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Does corporate ownership structure affect firms' environmental performance? Evidence in the European energy industry

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  • Francesco Calza
  • Giorgia Profumo
  • Ilaria Tutore

Abstract

The present paper aims to explore the mutual influence existing between corporate ownership structure and firms' environmental performance. The attention is focused on the energy industry, that represents one of the industries with the highest environmental impact and that, in the last few years, has been forced to increase efforts towards green issues. In particular, the introduction of vertical unbundling in electricity and gas markets provides the opportunity to concentrate the attention on European energy companies operating in service activities, in which it is possible to better understand firms' environmental performance. The study, performing a linear regression model, examines the explanatory power of corporate governance issues, in particular firms' ownership structure, as potential determinants of companies' environmental performance. The results show that firms with more diffuse ownership present the worst environmental performance, while greater stakes held by institutional investors or by the state do not seem to be related with firms' green performance.

Suggested Citation

  • Francesco Calza & Giorgia Profumo & Ilaria Tutore, 2013. "Does corporate ownership structure affect firms' environmental performance? Evidence in the European energy industry," International Journal of Globalisation and Small Business, Inderscience Enterprises Ltd, vol. 5(1/2), pages 58-77.
    • Handle: RePEc:ids:ijgsbu:v:5:y:2013:i:1/2:p:58-77
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    Citations

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    Cited by:

    1. James J. Cordeiro & Giorgia Profumo & Ilaria Tutore, 2020. "Board gender diversity and corporate environmental performance: The moderating role of family and dual‐class majority ownership structures," Business Strategy and the Environment, Wiley Blackwell, vol. 29(3), pages 1127-1144, March.
    2. Cojoianu, Theodor F. & Hoepner, Andreas G.F. & Lin, Yanan, 2022. "Private market impact investing firms: Ownership structure and investment style," International Review of Financial Analysis, Elsevier, vol. 84(C).
    3. Christian M. Faller & Dodo zu Knyphausen-Aufseß, 2018. "Does Equity Ownership Matter for Corporate Social Responsibility? A Literature Review of Theories and Recent Empirical Findings," Journal of Business Ethics, Springer, vol. 150(1), pages 15-40, June.
    4. Ching-Chung Lin & Tran Phuoc Nguyen, 2022. "The Impact of Ownership Structure on Corporate Social Responsibility Performance in Vietnam," Sustainability, MDPI, vol. 14(19), pages 1-13, September.

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