistently depresses profitability, reflecting compliance costs and regulation. In energy, ESG benefits weaker firms via reputational gains but erodes performance among stronger firms because of high capital intensity and long payback periods. Our results show that ESG's short-run financial implications are sector and firm specific, which demonstrates the need for differentiated policy and investment strategies.

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可持续性和盈利能力：ESG对欧元区排放密集型行业的影响

温室气体排放密集行业的企业正面临越来越大的压力，需要在可持续性和盈利能力之间取得平衡。本研究探讨了环境、社会和治理（ESG）绩效对欧元区三个高排放行业的短期财务结果、资产回报率（ROA）、股本回报率（ROE）和交易量的影响：制造业、运输业、采矿业、炼油业和发电业。利用2008-2023年期间139家公司的面板数据和分位数回归，我们发现了异质性效应。在制造业，ESG提高了ROA和ROE，但减少了交易量。在运输业，ESG持续压低盈利能力，反映了合规成本和监管。在能源领域，ESG通过声誉收益使实力较弱的公司受益，但由于高资本密集度和较长的投资回收期，ESG会侵蚀实力较强的公司的业绩。我们的研究结果表明，ESG的短期财务影响是特定于行业和公司的，这表明需要采取差异化的政策和投资策略。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Borsa Istanbul Review Multiple-

CiteScore

7.60

自引率

3.80%

发文量

130

审稿时长

26 days

期刊介绍： Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations