IDEAS home Printed from https://ideas.repec.org/a/eee/retrec/v114y2025ics0739885925001635.html

ESG disclosure as a proxy of port corporate communication and sustainable management strategy: An LDA approach

Author

Listed:
  • Tsatsaronis, Michael
  • Stergiouli, Agapi
  • Vaggelas, George

Abstract

The contemporary port industry faces intense competition, compelling port authorities and operators to enhance efficiency and effectiveness as proxies for competitiveness. Environmental-Social-Governance (ESG) schemes have recently emerged as a means for ports to create value beyond core activities, engaging broader stakeholder groups. ESG encompasses environmental, social, and governance factors influencing a company's value creation and competitiveness. This paper examines the role of ESG reporting in enhancing corporate communication and sustainable strategic management in the port industry, focusing on case studies of the Piraeus Port Authority S.A. and Thessaloniki Port Authority the backbone of the Greek port system. Utilizing an innovative quantitative content analysis model, Latent Dirichlet Allocation (LDA), the study analyzes sustainability reports from 2019 to 2023. The findings reveal a shift towards more integrated and proactive sustainability strategies, with increased stakeholder engagement and digital communication. This study underscores the critical role of ESG reporting in shaping corporate communication and sustainable strategic management, highlighting the need for ongoing research to address evolving challenges and opportunities. Also, it unveils the aiming of ESG strategies of the two major Greek ports under the light of the engagement of private investors/port operators. As ports navigate the complexities of the modern business environment, embracing robust ESG practices will be essential for fostering long-term value creation and maintaining competitive advantage, especially in the Greek pot industry in which ESG adoption is at its early stages.

Suggested Citation

  • Tsatsaronis, Michael & Stergiouli, Agapi & Vaggelas, George, 2025. "ESG disclosure as a proxy of port corporate communication and sustainable management strategy: An LDA approach," Research in Transportation Economics, Elsevier, vol. 114(C).
    • Handle: RePEc:eee:retrec:v:114:y:2025:i:c:s0739885925001635
    DOI: 10.1016/j.retrec.2025.101680
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0739885925001635
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.retrec.2025.101680?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Janis Forman & Paul A Argenti, 2005. "How Corporate Communication Influences Strategy Implementation, Reputation and the Corporate Brand: An Exploratory Qualitative Study," Corporate Reputation Review, Palgrave Macmillan, vol. 8(3), pages 245-264, October.
    2. Gunnar Friede & Timo Busch & Alexander Bassen, 2015. "ESG and financial performance: aggregated evidence from more than 2000 empirical studies," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 5(4), pages 210-233, October.
    3. Mary R. Brooks & Geraldine Knatz & Athanasios A. Pallis & Gordon Wilmsmeier, 2022. "Transparency in port governance: setting a research agenda," Journal of Shipping and Trade, Springer, vol. 7(1), pages 1-20, December.
    4. Yuen, Chi-lok Andrew & Zhang, Anming & Cheung, Waiman, 2012. "Port competitiveness from the users' perspective: An analysis of major container ports in China and its neighboring countries," Research in Transportation Economics, Elsevier, vol. 35(1), pages 34-40.
    5. Habiba Al‐Shaer & Mahbub Zaman, 2018. "Credibility of sustainability reports: The contribution of audit committees," Business Strategy and the Environment, Wiley Blackwell, vol. 27(7), pages 973-986, November.
    6. Mariusz Karwowski & Monika Raulinajtys‐Grzybek, 2021. "The application of corporate social responsibility (CSR) actions for mitigation of environmental, social, corporate governance (ESG) and reputational risk in integrated reports," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(4), pages 1270-1284, July.
    7. Ferah Yildiz & Faruk Dayi & Mustafa Yucel & Ali Cilesiz, 2024. "The Impact of ESG Criteria on Firm Value: A Strategic Analysis of the Airline Industry," Sustainability, MDPI, vol. 16(19), pages 1-23, September.
    8. Caterina De Lucia & Pasquale Pazienza & Mark Bartlett, 2020. "Does Good ESG Lead to Better Financial Performances by Firms? Machine Learning and Logistic Regression Models of Public Enterprises in Europe," Sustainability, MDPI, vol. 12(13), pages 1-29, July.
    9. Ross Robinson, 2002. "Ports as elements in value-driven chain systems: the new paradigm," Maritime Policy & Management, Taylor & Francis Journals, vol. 29(3), pages 241-255.
    10. Bruno Moeremans & Michaël Dooms, 2025. "Social license to operate: Factors determining social acceptance among local port community stakeholders," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 27(1), pages 183-210, March.
    11. M. Tsatsaronis & T. Syriopoulos & S. Karamperidis & G. Boura & A. Dimopoulos, 2024. "Quality assessment of ESG reporting among listed maritime companies," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 26(4), pages 592-611, December.
    12. Obey Dzomonda, 2022. "Environmental Sustainability Commitment and Access to Finance by Small and Medium Enterprises: The Role of Financial Performance and Corporate Governance," Sustainability, MDPI, vol. 14(14), pages 1-20, July.
    13. Jianzhuang Zheng & Muhammad Usman Khurram & Lifeng Chen, 2022. "Can Green Innovation Affect ESG Ratings and Financial Performance? Evidence from Chinese GEM Listed Companies," Sustainability, MDPI, vol. 14(14), pages 1-32, July.
    14. Camelia Oprean-Stan & Ionica Oncioiu & Iulia Cristina Iuga & Sebastian Stan, 2020. "Impact of Sustainability Reporting and Inadequate Management of ESG Factors on Corporate Performance and Sustainable Growth," Sustainability, MDPI, vol. 12(20), pages 1-31, October.
    15. Willem Schramade, 2016. "Integrating ESG into valuation models and investment decisions: the value-driver adjustment approach," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 6(2), pages 95-111, April.
    16. Magdalena Ziolo & Beata Zofia Filipiak & Iwona Bąk & Katarzyna Cheba, 2019. "How to Design More Sustainable Financial Systems: The Roles of Environmental, Social, and Governance Factors in the Decision-Making Process," Sustainability, MDPI, vol. 11(20), pages 1-34, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mi Sook Lee, 2024. "The relationship between green innovation and sustainable growth in Korean companies: Moderated mediation effect of ESG score by industry," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(3), pages 2797-2810, June.
    2. Farah Mneimneh & Michel Kodsi & Marc Chamoun & Mohammad Basharoush & Seeram Ramakrishna, 2023. "How Can Green Energy Technology Innovations Improve the Carbon-Related Environmental Dimension of ESG Rating?," Circular Economy and Sustainability, Springer, vol. 3(4), pages 2183-2199, December.
    3. Mărioara Beleneși & Victoria Bogdan & Dorina Nicoleta Popa, 2021. "Disclosure Dynamics and Non-Financial Reporting Analysis. The Case of Romanian Listed Companies," Sustainability, MDPI, vol. 13(9), pages 1-23, April.
    4. Yan Zhao & Yubin Gao & Diming Hong, 2025. "RETRACTED ARTICLE: Sustainable Innovation and Economic Resilience: Deciphering ESG Ratings’ Role in Lowering Debt Financing Costs," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(1), pages 4309-4343, March.
    5. Ícaro Guilherme Félix Cunha & Renata Veloso Santos Policarpo & Paula Cristina Senra Oliveira & Etienne Cardoso Abdala & Daisy Aparecida Nascimento Rebelatto, 2025. "A systematic review of ESG indicators and corporate performance: proposal for a conceptual framework," Future Business Journal, Springer, vol. 11(1), pages 1-25, December.
    6. Hakan Gökhan Gündoğdu & Ahmet Aytekin & Şura Toptancı & Selçuk Korucuk & Çağlar Karamaşa, 2023. "Environmental, social, and governance risks and environmentally sensitive competitive strategies: A case study of a multinational logistics company," Business Strategy and the Environment, Wiley Blackwell, vol. 32(7), pages 4874-4906, November.
    7. Alena Kocmanová & Marie Pavláková Dočekalová & Tomáš Meluzín & Stanislav Škapa, 2020. "Sustainable Investing Model for Decision Makers (Based On Research of Manufacturing Industry in the Czech Republic)," Sustainability, MDPI, vol. 12(20), pages 1-27, October.
    8. Satish Kumar & Dipasha Sharma & Sandeep Rao & Weng Marc Lim & Sachin Kumar Mangla, 2025. "Past, present, and future of sustainable finance: insights from big data analytics through machine learning of scholarly research," Annals of Operations Research, Springer, vol. 345(2), pages 1061-1104, February.
    9. Wu Ning & Ummar Faruk Saeed & Angelina Kissiwaa Twum & Abednego Osei, 2024. "Can ESG disclosures promote firms going concern? Evidence from BRICS countries," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(5), pages 3792-3803, September.
    10. Hok-Ko Pong & Chun-Cheong Fong, 2024. "Environmental, Social and Governance Awareness and Organisational Risk Perception Amongst Accountants," JRFM, MDPI, vol. 17(11), pages 1-31, October.
    11. Quatrini, Simone, 2021. "Challenges and opportunities to scale up sustainable finance after the COVID-19 crisis: Lessons and promising innovations from science and practice," Ecosystem Services, Elsevier, vol. 48(C).
    12. Abdulateif A Almulhim & Abdullah A Aljughaiman & Thamir Al Barrak & Kaouther Chebbi & Nagwa Amin, 2024. "The power of ESG in shaping dividend policy: Illuminating the role of financial sustainability in an emerging market," PLOS ONE, Public Library of Science, vol. 19(12), pages 1-23, December.
    13. Musa Ghazwani & Rami Salem & Xi Song & Nedal Sawan & Krayyem Al‐Hajaya, 2025. "Navigating Corporate Integrity: Anti‐Corruption Reporting, Board Cultural Diversity, and ESG‐Sustainability Performance in FTSE 350 Companies," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 32(6), pages 8442-8463, November.
    14. Bruna, Maria Giuseppina & Loprevite, Salvatore & Raucci, Domenico & Ricca, Bruno & Rupo, Daniela, 2022. "Investigating the marginal impact of ESG results on corporate financial performance," Finance Research Letters, Elsevier, vol. 47(PA).
    15. Marzena Ganc & Tomasz Felczak, 2025. "Sustainability Reporting in the Opinion of Managers in Food Companies in Poland," Sustainability, MDPI, vol. 17(7), pages 1-15, March.
    16. Siying Wang & Haiqing Hu & Xianzhu Wang, 2024. "Green entrepreneurship orientation and environmental, social, and governance performance: Do contractual strategic alliances matter?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(6), pages 5275-5295, November.
    17. Cosmin-Dănuț VEZETEU & Marius Sorin DINCĂ & Raluca-Ioana STĂNCIULESCU, 2024. "The influence of ESG on financial performance. Evidence from a combined cluster and panel regression analysis," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 82-104, December.
    18. Koenigsmarck, Markus & Geissdoerfer, Martin, 2023. "Shifting the Focus to Measurement: A Review of Socially Responsible Investing and Sustainability Indicators," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 136617, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    19. Radu-Alexandru Șerban & Diana Marieta Mihaiu & Mihai Țichindelean, 2022. "Environment, Social, and Governance Score and Value Added Impacts on Market Capitalization: A Sectoral-Based Approach," Sustainability, MDPI, vol. 14(4), pages 1-25, February.
    20. Aghilasse Kashi & Mohamed Eskandar Shah, 2023. "Bibliometric Review on Sustainable Finance," Sustainability, MDPI, vol. 15(9), pages 1-30, April.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:retrec:v:114:y:2025:i:c:s0739885925001635. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/620614/description#description .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.