Strategic Impact of EU Taxonomy on Pharmaceutical Firms' Performance
Bibliographic Data
| ID | 22418846 |
|---|---|
| Authors | Alicia Ramírez Orellana (0000-0001-6716-1560, Department of Economics and Business Management University of Alcalá Alcalá de Henares Madrid Spain), Alicia Ramírez‐Orellana (Universidad de Alcalá), Cristina Blanco-González Tejero (0000-0002-4039-2278, Department of Economics and Business Management University of Alcalá Alcalá de Henares Madrid Spain), Cristina Blanco González-Tejero (Universidad de Alcalá), Silvia Giralt Escobar (0000-0003-3438-3460, Department of Economics and Business Management University of Alcalá Alcalá de Henares Madrid Spain), Antonio García‐Amate (0000-0002-5269-0504, Department of Economics and Business Public University of Navarra Pamplona Navarra Spain, corresponding author) |
| Year | 2026 |
| Publication date | 2026-02-17 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Business Strategy and the Environment (JOURNAL) |
| Journal identifiers | ISSN: 0964-4733 • E-ISSN: 1099-0836 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1002/bse.70675 |
| OpenAlex | W7129504746 |
| Language | EN |
| References cited | 44 |
Sustainability has become a central concern in economic policy and corporate governance, increasingly formalised through regulatory frameworks of the European Union (EU). The European Commission has published the EU Taxonomy, which allows economic activities and their contribution to sustainability to be analysed, taking into account indicators and variables related to the environment. With the aim of assessing the impact of this system, its repercussions on performance and awareness in the pharmaceutical industry are analysed for the period 2024 using variables obtained from Thomson Reuters Eikon. To this end, the partial least squares structural equation modelling (PLS‐SEM) model is used, which allows us to highlight that alignment with the EU Taxonomy does not influence financial performance, while the environmental, social and governance (ESG) sustainability profile does have a positive effect on such performance. However, there is no evidence of a mediating effect between the EU Taxonomy and business performance through the ESG sustainability profile, which could lead to a lack of knowledge or understanding of these measures within organisations. These results are therefore key for business leaders, as they enable them to raise awareness of current regulations and understand the importance of integrating sustainable practices that not only meet regulatory requirements but also drive competitiveness and long‐term value creation. Evidence shows that ESG indices have a greater impact on the awareness and practices of stakeholders than other reporting frameworks promoted by the EU. At the same time, it is essential to continue analysing these types of variables in the various economic activities of society, with the aim of raising awareness and analysing their true impact on the organisation and competitiveness of businesses.
Commission · Corporate governance · Corporate social responsibility · European commission · European union · Structural equation modeling · Sustainability · Sustainability reporting · Business and Economic Development · Chemistry and Chemical Engineering · Corporate Social Responsibility Reporting
| Highly cited | No |
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