ESG indicators and corporate performance in the energy sector: a comparison between Italy and Spain

This thesis explores the relationship between ESG (Environmental, Social, and Governance) indicators and corporate performance, with a focus on the energy sector in Spain. After defining ESG criteria and examining their role in corporate sustainability, the study analyses the evolving European regulatory framework, including the CSRD, EU Taxonomy, and ESRS standards. The work then investigates how ESG performance is measured, highlighting current methodologies and limitations. A particular emphasis is placed on sectoral and regional ESG differences, with an in-depth look at the characteristics of the energy sector. The empirical section presents a quantitative analysis based on a sample of Spanish energy firms, using regression models to assess the impact of ESG indicators on corporate performance. Findings reveal key dynamics between sustainability practices and firm outcomes, offering practical insights and identifying areas for future research.