IDEAS home Printed from https://ideas.repec.org/a/pal/marecl/v26y2024i4d10.1057_s41278-024-00299-9.html
   My bibliography  Save this article

Quality assessment of ESG reporting among listed maritime companies

Author

Listed:
  • M. Tsatsaronis

    (National and Kapodistrian University of Athens)

  • T. Syriopoulos

    (National and Kapodistrian University of Athens)

  • S. Karamperidis

    (Plymouth Business School)

  • G. Boura

    (National and Kapodistrian University of Athens)

  • A. Dimopoulos

    (National and Kapodistrian University of Athens)

Abstract

Regulatory obligations and market trends connected to environmental sustainability issues have lately intensified their effect on the shipping industry. New standards are continuously being established, such as IMO’s 2050 aim of lowering greenhouse gas emissions by 50% compared to 2008 levels. These rules have an impact on capital markets and on investors’ ship financing decisions. The standards now include Environmental, Social, and Governance (ESG) components. These are not only concerned with the environmental impact of shipping, but also with the social and governance dimensions of firms, which are typically associated with maritime transport risks, such as accidents, ship reservations, and marine pollution. Considering the intricacies of the shipping sector, our previous research (Tsatsaronis et al. in Maritime Policy and Management 51(5):698–716, 2024) has developed a unified ESG reporting framework customized for shipping. The present study conducts a quality assessment of existing ESG reporting in various sectors of maritime transport companies, on a large sample of firms listed at major stock exchanges, while it also identifies their level of compliance and areas for improvement. Based on a comprehensive methodological framework for reporting and assessing ESG in shipping (Tsatsaronis et al. in Maritime Policy and Management 51(5):698–716, 2024), the research delivers important, pertinent information to aid management decision-making, stakeholders, and debtholders.

Suggested Citation

  • 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.
    • Handle: RePEc:pal:marecl:v:26:y:2024:i:4:d:10.1057_s41278-024-00299-9
    DOI: 10.1057/s41278-024-00299-9
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1057/s41278-024-00299-9
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1057/s41278-024-00299-9?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 search for a different version of it.

    References listed on IDEAS

    as
    1. Ester Clementino & Richard Perkins, 2021. "How Do Companies Respond to Environmental, Social and Governance (ESG) ratings? Evidence from Italy," Journal of Business Ethics, Springer, vol. 171(2), pages 379-397, June.
    2. Donald S. Siegel & Donald F. Vitaliano, 2007. "An Empirical Analysis of the Strategic Use of Corporate Social Responsibility," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 16(3), pages 773-792, September.
    3. Michael Tsatsaronis & Theodore Syriopoulos & Stavros Karamperidis & Georgia Boura, 2024. "Shipping-specific ESG rating and reporting framework," Maritime Policy & Management, Taylor & Francis Journals, vol. 51(5), pages 698-716, July.
    4. Dye, Ra, 1985. "Disclosure Of Nonproprietary Information," Journal of Accounting Research, Wiley Blackwell, vol. 23(1), pages 123-145.
    5. Maltby, Josephine, 2004. "Hadfields Ltd: its annual general meetings 1903–1939 and their relevance for contemporary corporate social reporting," The British Accounting Review, Elsevier, vol. 36(4), pages 415-439.
    6. Sarah Adams & Roger Simnett, 2011. "Integrated Reporting: An Opportunity for Australia's Not-for-Profit Sector," Australian Accounting Review, CPA Australia, vol. 21(3), pages 292-301, September.
    7. Robert G. Eccles & Ioannis Ioannou & George Serafeim, 2014. "The Impact of Corporate Sustainability on Organizational Processes and Performance," Management Science, INFORMS, vol. 60(11), pages 2835-2857, November.
    8. Liu Wu & Zhen Shao & Changhui Yang & Tao Ding & Wan Zhang, 2020. "The Impact of CSR and Financial Distress on Financial Performance—Evidence from Chinese Listed Companies of the Manufacturing Industry," Sustainability, MDPI, vol. 12(17), pages 1-19, August.
    9. Mahfuja Malik, 2015. "Value-Enhancing Capabilities of CSR: A Brief Review of Contemporary Literature," Journal of Business Ethics, Springer, vol. 127(2), pages 419-438, March.
    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. Rezaee, Zabihollah & Tuo, Ling, 2017. "Voluntary disclosure of non-financial information and its association with sustainability performance," Advances in accounting, Elsevier, vol. 39(C), pages 47-59.
    2. Bissoondoyal-Bheenick, Emawtee & Brooks, Robert & Do, Hung Xuan, 2023. "ESG and firm performance: The role of size and media channels," Economic Modelling, Elsevier, vol. 121(C).
    3. Fatemi, Ali & Glaum, Martin & Kaiser, Stefanie, 2018. "ESG performance and firm value: The moderating role of disclosure," Global Finance Journal, Elsevier, vol. 38(C), pages 45-64.
    4. Aseem Kaul & Jiao Luo, 2018. "An economic case for CSR: The comparative efficiency of for‐profit firms in meeting consumer demand for social goods," Strategic Management Journal, Wiley Blackwell, vol. 39(6), pages 1650-1677, June.
    5. Olivier Boiral & Marie‐Christine Brotherton & Léo Rivaud & David Talbot, 2022. "Comparing the uncomparable? An investigation of car manufacturers' climate performance," Business Strategy and the Environment, Wiley Blackwell, vol. 31(5), pages 2213-2229, July.
    6. Wong, Jin Boon & Zhang, Qin, 2022. "Stock market reactions to adverse ESG disclosure via media channels," The British Accounting Review, Elsevier, vol. 54(1).
    7. Helfaya, Akrum & Aboud, Ahmed & Amin, Essam, 2023. "An examination of corporate environmental goals disclosure, sustainability performance and firm value – An Egyptian evidence," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 52(C).
    8. Dimes, Ruth & de Villiers, Charl, 2024. "Hallmarks of Integrated Thinking," The British Accounting Review, Elsevier, vol. 56(1).
    9. Marius Banke & Stephanie Lenger & Christiane Pott, 2022. "ESG Ratings in the Corporate Reporting of DAX40 Companies in Germany: Effects on Market Participants," Sustainability, MDPI, vol. 14(15), pages 1-21, August.
    10. Veeravel, V & Murugesan, Vijaya Prabhagar & Narayanamurthy, Vijayakumar, 2024. "Does ESG disclosure really influence the firm performance? Evidence from India," The Quarterly Review of Economics and Finance, Elsevier, vol. 95(C), pages 193-202.
    11. Zabihollah Rezaee & Ling Tuo, 2019. "Are the Quantity and Quality of Sustainability Disclosures Associated with the Innate and Discretionary Earnings Quality?," Journal of Business Ethics, Springer, vol. 155(3), pages 763-786, March.
    12. Misani, Nicola, 2020. "Sustainability and Implicit Contracts," MPRA Paper 104963, University Library of Munich, Germany.
    13. Jorge Antunes & Peter Wanke & Thiago Fonseca & Yong Tan, 2023. "Do ESG Risk Scores Influence Financial Distress? Evidence from a Dynamic NDEA Approach," Sustainability, MDPI, vol. 15(9), pages 1-32, May.
    14. Zhongtian Li & Jing Jia & Larelle J. Chapple, 2022. "Textual characteristics of corporate sustainability disclosure and corporate sustainability performance: evidence from Australia," Meditari Accountancy Research, Emerald Group Publishing Limited, vol. 31(3), pages 786-816, February.
    15. Fiordelisi, Franco & Ricci, Ornella & Santilli, Gianluca, 2023. "Environmental engagement and stock price crash risk: Evidence from the European banking industry," International Review of Financial Analysis, Elsevier, vol. 88(C).
    16. Zhongtian Li & Jing Jia & Larelle (Ellie) Chapple, 2022. "The corporate sustainability committee and its relation to corporate environmental performance," Meditari Accountancy Research, Emerald Group Publishing Limited, vol. 31(5), pages 1292-1324, July.
    17. Fatemi, Ali & Fooladi, Iraj & Sy, Oumar & Zaman, Ashraf, 2024. "Corporate headquarters relocation and CSR performance," International Review of Economics & Finance, Elsevier, vol. 89(PB), pages 622-637.
    18. Ho, Ly & Bai, Min & Lu, Yue & Qin, Yafeng, 2021. "The effect of corporate sustainability performance on leverage adjustments," The British Accounting Review, Elsevier, vol. 53(5).
    19. Chee Kwong Lau, 2019. "The economic consequences of business sustainability initiatives," Asia Pacific Journal of Management, Springer, vol. 36(4), pages 937-970, December.
    20. Daniela M. Salvioni & Francesca Gennari & Luisa Bosetti, 2016. "Sustainability and Convergence: The Future of Corporate Governance Systems?," Sustainability, MDPI, vol. 8(11), pages 1-25, November.

    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:pal:marecl:v:26:y:2024:i:4:d:10.1057_s41278-024-00299-9. 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: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave-journals.com/ .

    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.