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Anti-Competition and Anti-Corruption Controversies in the European Financial Sector: Examining the Anti-ESG Factors with Entropy Weight and TOPSIS Methods

Author

Listed:
  • Georgia Zournatzidou

    (Department of Business Administration, University of Western Macedonia, GR 51100 Grevena, Greece)

  • George Sklavos

    (Department of Business Administration, University of Thessaly, GR 41500 Larissa, Greece)

  • Konstantina Ragazou

    (Department of Management Science and Technology, University of Western Macedonia, GR 50100 Kozani, Greece
    Department of Business Administration, University of Neapolis Pafos, Danais Avenue, Pafos 8042, Cyprus)

  • Nikolaos Sariannidis

    (Department of Accounting and Finance, University of Western Macedonia, GR 50100 Kozani, Greece
    Department of Accounting and Finance, University of Neapolis Pafos, Danais Avenue, Pafos 8042, Cyprus)

Abstract

(1) Background: This research aims to investigate the impact of environmental, social, and governance (ESG) factors on European banking corruption. Thus, its novelty is based on considering anti-competitive concerns as a major component that may considerably impact fraud and bribery in corruption investigations. (2) Methods: To approach the research question, we conducted an examination of anti-competitive practices at 344 financial institutions headquartered in Europe throughout the period 2018 to 2022 using the entropy weight and TOPSIS methods. (3) Results: This study reveals that anti-competitive actions are typified by environmental debate and genuine policy competition. Analysing the results prompted us to reach this conclusion. The present study’s findings reveal that financial institutions in Scandinavian nations demonstrate the most significant anti-competitive activity. (4) Conclusions: This research is the first study to underscore the concept of anti-competition disputes and their impact on the emergence of corruption, extortion, and fraud in the European banking sector. Although anti-competitive and corrupt practices may appear to be distinct concepts, they both lead to the financial sector acquiring disproportionate control over the market.

Suggested Citation

  • Georgia Zournatzidou & George Sklavos & Konstantina Ragazou & Nikolaos Sariannidis, 2024. "Anti-Competition and Anti-Corruption Controversies in the European Financial Sector: Examining the Anti-ESG Factors with Entropy Weight and TOPSIS Methods," JRFM, MDPI, vol. 17(11), pages 1-18, October.
    • Handle: RePEc:gam:jjrfmx:v:17:y:2024:i:11:p:492-:d:1511371
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    References listed on IDEAS

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    1. Shakil, Mohammad Hassan, 2021. "Environmental, social and governance performance and financial risk: Moderating role of ESG controversies and board gender diversity," Resources Policy, Elsevier, vol. 72(C).
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    Cited by:

    1. Dimitrios Koemtzopoulos & Georgia Zournatzidou & Konstantina Ragazou & Nikolaos Sariannidis, 2025. "Cryptocurrencies Transit to a Carbon Neutral Environment: From Fintech to Greentech Through Clean Energy and Eco-Efficiency Policies," Energies, MDPI, vol. 18(2), pages 1-19, January.
    2. Dimitrios Koemtzopoulos & Georgia Zournatzidou & Nikolaos Sariannidis, 2025. "Can Cryptocurrencies Be Green? The Role of Stablecoins Toward a Carbon Footprint and Sustainable Ecosystem," Sustainability, MDPI, vol. 17(2), pages 1-17, January.
    3. Georgia Zournatzidou & Konstantina Ragazou & George Sklavos & Nikolaos Sariannidis, 2025. "Examining the Impact of Environmental, Social, and Corporate Governance Factors on Long-Term Financial Stability of the European Financial Institutions: Dynamic Panel Data Models with Fixed Effects," IJFS, MDPI, vol. 13(1), pages 1-20, January.

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