Determinants of Environmental, Social, and Governance Measures: Evidence from European Insurance Companies

Rita Hipólito, Maria Fátima Ribeiro Borges, Maria C Tavares (), José Vale, Graça Azevedo and Jonas Oliveira ()
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Rita Hipólito: ISCTE—University Institute of Lisbon, 1649-026 Lisbon, Portugal
Maria Fátima Ribeiro Borges: Higher Institute for Accountancy and Administration of University of Aveiro (ISCA-UA), 3810-902 Aveiro, Portugal
Maria C Tavares: Higher Institute for Accountancy and Administration of University of Aveiro (ISCA-UA), 3810-902 Aveiro, Portugal
José Vale: CEOS.PP, ISCAP, Polytechnic of Porto, 4465-004 Matosinhos, Portugal
Graça Azevedo: Higher Institute for Accountancy and Administration of University of Aveiro (ISCA-UA), 3810-902 Aveiro, Portugal
Jonas Oliveira: BRU-ISCTE—Business Research Unit (IBS), ISCTE—University Institute of Lisbon, 1649-026 Lisbon, Portugal

JRFM, 2025, vol. 18, issue 5, 1-22

Abstract: The present study aims to assess the determinants of the environmental, social, and governance (ESG) performance of European insurance companies, exploring the connections between the determinants and each of the three ESG pillars. Using a European panel dataset, the study includes a sample of the 30 most relevant European insurance companies listed in the stock exchange index Stoxx Europe 600 index, over the period 2016–2020. Main findings indicate that older insurance companies, with a larger dimension and profitability, less leveraged, with smaller boards, but with more gender diverse boards, with a sustainability committee and with a standalone sustainability report, tend to present a higher level of ESG performance. Findings also indicate that insurance companies with higher ESG performance are located in countries with higher gross domestic product growth rate. The current research setting has never been studied hitherto. Therefore, it adds to the limited empirical research on the determinants of ESG performance among insurance companies, which is focused on insurances companies in the United States of America.

Keywords: determinants; insurance companies; ESG; performance; Europe (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2025
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