Institutional Drivers of ESG Implementation in Bulgaria: Challenges and Opportunities

Qiancheng Bao ()
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Qiancheng Bao: Varna Free University, Varna, Bulgaria

Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, 2025, issue 1, 277-286

Abstract: This study explores the institutional background of the implementation of environmental, social and governance (ESG) in Bulgaria, focusing on the domestic factors affecting the participation of enterprises in sustainable development practices. The study analyzed national policy documents, government initiatives and company information disclosure to identify the main factors driving the adoption of ESG. The results show that the uncertainty of regulation, limited administrative capacity and the lack of a coordinated national strategy hinder the advancement of ESG, while increased investor awareness and increased civil society participation have gradually promoted change. The study emphasized that Bulgaria needed to strengthen institutional coordination, develop clearer reporting requirements and promote public-private cooperation to support the transition to sustainable corporate governance.

Keywords: ESG implementation; institutional environment; Bulgaria; sustainability policy; corporate governance; institutional challenges (search for similar items in EconPapers)
JEL-codes: M14 O52 Q56 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:vrn:suvrna:y:2025:i:1:p:277-286

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