Guest editorial: Environmental, social and governance (ESG) assets: a path of lights and shadows for management

Climate change, the energy crisis and the net zero emissions goals by 2050 set by the Climate Change Conference (COP27) 2022 meeting highlight the pressing need to transition to a fair, responsible and sustainable economy. Relatedly, stakeholders across industries, geographies and organizations are increasingly asking for investments targeting environmental, social and governance (ESG) assets – an opportunity to make money while helping companies and investors “feel good” about their impact on society and ultimately align it with societal needs. For example, investors are pressuring companies to increase gender equality and the presence of women on corporate boards, C-suite positions and across executive leadership as a measure and signal of how corporations can respond to ESG challenges. Consequently, technical reports show that flows into ESG funds more than doubled between 2020 and 2021, and the ESG market will grow by 150% by 2025, surpassing $50 trillion (Bloomberg, 2022; Deloitte, 2022; McKinsey, 2022; Mornningstar, 2021; Tamimi and Sebastianelli, 2017). This vast ESG movement encourages firms to rethink and reshape their business model, priorities and purposes in a greener and more responsible way (Cornell and Shapiro, 2021; George et al., 2023; Rivera et al., 2022).However, the impact of uncertainties regarding the economic policy and the perennial geo-political conflicts leads to a spike in oil and defense stock prices, posing some inconsistencies with ESG goals (Financial News, 2022; Ilyas et al., 2022). Some of the most significant fossil fuel producers have been immune to shareholders’ pressure since the government-controlled companies that have been pumping much of the world’s oil have been encouraged, by global leaders, to pump more fuel to keep fuel prices down (Forbes, 2021; CNBC, 2022). Yet, a discussion has arisen on whether ESG performance reflected share price resilience factors during the COVID-19 pandemic. Some advocates have perpetuated the reputation of ESG as a resilience factor, or vaccine, against the pandemic-induced market selloff (Hale, 2021; Stevens, 2020; Willis, 2020), while others have claimed that ESG has not immunized stocks during the COVID-19 crisis (Demers et al., 2021) and that ESG efforts have appeared to be, sometimes, as “greenwashing.”Despite the prevailing ESG narrative that climate change, sustainability, gender equality and related key ESG issues are determinants for future value creation (Koller et al., 2019; Zumente and Bistrova, 2021), ESG research has produced mixed results (Cucari et al., 2018; Engle et al., 2019; Cornell and Damodaran, 2020; Darwal, 2021; Edmans, 2022; Larcker et al., 2022; Berg et al., 2022). Therefore, a more critical debate on ESG can help us better assess the topic and provide companies with comprehensive guidelines for their sustainable management and corporate governance strategies. Therefore, this special issue for Management Decision aimed to unveil the lights and shadows of ESG and how to make ESG real, firstly by thinking of ESG as a corporate strategic process and not an outcome. Since the attention is mostly on environmental and social issues, the focus of this special issue is on the “G” in ESG (Câmara and Morais, 2022; Chen and Marquis, 2022; Strine et al., 2022), consistent with recent European shareholder activism (Georgeson, 2022) and to encourage a holistic understanding of ESG.We called for contributions that could provide critical insights that companies and managers need for planning, measuring, forecasting or innovating their conduct and culture and weighing opportunities or threats of ESG factors (Xie et al., 2019; Billio et al., 2021; Clementino and Perkins, 2021; Murè et al., 2021; Giakoumelou et al., 2022). Both theoretical and empirical works were welcome to provide new insights into the reasons, processes, practices and implications of ESG in management and corporate governance. Therefore, we looked for studies able to address various areas. First, the concepts of ESG were clarified by delineating the boundaries of ESG components in the short and long term, assessing their intersection and better mapping out ESG research and practice. Additionally, we sought insights into the benefits and pitfalls of the ESG metrics, including measurement issues, proxies for ESG dimensions and matters regarding transparency and reliability. We also encouraged critical assessments of the ESG rating agencies, metrics providers and the ESG information market. Moreover, examining the short- versus long-term implications of ESG and its impacts on sustainable transformation and performance was crucial. We aimed to go beyond the shareholder primacy versus stakeholder perspective dichotomy by exploring new perspectives such as integrative social contracts theory (ISCT), social mission theory or critical theories. Works that investigate the relationship between digitalization and ESG were also of interest. Furthermore, understanding the antecedents and consequences of ESG adoption is essential. We invited research assessing ESG in different contexts, such as emerging or transition economies, and investigating how different legal, regulatory, social and cultural contexts influence ESG understanding and implementation. Finally, we sought to understand the macro (government), meso (organizational attributes and associations) and micro (personal attributes and behaviors of managers, directors and employees) factors behind the implementation and understanding of ESG.To solicit relevant contributions and help authors develop their ideas for a stronger submission, we offered two live events as Paper Development Workshops (PDW):In total, 11 works were presented. The special issue received 77 submissions, with 12 articles ultimately being accepted.We have categorized the 12 articles into four coherent clusters, see Figure 1, based on their primary focus areas related to ESG themes.Each cluster encapsulates distinct facets of ESG research, aiming to provide a comprehensive understanding of various dimensions and their interrelations within organizational and industry contexts: (1) integration of ESG with organizational frameworks; (2) ESG performance and corporate value; (3) governance and ESG strategy implementation and (4) ESG controversies and accountability.This cluster focuses on the integration of ESG factors with broader organizational frameworks such as resilience, intellectual capital and sustainability reporting. The papers here explore conceptual and practical models that organizations can adopt to embed ESG considerations into their core operations and decision-making processes.Leoni (2025), with her work entitled “Integrating ESG and organisational resilience through system theory: the ESGOR matrix,” presents an innovative conceptual framework that intertwines ESG factors with organizational resilience using a 3x3 matrix. This framework, referred to as the ESGOR matrix, explores the dynamic interplay between various ESG factors and resilience components, proposing nine distinct organizational typologies. Each typology represents a strategic option that organizations can employ to navigate and thrive amidst challenges. The ESGOR matrix serves as a comprehensive tool for decision-makers, enabling them to assess and enhance their resilience while adhering to ESG principles. By leveraging system theory, the study underscores the importance of a holistic approach to organizational sustainability, offering practical insights for integrating ESG into core strategic planning.Lanzalonga et al. (2025), with their work named “The impact of ESG performance on intangible assets and intellectual capital in the food and beverage industry,” investigate the influence of ESG performance on intangible assets and intellectual capital within the food and beverage industry. Their sample comprises data from 200 food and beverage companies, including 100 global firms and 100 European firms. The methodology involves a mixed-method approach, utilizing quantitative analysis to measure the impact of ESG performance on intangible assets and intellectual capital, complemented by qualitative interviews with industry experts to contextualize the findings. By examining both global and European contexts, the research highlights how ESG practices impact various dimensions of economic sustainability, including brand reputation, customer loyalty and operational efficiency. The study reveals that companies with robust ESG performance tend to exhibit stronger intellectual capital and intangible assets, which are crucial for long-term competitiveness and innovation. It also delves into the regulatory differences between global and European markets, providing nuanced insights into how regional policies and consumer expectations shape ESG strategies in the industry.Hristov and Searcy (2025), with the contribution “Integrating sustainability with corporate governance: a framework to implement the corporate sustainability reporting directive through a balanced scorecard,” introduce a practical framework for implementing the Corporate Sustainability Reporting Directive (CSRD) using a sustainability balanced scorecard. The study analyzes 50 European companies required to comply with the CSRD. It employs a case study methodology, with in-depth analyses of five selected companies that have successfully integrated the balanced scorecard approach into their sustainability reporting practices. The framework comprises a four-step process designed to assist companies in embedding sustainability into their corporate governance structures effectively. By aligning sustainability goals with strategic objectives, performance metrics and governance practices, the framework ensures comprehensive integration of ESG considerations into organizational operations. The study provides detailed guidelines on how companies can adapt their governance models to meet regulatory requirements while driving sustainable performance. This research highlights the importance of transparency, accountability and strategic alignment in achieving corporate sustainability.This cluster examines the relationship between ESG performance and corporate value, focusing on how different factors such as ownership concentration, chief executive officer (CEO) characteristics and business ethics influence ESG outcomes and financial performance.Gangi et al. (2025), with their work entitled “The impact of business ethics on ESG engagement and the effect on corporate financial performance: evidence from family firms,” explore the pivotal role of business ethics in driving ESG engagement and its subsequent impact on financial performance, specifically within family firms. The sample consists of 150 family firms from various industries. The study utilizes a mixed-methods approach, combining quantitative analysis of financial performance metrics and ESG scores with qualitative interviews to understand the role of business ethics in shaping ESG engagement. The study highlights that ethical business practices serve as a cornerstone for enhancing ESG engagement, which, in turn, positively influences financial outcomes. Through an in-depth analysis of family-owned businesses, the research reveals that firms with strong ethical foundations tend to exhibit better ESG performance and improved competitiveness. This study underscores the significance of integrating ethical considerations into business strategies to achieve sustainable growth and long-term financial success.Truong (2025), with the work “Environmental, social and governance performance and firm value: does ownership concentration matter?,” investigates the moderating role of ownership concentration on the relationship between ESG performance and firm value, with a focus on Southeast Asian firms. The sample includes 200 publicly listed firms in Southeast Asia. The methodology involves econometric modeling to examine the interaction between ownership concentration, ESG performance and firm value, with robustness checks conducted during different economic conditions, including the COVID-19 pandemic. The study finds that high ownership concentration negatively impacts ESG outcomes and firm value, particularly during crises such as the COVID-19 pandemic. By analyzing data from various firms, Truong demonstrates that dispersed ownership structures are more conducive to achieving positive ESG performance and higher firm value. The research provides valuable insights for policymakers and investors, highlighting the need for regulatory frameworks that promote diversified ownership to enhance corporate sustainability and value creation.Cambrea et al. (2025), with the research titled “Driving ESG performance: CEO succession impact in European listed firms,” examine the effect of CEO succession on ESG performance in European listed firms, emphasizing the influence of incoming CEOs' gender and career horizon. The sample comprises 120 European listed firms that have undergone CEO succession within the past five years. The methodology includes a quantitative analysis of ESG performance metrics pre- and post-succession, coupled with a qualitative assessment through executive interviews to understand the impact of CEO characteristics on ESG initiatives. The study reveals that CEO characteristics significantly shape ESG performance post-succession. For instance, firms that appoint female CEOs or those with longer career horizons tend to exhibit better ESG outcomes. The research suggests that the strategic vision and leadership style of the new CEO play a crucial role in driving ESG initiatives. This study provides practical implications for board members and shareholders in making informed decisions during CEO transitions to ensure sustained ESG performance.This cluster addresses integrating governance mechanisms and strategic frameworks to implement and enhance ESG practices within organizations. It covers aspects such as board expertise, integrated governance frameworks and the management of institutional pressures.Annesi et al. (2025), with their work titled “Navigating paradoxes: building a sustainable strategy for an integrated ESG corporate governance,” study the complexities of developing an integrated ESG governance framework to manage institutional pressures. The sample consists of 10 sugar industry companies. The study employs an action research methodology, involving collaboration with the companies over a two-year period to develop and refine the ESG governance framework. Data are collected through participant observation, interviews and document analysis. Authors explore how boards of directors can effectively navigate the paradoxes inherent in balancing environmental, social and economic objectives. The study provides a detailed account of the strategies employed by organizations to reconcile conflicting goals and achieve a sustainable governance model. By highlighting the practical challenges and solutions, the research offers valuable insights for boards seeking to enhance their ESG governance practices and drive sustainable performance.Della Corte et al. (2025), with the contribution “Does board industry expertise foster ESG strategy? The mediating role of environmental innovation,” investigate the role of board members' industry expertise in fostering corporate ESG strategies, with a particular focus on environmental innovation. The sample includes 150 firms across different industries. The methodology uses structural equation modeling to analyze the relationship between board industry expertise, environmental innovation and ESG performance. Data are collected from board profiles, ESG reports and innovation metrics. The research finds that directors with relevant industry experience significantly enhance ESG orientation through the promotion of eco-innovation initiatives. By analyzing data from various firms, the study demonstrates that board expertise not only improves environmental performance but also contributes to overall corporate sustainability. The findings suggest that organizations should prioritize the recruitment of board members with specific industry knowledge to drive effective ESG strategies and innovation.Pratici et al. (2025), with the work “Using ESG paradigm as a basis for social reporting in nonprofit healthcare organizations: evidence from cases in healthcare” explore the applicability of the ESG framework in social reporting for non-profit healthcare organizations. The sample comprises 20 non-profit healthcare organizations. The methodology involves a qualitative case study approach, including in-depth interviews with organizational leaders and analysis of existing social reports to evaluate the integration of ESG principles. The study suggests that while ESG principles can guide reporting, they must be tailored to align with the mission and values of non-profits to avoid excessive focus on formal aspects over By examining various case the research highlights the challenges and opportunities with ESG frameworks in the non-profit The findings provide practical for non-profit organizations to enhance their transparency, accountability and social impact through effective ESG cluster of papers works on the challenges and implications of ESG examining how issues financial transparency and corporate It strategic to ESG controversies and the role of and reporting et al. (2025), in the controversies and evidence from the industry,” investigate the impact of ESG controversies on within the The sample includes 50 companies. The methodology employs a quantitative analysis of metrics and ESG using models to the impact of governance practices on financial The study highlights how governance practices can the of such controversies on financial By analyzing data from various companies, the research reveals that firms with strong governance frameworks are better to manage and challenges. The study the importance of stakeholder and transparency to effectively manage financial with ESG The findings provide valuable insights for and in enhancing governance practices to ensure long-term et al. (2025), with the contribution and impact and the through strategic accountability explore the of impact in the ESG and suggest mechanisms to address challenges. The sample comprises impact funds in The methodology uses a case study approach, analyzing and interviews with key stakeholders to and strategic to The study key factors such as impact and the of impact measurement that to in impact By examining various case the research offers strategic accountability to and enhance The findings provide practical for impact investors, and policymakers to foster a more and impact et al. (2025), with the study is – the transparency of ESG controversies in corporate reporting within the and industry,” examine the transparency of ESG reporting in the and industries. The sample includes companies from the and industries. The methodology involves analysis of corporate reports to assess the transparency of ESG reporting, complemented by interviews with industry experts to understand the and implications of practices. The study reveals of and the strategic of issues, highlighting how companies manage and By analyzing corporate the research the of transparency and the implications for stakeholder and corporate The findings provide insights into the practices and challenges of ESG reporting, offering for companies to enhance their transparency and effectively their ESG performance and of on ESG issues has significant in the importance and impact of ESG factors on corporate governance and management practices. are critical areas that to understanding and address the and challenges inherent in research, see The key future research that can provide comprehensive insights for companies and managers, emphasizing both the opportunities and pitfalls of ESG research should to more the boundaries of ESG and investigate their studies ESG as a it is crucial to understand the distinct and aspects of ESG studies examining how components over and economic can provide valuable is a need for research that between the and long-term impacts of ESG initiatives. should examine how ESG into long-term sustainable performance and whether ESG can the of long-term and transparency of ESG metrics research should assess the by ESG rating and metrics focusing on the and of their studies across different rating can highlight and suggest to ESG proxies for ESG dimensions is essential. should explore the of various proxies and the transparency of their in corporate reporting. how companies or ESG data can pitfalls and the of ESG should the influence and accountability of ESG rating This includes examining conflicts of the impact of their on market and their role in shaping corporate ESG strategies. should also the market and by studies should focus on enhancing the transparency and accountability of ESG information This involves exploring how information and stakeholder and can also suggest mechanisms for transparency, such as regulatory frameworks or industry intersection of digitalization and ESG is a for future should investigate how can enhance ESG performance and reporting, as as the with This includes examining the role of and in ESG transparency and should also explore the aspects of digitalization on ESG factors – for instance, the environmental impact of data ethical data and the governance challenges of can help the benefits of digitalization with responsible ESG research should assess ESG practices in different economic contexts, particularly in emerging and transition can explore how legal, regulatory, social and cultural factors influence ESG adoption and analyses between and developing can provide nuanced insights into global ESG how different and regulatory shape ESG practices is crucial. should examine the of various regulatory in ESG adoption and the consequences of regulatory studies should explore new theoretical perspectives beyond the shareholder primacy versus stakeholder theory social mission theory and critical can insights into the ethical and social implications of ESG practices. perspectives can help understand the and broader impacts of ESG initiatives. the factors ESG adoption is essential. research should examine the macro policies and global meso (organizational attributes and industry associations) and micro behaviors of directors and employees) This holistic approach can provide a comprehensive of the and to effective ESG much research focuses on the positive aspects of it is to investigate the impacts and should explore issues such as companies their ESG and the financial and societal with ESG This balanced approach can help and pitfalls in ESG practices. should also examine how companies respond to ESG controversies and the of strategies. This includes the role of transparency, stakeholder engagement and strategic accountability in and the impact of ESG assets reveals a of opportunities and challenges for corporate integrating ESG principles into business strategy can drive sustainable growth and enhance corporate reputation, it also and reporting to avoid pitfalls such as and ethical This underscores the of ESG as a dynamic process that and critical The contributions to this special issue both the lights and shadows of offering valuable insights into how organizations can navigate the of sustainability while their business objectives. The evidence that ESG is not a but a tool can align corporate strategies with societal the impact of ESG on and strategic alignment than to we it is for and policymakers to foster a understanding of components, metrics and This innovative those in this which resilience, governance and ethical considerations into a strategy for sustainable the of ESG is of both lights and By and the complexities inherent in can to a more and sustainable aligning their of with the broader of societal The is but the – both for and society – make it a

Récupéré en direct depuis OpenAlex et désinversé. Les résumés ne sont pas conservés dans cette base de données : les index inversés représentent 8,6 Go des 9,3 Go de texte de la base, et le serveur dispose de 13 Go libres.