The Implementation of ESG Indicators in the Balanced Scorecard—Case Study of LGOs

Stavros Garefalakis, Erasmia Angelaki, Kostantinos Spinthiropoulos, George Tsamis and Alexandros Garefalakis ()
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Stavros Garefalakis: Department of Management Science and Technology, University of Western Macedonia, GR50100 Kozani, Greece
Erasmia Angelaki: Department of Business Administration and Tourism, Hellenic Mediterranean University, GR71410 Iraklio, Greece
Kostantinos Spinthiropoulos: Department of Management Science and Technology, University of Western Macedonia, GR50100 Kozani, Greece
George Tsamis: Department of Electrical and Computer Engineering, Hellenic Mediterranean University (HMU), GR71410 Heraklion, Greece
Alexandros Garefalakis: Department of Business Administration and Tourism, Hellenic Mediterranean University, GR71410 Iraklio, Greece

Risks, 2025, vol. 13, issue 8, 1-35

Abstract: This study investigates how Environmental, Social, and Governance (ESG) principles can be effectively integrated into the Balanced Scorecard (BSc) framework within local government organizations (LGOs) to enhance strategic planning and sustainability performance. Addressing a gap in the literature on ESG–BSc integration in the public sector, particularly in the Greek context, the study employs a dual-method approach. First, a bibliometric analysis of 3053 academic publications (1993–2025) was conducted using Scopus data to assess the evolution and thematic focus of ESG and BSc research. Second, a structured questionnaire—comprising both closed- and open-ended questions—was administered to 17 administrative staff members of a Greek LGO in 2024. This expert sample provided insights into strategic planning practices, ESG awareness, and performance management barriers. The findings reveal low levels of ESG–BSc application, a limited strategic capacity, and institutional resistance. In response, the study proposes a novel, context-sensitive ESG-integrated BSc model tailored for small municipalities, emphasizing stakeholder participation, operational simplicity, and the alignment with national sustainability policies. The model serves as a practical tool to support public sector performance measurement, bridging the gap between sustainability goals and local governance strategy.

Keywords: balanced scorecard; ESG; case study; local government organization; new model; bibliometric analysis; e-Government (search for similar items in EconPapers)
JEL-codes: C G0 G1 G2 G3 K2 M2 M4 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:gam:jrisks:v:13:y:2025:i:8:p:154-:d:1725587

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