The Impact of EU Taxonomy for Sustainable Activities on European Utilities' Performance

IF 12.5 1区管理学 Q1 BUSINESS Business Strategy and The Environment Pub Date : 2025-01-10 DOI:10.1002/bse.4128

Federica Tonnarello, Carlo Vermiglio, Carlo Migliardo, Valeria Naciti

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Abstract

This study investigates the relationship between European utility companies' compliance with the EU Taxonomy for Sustainable Activities and their overall performance. The EU Taxonomy is a new regulation proposed by the European Commission to promote sustainable finance by 2050. The literature shows that nonfinancial disclosures have a favorable impact on financial performance. However, no research has been conducted to assess the implementation of the EU Taxonomy and its effect on firm performance. Using a sample of European utilities from 2012 to 2022, a difference-in-differences (DiD) model was applied to analyze the causal relationship between compliance and performance. Based on institutional and signaling theories, the results show that companies reporting alignment with the Taxonomy exhibit higher market value, profitability, and efficiency than those that do not. This study contributes to firms' transparency and enriches academic discussions by offering insights for policymakers and by improving industry practices.

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欧盟可持续发展活动分类对欧洲公用事业绩效的影响

本研究调查了欧洲公用事业公司遵守欧盟可持续发展活动分类与其整体绩效之间的关系。欧盟分类法是欧盟委员会提出的一项新法规，旨在到2050年促进可持续金融。文献表明，非财务信息披露对财务绩效有良好的影响。然而，目前还没有研究对欧盟分类的实施及其对企业绩效的影响进行评估。以2012年至2022年的欧洲公用事业公司为样本，采用差异中的差异（DiD）模型来分析合规与绩效之间的因果关系。基于制度和信号理论，结果表明，与那些不符合分类法的公司相比，报告符合分类法的公司表现出更高的市场价值、盈利能力和效率。本研究通过为政策制定者提供见解和改进行业实践，有助于提高企业的透明度，丰富学术讨论。

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来源期刊

Business Strategy and The Environment Multiple-

CiteScore

22.50

自引率

19.40%

发文量

336

期刊介绍： Business Strategy and the Environment (BSE) is a leading academic journal focused on business strategies for improving the natural environment. It publishes peer-reviewed research on various topics such as systems and standards, environmental performance, disclosure, eco-innovation, corporate environmental management tools, organizations and management, supply chains, circular economy, governance, green finance, industry sectors, and responses to climate change and other contemporary environmental issues. The journal aims to provide original contributions that enhance the understanding of sustainability in business. Its target audience includes academics, practitioners, business managers, and consultants. However, BSE does not accept papers on corporate social responsibility (CSR), as this topic is covered by its sibling journal Corporate Social Responsibility and Environmental Management. The journal is indexed in several databases and collections such as ABI/INFORM Collection, Agricultural & Environmental Science Database, BIOBASE, Emerald Management Reviews, GeoArchive, Environment Index, GEOBASE, INSPEC, Technology Collection, and Web of Science.