Fatores que afetam o desempenho ESG de empresas localizadas em economias integrantes dos PIIGS

Marcio Gobbato; Givanildo Silva; Cleunice Zanella; Maurício Leite

doi:10.5585/2025.26362

Authors

Marcio Gobbato Universidade Comunitária da Região de Chapecó - Unochapecó, Chapecó, SC, Brazil https://orcid.org/0009-0003-3843-5990
Givanildo Silva Universidade Comunitária da Região de Chapecó - Unochapecó, Chapecó, SC, Brazil https://orcid.org/0000-0002-9328-1563
Cleunice Zanella Universidade Comunitária da Região de Chapecó - Unochapecó, Chapecó, SC, Brazil https://orcid.org/0000-0001-8243-9022
Maurício Leite Universidade Comunitária da Região de Chapecó - Unochapecó, Chapecó, SC, Brasil https://orcid.org/0000-0001-7764-3969

DOI:

https://doi.org/10.5585/2025.26362

Keywords:

financial performance, european countries, ESG, PIIGS, United Nations Global Compact

Abstract

Aim: to identify the factors influencing the ESG (Environmental, Social, and Governance) performance of companies located in the European countries of the PIIGS group (Portugal, Italy, Ireland, Greece, and Spain).

Methodology: as regards the objectives, this research is outlined as descriptive, with a quantitative approach, through documentary research. The study used a sample composed of 254 companies and 1,270 observations between the years 2018 and 2022. The data were analyzed using correlation tests and linear regressions by panel data.

Originality: it is based on the specific approach to the European countries of the PIIGS group and the analysis of the factors affecting ESG performance, considering variables like economic freedom, corruption, global sustainable competitiveness, and adherence to the United Nations Global Compact.

Results: countries with greater economic freedom tend to have companies with more positive ESG performance, except in the environmental dimension. Similarly, nations with less corruption and greater attention to sustainability have better ESG performance, except in the environmental dimension. Adherence to the United Nations Global Compact principles had positive effects on all dimensions of ESG performance. In addition, the size of companies and their positive financial performance are associated with better ESG performance, while the debt of companies has a negative influence.

Theoretical Contributions: this study may contribute to the literature by identifying the determinants of ESG performance in companies in countries of the PIIGS group, highlighting the importance of economic freedom, anti-corruption, adherence to global sustainability principles, and financial health of companies as key factors.

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Author Biographies

Marcio Gobbato, Universidade Comunitária da Região de Chapecó - Unochapecó, Chapecó, SC, Brazil

Graduated in Economic Sciences from the State University of Western Paraná - Unioeste (1999) and with a master’s degree in accounting and administration from the Community University of the Chapecó Region - Unochapecó (2024). He is currently an employee of Banco do Brasil S/A since 2008. He has experience in economics, with an emphasis on financial management.

Givanildo Silva, Universidade Comunitária da Região de Chapecó - Unochapecó, Chapecó, SC, Brazil

Professor of Strategy and International Business and; Entrepreneurial Potentialities in the Master's Program in Accounting and Administration at Unochapecó, Community University of the Chapecó Region (SC). He teaches Strategy, Corporate Governance, Finance, Management Accounting, Costs, People Management, Leadership, Management by Competencies and Organizational Learning in MBAs and Lato Sensu specializations. PhD in Accounting and Administration from the Regional University of Blumenau (2016). Master's degree in Strategic Management of Organizations, from the Professional Master's Degree in Administration from the School of Administration and Management of the State University of Santa Catarina (2010). Specialist in People Management (2007), Managerial Accounting (2006) and Strategic Business Management (2003) and graduated in Business Administration, with emphasis on Foreign Trade from the Regional University of Blumenau (Furb, 2001). Secretary of Administration of the Municipality of Rio do Sul (SC), in the 2013-2016 term. Editor-in-chief and manager of the news portal ClicRDC.com.br (since 2023). He has professional experience since 1992 in business management. He is a volunteer at Junior Achiviement Brasil (since 2023).

Cleunice Zanella, Universidade Comunitária da Região de Chapecó - Unochapecó, Chapecó, SC, Brazil

PhD in Business Administration from the Graduate Program in Business Administration at the Federal University of Santa Catarina - UFSC (2017). Master in Business Administration from the University of Southern Santa Catarina - Unisul (2011). Specialist in Production Management (2006) and graduated in Administration (2004) from the Community University of the Chapecó Region - Unochapecó. Full Professor at the Community University of the Chapecó Region-SC - Unochapecó. Permanent Professor of the Master's Program in Accounting and Administration and of the undergraduate course in Administration - Unochapecó. Leader of the Business Competitiveness research group, he also acts as a member of the Management Control and Development research group at Unochapecó. Director of Continuing Education and Extension - Unochapecó. Director of Development of Business Centers of the Commercial and Industrial Association of Chapecó - ACIC. She was coordinator of the Administration course at Unochapecó (2010-2014; 2016-2019).

Maurício Leite, Universidade Comunitária da Região de Chapecó - Unochapecó, Chapecó, SC, Brasil

Full Professor of the Graduate Program in Accounting and Administration (PPGCCA) at the Community University of the Chapecó Region - Unochapecó. PhD in Accounting and Administration from the Regional University of Blumenau (2020), Master in Accounting, with emphasis in Controllership, from the Regional University of Blumenau (2015), Postgraduate in Marketing Management from the Regional University of Blumenau Foundation, agreement with the National Institute of Graduate Studies (2002), Bachelor in Economic Sciences, with qualification in Foreign Trade, from the Regional University of Blumenau Foundation (2000). Associate Editor of the Financial Capital Markets area of the Brazilian Journal of Accounting and Management (RBCG) (ISSN 2764-7471) and Associate Editor of the Financial and Equity Markets area of the Universo Contábil Journal (RUC) (ISSN - 1809-3337).

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