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The present paper addresses the issue of the gradual adoption of international sustainability standards by companies listed on the Athens Stock Exchange, as they have to adapt to Directive (EU) 2022/2464. More specifically, we provide an exploratory empirical investigation of the role played by certain company characteristics, namely firm size, industry sector, annual turnover and total liabilities, in the adoption of sustainability standards, such as the Ten Principles of the United Nations Global Compact (UNGC), the 17 United Nations Sustainable Development Goals (SDGs) and the Athex ESG Stock Market Index. Based on an in-depth analysis with the use of multiple linear regression, our findings illustrate the correlation between the above company traits and the adoption and disclosure of ESG issues. It is shown that the effective adoption of standards, due to the mandatory implementation of Directive (EU) 2022/2464, is positively affected by both the size of the company and the sector of the business. On the other hand, it is concluded that the annual turnover and total liabilities do not affect the decision of the company’s Management to adopt the sustainability standards under research.

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Sustainability Reporting Standards: The Case of Greek Listed Companies

  • 会议论文

  • 发表日期：

    2025年

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  • Glykeria-Maria Papanikolaou,
  • Evrikleia Chatzipetrou,
  • Eleftherios Tiakas,
  • Georgia Boskou

摘要

The present paper addresses the issue of the gradual adoption of international sustainability standards by companies listed on the Athens Stock Exchange, as they have to adapt to Directive (EU) 2022/2464. More specifically, we provide an exploratory empirical investigation of the role played by certain company characteristics, namely firm size, industry sector, annual turnover and total liabilities, in the adoption of sustainability standards, such as the Ten Principles of the United Nations Global Compact (UNGC), the 17 United Nations Sustainable Development Goals (SDGs) and the Athex ESG Stock Market Index. Based on an in-depth analysis with the use of multiple linear regression, our findings illustrate the correlation between the above company traits and the adoption and disclosure of ESG issues. It is shown that the effective adoption of standards, due to the mandatory implementation of Directive (EU) 2022/2464, is positively affected by both the size of the company and the sector of the business. On the other hand, it is concluded that the annual turnover and total liabilities do not affect the decision of the company’s Management to adopt the sustainability standards under research.