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A Multi-Criteria Comparison of Financial Performance between Sustainable and Non-Sustainable Companies

In: Recent Trends in Financial Engineering Towards More Sustainable Social Impact

Author

Listed:
  • Marianna Eskantar
  • Michalis Doumpos
  • Aggeliki Liadaki
  • Constantin Zopounidis

Abstract

The purpose of this study is to examine whether Greek companies that apply Environmental, Social, and Governance (ESG) criteria in their activities show better financial performance than companies that do not apply such criteria. The analysis considers 10 financial indicators for a sample of 56 Greek companies. With the application of the multi-criteria UTADIS method, the differences between the two groups of companies are examined. The results show that companies that apply ESG criteria seem to show a better financial performance in certain financial ratios, while the other indicators show indifference between the two categories of companies.

Suggested Citation

  • Marianna Eskantar & Michalis Doumpos & Aggeliki Liadaki & Constantin Zopounidis, 2022. "A Multi-Criteria Comparison of Financial Performance between Sustainable and Non-Sustainable Companies," World Scientific Book Chapters, in: Constantin Zopounidis & Carine Girard-Guerraud & Karima Bouaiss (ed.), Recent Trends in Financial Engineering Towards More Sustainable Social Impact, chapter 6, pages 115-129, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811260483_0006
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    More about this item

    Keywords

    Innovation; Equity-Crowdfunding; Capital Structure; Credit Default Swap; Machine Learning: Green Bonds; Impact Bonds; Shareholder Engagement; ESG; Systemic Risk; Sharing Economy; Impact Accounts;
    All these keywords.

    JEL classification:

    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • G3 - Financial Economics - - Corporate Finance and Governance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • F3 - International Economics - - International Finance

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