Does sustainability reporting affect firm performance? Evidence from the port sector


  • Dimitris Gavalas Department of Port Management and Shipping, School of Economics and Political Sciences, National and Kapodistrian University of Athens, Greece



Sustainability, ESG, Ports, Shipping, Firm performance


Given that stakeholders are paying more and more attention to the environmental, social, and governance (ESG) policies of firms, the objective of this paper is to study the effect of ESG disclosure on firm performance, focusing on companies involved in port activities; precisely, (i) a port company/authority, (ii) a terminal operator/stevedore, and (iii) an integrated carrier. The study contributes to the existing knowledge by incorporating ESG scores and looking at factors that indicate financial strength. The contribution of our study will lie in complementing and adding to the existing knowledge, along with further incentivizing sustainable firm performance. This study discovers that a positive relationship between ESG disclosure, firm value, and firm performance exists, as determined by market-to-book ratio and Q ratio, respectively. It considers a panel regression examination, by means of a sample of 213 publicly listed ports and considering a time period of 5 years. This study will benefit scholars, decision-makers, legislators, and stakeholders of ports through improving their comprehension of how ESG disclosure affects the performance of firms, in general and specifically for each pillar.


  • The aim of the present study is to examine the impact of ESG (environmental, social, and governance) disclosure on the performance of firms that are engaged in port-related operations. More specifically, our focus is on three types of companies, namely, a port company/authority, a terminal operator/stevedore, and an integrated carrier
  • The present study has found that a favorable correlation exists between ESG disclosure, firm value, and firm performance, as gauged by the market-to-book ratio and Q ratio, correspondingly
  • The study conducts a panel regression analysis, utilizing a sample of 213 publicly listed ports over a time period of five years
  • This study will be advantageous to scholars, decision-makers, legislators and stakeholders in the port industry, as it enhances their understanding of how ESG disclosure impacts firm performance, both globally and within each distinct pillar

Author Biography

Dimitris Gavalas, Department of Port Management and Shipping, School of Economics and Political Sciences, National and Kapodistrian University of Athens, Greece

1Department of Port Management and Shipping, School of Economics and Political Sciences,

National and Kapodistrian University of Athens, Greece

2MSc Responsible Procurement and Supply Chain Management, Audencia Business School, Nantes, France


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How to Cite

Gavalas, D. (2023). Does sustainability reporting affect firm performance? Evidence from the port sector. Maritime Technology and Research, 6(2), 266092.