ESG PERFORMANCE UNDER A COMMON REGULATORY FRAMEWORK: COMPARATIVE EVIDENCE FROM ROMANIA, POLAND, AND ADVANCED EU ECONOMIES
ESG PERFORMANCE UNDER A COMMON REGULATORY FRAMEWORK: COMPARATIVE EVIDENCE FROM ROMANIA, POLAND, AND ADVANCED EU ECONOMIES
Ibolya Mercedesz TÖRÖK, Dorina Nicoleta POPA
1 University of Oradea, Department of Finance, Faculty of Economic Sciences, Oradea, Romania
imercedesz.torok@gmail.com
dorina.n.popa@gmail.com
Abstract: This study provides a comparative assessment of ESG performance among listed companies in Romania and Poland, benchmarked against advanced European Union economies, within a shared regulatory setting shaped by the CSRD and the EU Taxonomy. Using Refinitiv/LSEG ESG scores (0–100) for 2024—both the overall score and the E, S, and G pillars—we combine descriptive statistics, mean-difference tests (Welch’s t-test and the Mann–Whitney test), and OLS (Ordinary Least Squares) regressions with industry fixed effects. Descriptively, Polish firms exhibit higher average ESG scores than Romanian firms; however, the Romania–Poland gap is not statistically robust once industry composition is accounted for. Relative to the advanced-EU benchmark, both countries underperform in the raw comparisons, yet the econometric results indicate that Romania remains significantly below the benchmark after controlling for industry, whereas the difference for Poland is not statistically robust. Pillar-level analyses do not reveal statistically significant differences when E, S, and G are examined separately, suggesting that the observed variation is largely driven by sample composition. Taken together, the results suggest only partial ESG convergence within Central Europe and a wider, persistent gap between Romania and the advanced-EU benchmark—highlighting how strongly sector mix can shape crosscountry ESG comparisons.
Keywords: ESG performance; ESG convergence; sustainability reporting; Romania; Poland.
JEL Classification: Q56; G32; G34; M14; L21.
