How Institutional Environments Shape the ESG–Growth Relation: Evidence From Europe

Open access funding provided by FEDER European Funds and the Junta De Castilla y León under the Research and Innovation Strategy for Smart Specialization (RIS3) of Castilla y León 2021-2027.

Detalles Bibliográficos
Autores: Bango López, Laura, Gutiérrez López, Cristina, Castro Castro, Paula, Lozano García, María Belén
Tipo de recurso: artículo
Estado:Versión publicada
Fecha de publicación:2026
País:España
Institución:Universidad de León
Repositorio:BULERIA. Repositorio Institucional de la Universidad de León
OAI Identifier:oai:dnet:buleria_____::2b3b6d5b8c5d0e698a3af733ddacfb0d
Acceso en línea:https://hdl.handle.net/10612/28178
Access Level:acceso abierto
Palabra clave:Economía
ESG performance
Growth opportunities
Institutional environment
Quintuple Helix
5303.01 Contabilidad Financiera
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oai_identifier_str oai:dnet:buleria_____::2b3b6d5b8c5d0e698a3af733ddacfb0d
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spelling How Institutional Environments Shape the ESG–Growth Relation: Evidence From EuropeBango López, LauraGutiérrez López, CristinaCastro Castro, PaulaLozano García, María BelénEconomíaESG performanceGrowth opportunitiesInstitutional environmentQuintuple Helix5303.01 Contabilidad FinancieraOpen access funding provided by FEDER European Funds and the Junta De Castilla y León under the Research and Innovation Strategy for Smart Specialization (RIS3) of Castilla y León 2021-2027.[EN] As global financial markets increasingly integrate non-financial criteria, companies are reinforcing the strategic role of sustainability and its impact on market value, although this cannot overlook how different institutional structures shape investor perceptions. This study examines (i) whether firms with higher environmental, social and governance (ESG) performance are perceived by markets as having greater future growth opportunities, and (ii) how institutional environments, measured through the dimensions of the Quintuple Helix Model (QHM), namely the economic, educational, political–legal, cultural and environmental systems, condition this relationship. Based on a panel of European listed companies over the 2013–2023 period, we find that companies with stronger sustainability performance are generally associated with higher growth potential, suggesting that ESG engagement is recognized by investors as a relevant dimension of organizations' expectations. The analysis also reveals cross-country differences in this association, consistent with the idea that markets interpret sustainability through their own institutional contexts.SIWileyEconomia Financiera y ContabilidadFacultad de Ciencias Economicas y Empresariales2026info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttps://hdl.handle.net/10612/28178reponame:BULERIA. Repositorio Institucional de la Universidad de Leóninstname:Universidad de LeónIngléshttp://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessoai:dnet:buleria_____::2b3b6d5b8c5d0e698a3af733ddacfb0d2026-06-24T12:43:27Z
dc.title.none.fl_str_mv How Institutional Environments Shape the ESG–Growth Relation: Evidence From Europe
title How Institutional Environments Shape the ESG–Growth Relation: Evidence From Europe
spellingShingle How Institutional Environments Shape the ESG–Growth Relation: Evidence From Europe
Bango López, Laura
Economía
ESG performance
Growth opportunities
Institutional environment
Quintuple Helix
5303.01 Contabilidad Financiera
title_short How Institutional Environments Shape the ESG–Growth Relation: Evidence From Europe
title_full How Institutional Environments Shape the ESG–Growth Relation: Evidence From Europe
title_fullStr How Institutional Environments Shape the ESG–Growth Relation: Evidence From Europe
title_full_unstemmed How Institutional Environments Shape the ESG–Growth Relation: Evidence From Europe
title_sort How Institutional Environments Shape the ESG–Growth Relation: Evidence From Europe
dc.creator.none.fl_str_mv Bango López, Laura
Gutiérrez López, Cristina
Castro Castro, Paula
Lozano García, María Belén
author Bango López, Laura
author_facet Bango López, Laura
Gutiérrez López, Cristina
Castro Castro, Paula
Lozano García, María Belén
author_role author
author2 Gutiérrez López, Cristina
Castro Castro, Paula
Lozano García, María Belén
author2_role author
author
author
dc.contributor.none.fl_str_mv Economia Financiera y Contabilidad
Facultad de Ciencias Economicas y Empresariales
dc.subject.none.fl_str_mv Economía
ESG performance
Growth opportunities
Institutional environment
Quintuple Helix
5303.01 Contabilidad Financiera
topic Economía
ESG performance
Growth opportunities
Institutional environment
Quintuple Helix
5303.01 Contabilidad Financiera
description Open access funding provided by FEDER European Funds and the Junta De Castilla y León under the Research and Innovation Strategy for Smart Specialization (RIS3) of Castilla y León 2021-2027.
publishDate 2026
dc.date.none.fl_str_mv 2026
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv https://hdl.handle.net/10612/28178
url https://hdl.handle.net/10612/28178
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.rights.none.fl_str_mv http://creativecommons.org/licenses/by-nc-nd/4.0/
info:eu-repo/semantics/openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by-nc-nd/4.0/
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Wiley
publisher.none.fl_str_mv Wiley
dc.source.none.fl_str_mv reponame:BULERIA. Repositorio Institucional de la Universidad de León
instname:Universidad de León
instname_str Universidad de León
reponame_str BULERIA. Repositorio Institucional de la Universidad de León
collection BULERIA. Repositorio Institucional de la Universidad de León
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15.812455

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