Key Drivers of Social Responsibility in Portugal’s Energy Sector

Maria Elisabete Neves (), Pedro Gonçalves and Manuela Larguinho ()
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Maria Elisabete Neves: Polytechnic University of Coimbra, Coimbra Business School, ISCAC, Portugal & Research Center for Natural Resources, Environment and Society (CERNAS) & CEOS.PP Coimbra, Polytechnic University of Coimbra
Pedro Gonçalves: Coimbra Business School, ISCAC
Manuela Larguinho: Polytechnic University of Coimbra, Portugal &Research Center for Natural Resources, Environment and Society (CERNAS) & CEOS.PP Coimbra, Polytechnic University of Coimbra

A chapter in Innovations in Finance, 2026, pp 85-100 from Springer

Abstract: Abstract This chapter investigates the determinants of Corporate Social Responsibility (CSR) and how these factors shape business practices toward more sustainable and ethical development. Using a sample of 291 Portuguese companies in the energy sector between 2015 and 2022, the study applies a panel data approach through the Generalized Method of Moments system (GMM system). The findings indicate that operating profitability, indebtedness, and corporate size are positively associated with CSR adoption, suggesting that resource availability, stronger internal management, easier access to finance, and stakeholder pressure enhance companies’ ability to implement social initiatives and contribute to social welfare. Conversely, the negative relationship of corporate age and board size with CSR reflects resistance to change in more mature firms, traditional profit-oriented strategies, communication challenges, and a disconnect between governance structures and societal expectations. In addition, the lack of significant effects from macroeconomic indicators such as GDP and the Consumer Confidence Index highlights the predominance of regulatory compliance over voluntary CSR in the Portuguese energy sector. This chapter contributes by showing how financial strength facilitates CSR, how organizational rigidities can constrain it, and how regulation outweighs economic sentiment in shaping social responsibility practices.

Keywords: Corporate Social Responsibility; Energy Sector; Company Specific Factors; Governance; Macroeconomic Factors; GMM System (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-032-19314-8_9

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DOI: 10.1007/978-3-032-19314-8_9

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