View source for Journal:Quality and environmental management systems as business tools to enhance ESG performance: A cross-regional empirical study

{{Infobox journal article
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|caption      = 
|title_full   = Quality and environmental management systems as business tools to enhance ESG performance: A cross-regional empirical study
|journal      = ''Environment, Development and Sustainability''
|authors      = Ronalter, Louis M.; Bernardo, Merce; Romaní, Javier M.
|affiliations = Universitat de Barcelona
|contact      = Email: ronalterlouis at gmail com
|editors      = 
|pub_year     = 2022
|vol_iss      = 
|at           = 660
|doi          = [https://doi.org/10.1007/s10668-022-02425-0 10.1007/s10668-022-02425-0]
|issn         = 1573-2975
|license      = [http://creativecommons.org/licenses/by/4.0/ Creative Commons Attribution 4.0 International]
|website      = [https://link.springer.com/article/10.1007/s10668-022-02425-0 https://link.springer.com/article/10.1007/s10668-022-02425-0]
|download     = [https://link.springer.com/content/pdf/10.1007/s10668-022-02425-0.pdf https://link.springer.com/content/pdf/10.1007/s10668-022-02425-0.pdf] (PDF)
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==Abstract==
The growing societal and political focus on sustainability at the global level is pressuring companies to enhance their [[wikipedia:Environmental, social, and corporate governance|environmental, social, and governance]] (ESG) performance to satisfy respective stakeholder needs and ensure sustained business success. With a data sample of 4,292 companies from Europe, East Asia, and North America, this work aims to prove through a cross-regional empirical study that [[quality management system]]s (QMSs) and [[environmental management system]]s (EMSs) represent powerful business tools to achieve this enhanced ESG performance. Descriptive and cluster analyses reveal that firms with QMSs and/or EMSs accomplish statistically significant higher ESG scores than companies without such management systems. Furthermore, the results indicate that operating both types of management systems simultaneously increases performance in the environmental and social pillar even further, while the governance dimension appears to be affected mainly by the adoption of EMSs alone. 

To the best of the authors’ knowledge, such large-scale, cross-regional analysis of the impact of QMSs and EMSs on ESG performance is absent from the literature, thus paving the way for pioneering academic research. The study is grounded in stakeholder theory and demonstrates to managers how the implementation of management systems can assist in successfully translating stakeholders’ sustainability concerns into actionable business practice. Furthermore, it allows decision-makers to gain insight into the strengths and weaknesses of QMSs and EMSs for tackling specific ESG issues and highlights the performance advantages of combining both management systems. The work also depicts to policymakers how corporate sustainable performance (CSP) can be improved by fostering management systems adoption, thereby emphasizing the importance of supporting and facilitating the diffusion of these systems.

'''Keywords''': corporate sustainable performance, environmental management systems, ESG performance, quality management systems, sustainability

==Introduction==
A significant number of companies worldwide rely on management systems<ref name=":0">{{Cite web |last=International Organization for Standardization |date=2021 |title=1. ISO Survey 2020 results - Number of certificates and sites per country and the number of sector overall |work=The ISO Survey: ISO Survey 2020 |url=https://www.iso.org/the-iso-survey.html |publisher=International Organization for Standardization}}</ref> to improve corporate operations<ref name=":3">{{Cite journal |last=Robson |first=Lynda S. |last2=Clarke |first2=Judith A. |last3=Cullen |first3=Kimberley |last4=Bielecky |first4=Amber |last5=Severin |first5=Colette |last6=Bigelow |first6=Philip L. |last7=Irvin |first7=Emma |last8=Culyer |first8=Anthony |last9=Mahood |first9=Quenby |date=2007-03 |title=The effectiveness of occupational health and safety management system interventions: A systematic review |url=https://linkinghub.elsevier.com/retrieve/pii/S0925753506000701 |journal=Safety Science |language=en |volume=45 |issue=3 |pages=329–353 |doi=10.1016/j.ssci.2006.07.003}}</ref><ref name=":4">{{Cite journal |last=Sampaio |first=Paulo |last2=Saraiva |first2=Pedro |last3=Guimarães Rodrigues |first3=António |date=2009-01-09 |title=ISO 9001 certification research: questions, answers and approaches |url=https://www.emerald.com/insight/content/doi/10.1108/02656710910924161/full/html |journal=International Journal of Quality & Reliability Management |language=en |volume=26 |issue=1 |pages=38–58 |doi=10.1108/02656710910924161 |issn=0265-671X}}</ref> and address stakeholders’ needs systematically.<ref name=":5">{{Cite journal |last=Poltronieri |first=Camila Fabricio |last2=Gerolamo |first2=Mateus Cecílio |last3=Dias |first3=Teresa Cristina Martins |last4=Carpinetti |first4=Luiz Cesar Ribeiro |date=2018-02-05 |title=Instrument for evaluating IMS and sustainable performance |url=https://www.emerald.com/insight/content/doi/10.1108/IJQRM-11-2016-0194/full/html |journal=International Journal of Quality & Reliability Management |language=en |volume=35 |issue=2 |pages=373–386 |doi=10.1108/IJQRM-11-2016-0194 |issn=0265-671X}}</ref> Given that achieving “development that meets the needs of the present without compromising the ability of future generations to meet their own needs”<ref>{{Cite web |last=U.N. Secretary General; World Commission on Environment and Development |date=04 August 1987 |title=Report of the World Commission on Environment and Development: Our Common Future |url=https://digitallibrary.un.org/record/139811#record-files-collapse-header |publisher=World Commission on Environment and Development |page=54}}</ref> nowadays represents a normative concept<ref>{{Cite journal |last=Hahn |first=Tobias |last2=Pinkse |first2=Jonatan |last3=Preuss |first3=Lutz |last4=Figge |first4=Frank |date=2015-03 |title=Tensions in Corporate Sustainability: Towards an Integrative Framework |url=http://link.springer.com/10.1007/s10551-014-2047-5 |journal=Journal of Business Ethics |language=en |volume=127 |issue=2 |pages=297–316 |doi=10.1007/s10551-014-2047-5 |issn=0167-4544}}</ref>, corporate executives are under increasing pressure to fulfil one particular stakeholder demand: making their companies more sustainable.<ref>{{Cite journal |last=Ashrafi |first=Mehrnaz |last2=Walker |first2=Tony R. |last3=Magnan |first3=Gregory M. |last4=Adams |first4=Michelle |last5=Acciaro |first5=Michele |date=2020-11-16 |title=A review of corporate sustainability drivers in maritime ports: a multi-stakeholder perspective |url=https://www.tandfonline.com/doi/full/10.1080/03088839.2020.1736354 |journal=Maritime Policy & Management |language=en |volume=47 |issue=8 |pages=1027–1044 |doi=10.1080/03088839.2020.1736354 |issn=0308-8839}}</ref><ref>{{Cite journal |last=Silva |first=Samanthi |last2=Nuzum |first2=Anne-Katrin |last3=Schaltegger |first3=Stefan |date=2019-04 |title=Stakeholder expectations on sustainability performance measurement and assessment. A systematic literature review |url=https://linkinghub.elsevier.com/retrieve/pii/S095965261930229X |journal=Journal of Cleaner Production |language=en |volume=217 |pages=204–215 |doi=10.1016/j.jclepro.2019.01.203}}</ref><ref>{{Cite journal |last=Talbot |first=David |last2=Raineri |first2=Nicolas |last3=Daou |first3=Alain |date=2021-01 |title=Implementation of sustainability management tools: The contribution of awareness, external pressures, and stakeholder consultation |url=https://onlinelibrary.wiley.com/doi/10.1002/csr.2033 |journal=Corporate Social Responsibility and Environmental Management |language=en |volume=28 |issue=1 |pages=71–81 |doi=10.1002/csr.2033 |issn=1535-3958}}</ref><ref>{{Cite journal |last=Yunus |first=Somaiya |last2=Elijido-Ten |first2=Evangeline O. |last3=Abhayawansa |first3=Subhash |date=2020-02-10 |title=Impact of stakeholder pressure on the adoption of carbon management strategies: Evidence from Australia |url=https://www.emerald.com/insight/content/doi/10.1108/SAMPJ-04-2019-0135/full/html |journal=Sustainability Accounting, Management and Policy Journal |language=en |volume=11 |issue=7 |pages=1189–1212 |doi=10.1108/SAMPJ-04-2019-0135 |issn=2040-8021}}</ref>

For example, consumer attitudes towards sustainable products and services are increasingly positive<ref>{{Cite journal |last=Jacobs |first=Kathleen |last2=Petersen |first2=Lars |last3=Hörisch |first3=Jacob |last4=Battenfeld |first4=Dirk |date=2018-12 |title=Green thinking but thoughtless buying? An empirical extension of the value-attitude-behaviour hierarchy in sustainable clothing |url=https://linkinghub.elsevier.com/retrieve/pii/S0959652618323096 |journal=Journal of Cleaner Production |language=en |volume=203 |pages=1155–1169 |doi=10.1016/j.jclepro.2018.07.320}}</ref><ref>{{Cite journal |last=de-Magistris |first=Tiziana |last2=Gracia |first2=Azucena |date=2016-04 |title=Consumers' willingness-to-pay for sustainable food products: the case of organically and locally grown almonds in Spain |url=https://linkinghub.elsevier.com/retrieve/pii/S0959652616000858 |journal=Journal of Cleaner Production |language=en |volume=118 |pages=97–104 |doi=10.1016/j.jclepro.2016.01.050}}</ref> and investors are placing increasing value on data on sustainability-related issues for financial commitments.<ref>{{Cite journal |last=Amel-Zadeh |first=Amir |last2=Serafeim |first2=George |date=2017 |title=Why and How Investors Use ESG Information: Evidence from a Global Survey |url=https://www.ssrn.com/abstract=2925310 |journal=Financial Analysts Journal |language=en |volume=74 |issue=3 |pages=87–103 |doi=10.2139/ssrn.2925310 |issn=1556-5068}}</ref><ref>{{Cite journal |last=Grim |first=Douglas M. |last2=Berkowitz |first2=Daniel B. |date=2020-08-31 |title=ESG, SRI, and Impact Investing: A Primer for Decision-Making |url=https://jesg.pm-research.com/lookup/doi/10.3905/jesg.2020.1.1.047 |journal=The Journal of Impact and ESG Investing |language=en |volume=1 |issue=1 |pages=47–65 |doi=10.3905/jesg.2020.1.1.047 |issn=2693-1982}}</ref><ref>{{Cite journal |last=van Duuren |first=Emiel |last2=Plantinga |first2=Auke |last3=Scholtens |first3=Bert |date=2016-10 |title=ESG Integration and the Investment Management Process: Fundamental Investing Reinvented |url=http://link.springer.com/10.1007/s10551-015-2610-8 |journal=Journal of Business Ethics |language=en |volume=138 |issue=3 |pages=525–533 |doi=10.1007/s10551-015-2610-8 |issn=0167-4544}}</ref> In this context, such stakeholders often consider firms’ [[wikipedia:Environmental, social, and corporate governance|environmental, social, and governance]] (ESG) scores in their decision-making process<ref name=":1">{{Cite journal |last=Avetisyan |first=Emma |last2=Hockerts |first2=Kai |date=2017-03 |title=The Consolidation of the ESG Rating Industry as an Enactment of Institutional Retrogression: Consolidation of the ESG Rating Industry |url=https://onlinelibrary.wiley.com/doi/10.1002/bse.1919 |journal=Business Strategy and the Environment |language=en |volume=26 |issue=3 |pages=316–330 |doi=10.1002/bse.1919}}</ref><ref name=":2">{{Cite journal |last=Rajesh |first=R. |last2=Rajendran |first2=Chandrasekharan |date=2020-03 |title=Relating Environmental, Social, and Governance scores and sustainability performances of firms: An empirical analysis |url=https://onlinelibrary.wiley.com/doi/10.1002/bse.2429 |journal=Business Strategy and the Environment |language=en |volume=29 |issue=3 |pages=1247–1267 |doi=10.1002/bse.2429 |issn=0964-4733}}</ref> and, in return, companies that apply ESG practices can improve stakeholders’ trust by accumulating social capital and strengthening attachment to the firm.<ref name=":6">{{Cite journal |last=Fuente |first=Gabriel de la |last2=Ortiz |first2=Margarita |last3=Velasco |first3=Pilar |date=2022-08 |title=The value of a firm’s engagement in ESG practices: Are we looking at the right side? |url=https://linkinghub.elsevier.com/retrieve/pii/S0024630121000741 |journal=Long Range Planning |language=en |volume=55 |issue=4 |pages=102143 |doi=10.1016/j.lrp.2021.102143}}</ref> Scholars also devote a great deal of attention to the ESG concept<ref>{{Cite journal |last=Do |first=Yeonwoo |last2=Kim |first2=Sunghwan |date=2020-03-27 |title=Do Higher-Rated or Enhancing ESG of Firms Enhance Their Long–Term Sustainability? Evidence from Market Returns in Korea |url=https://www.mdpi.com/2071-1050/12/7/2664 |journal=Sustainability |language=en |volume=12 |issue=7 |pages=2664 |doi=10.3390/su12072664 |issn=2071-1050}}</ref>, which has emerged as a measure of companies’ corporate sustainable performance (CSP).<ref name=":1" /><ref name=":2" /><ref>{{Cite journal |last=Dorfleitner |first=Gregor |last2=Kreuzer |first2=Christian |last3=Sparrer |first3=Christian |date=2020-09 |title=ESG controversies and controversial ESG: about silent saints and small sinners |url=https://link.springer.com/10.1057/s41260-020-00178-x |journal=Journal of Asset Management |language=en |volume=21 |issue=5 |pages=393–412 |doi=10.1057/s41260-020-00178-x |issn=1470-8272}}</ref>

When it comes to researching CSP in relation to management systems, however, academics focus more on investigating the benefits related to specific issues such as reduced emissions<ref>{{Cite journal |last=Russo |first=Michael V. |date=2009-07 |title=Explaining the impact of ISO 14001 on emission performance: a dynamic capabilities perspective on process and learning |url=https://onlinelibrary.wiley.com/doi/10.1002/bse.587 |journal=Business Strategy and the Environment |language=en |volume=18 |issue=5 |pages=307–319 |doi=10.1002/bse.587}}</ref> and sustainable supply chains<ref>{{Cite journal |last=Zimon |first=Dominik |last2=Madzík |first2=Peter |last3=Dellana |first3=Scott |last4=Sroufe |first4=Robert |last5=Ikram |first5=Muhammad |last6=Lysenko-Ryba |first6=Kateryna |date= |year=2022 |title=Environmental effects of ISO 9001 and ISO 14001 management system implementation in SSCM |url=https://www.emerald.com/insight/content/doi/10.1108/TQM-01-2021-0025/full/html |journal=The TQM Journal |language=en |volume=34 |issue=3 |pages=418–47 |doi=10.1108/TQM-01-2021-0025 |issn=1754-2731}}</ref>, as opposed to connecting management systems with the broader ESG concept as a framework for the various CSP demands of stakeholders. Few studies consider ESG ratings alongside management systems. Broadstock ''et al.''<ref>{{Cite journal |last=Broadstock |first=David C. |last2=Chan |first2=Kalok |last3=Cheng |first3=Louis T.W. |last4=Wang |first4=Xiaowei |date=2021-01 |title=The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China |url=https://linkinghub.elsevier.com/retrieve/pii/S1544612320309983 |journal=Finance Research Letters |language=en |volume=38 |pages=101716 |doi=10.1016/j.frl.2020.101716 |pmc=PMC7425769 |pmid=32837385}}</ref>, for example, state that to achieve higher scores in the environmental pillar, companies must perform well in [[environmental management system]]s (EMS) certification. Furthermore, Schmid ''et al.''<ref>{{Cite journal |last=Schmid, J.; Olaru, M.; Verje, A.-M. |year=2017 |title=The Effect of Sustainable Investments to the Economic Objectives of the Company in Relation to the Total Quality Management |url=https://EconPapers.repec.org/RePEc:aes:amfeco:v:19:y:2017:i:s11:p:939 |journal=The AMFITEATRU ECONOMIC Journal |volume=19 |issue=S11 |at=939}}</ref> conclude that ESG themes may be anchored in [[quality management system]]s (QMSs), and Chams ''et al.''<ref>{{Cite journal |last=Chams |first=Nour |last2=García-Blandón |first2=Josep |last3=Hassan |first3=Khaled |date=2021-06-23 |title=Role Reversal! Financial Performance as an Antecedent of ESG: The Moderating Effect of Total Quality Management |url=https://www.mdpi.com/2071-1050/13/13/7026 |journal=Sustainability |language=en |volume=13 |issue=13 |pages=7026 |doi=10.3390/su13137026 |issn=2071-1050}}</ref> deduce that firms with QMSs are less reliant on financial capital to improve ESG ratings. Nevertheless, to the best of the authors’ knowledge, there is a shortage of academic studies that connect management systems to ESG performance and empirically analyze their relationship, which is evidenced by the lack of corresponding search results in databases like Web of Science and Scopus.

Such studies would provide valuable insight into the strengths and weaknesses of individual management systems in terms of meeting specific environmental, social, and/or governance needs. This knowledge would make it possible to draw managerial conclusions regarding which management systems to implement and combine to satisfy certain stakeholder CSP demands. Thus, the aim of this work is to start filling this research gap by empirically proving that QMSs and EMSs, which are the most widely adopted management systems on a global level<ref name=":0" />, represent powerful business tools to achieve enhanced ESG performance, by answering the following three research questions (RQs):

*'''RQ1''': Do companies that operate QMSs and/or EMSs achieve statistically significant higher ESG scores than firms without such management systems?
*'''RQ2''': Which ESG issues are positively impacted by the implementation of QMSs and/or EMSs?
*'''RQ3''': Do companies that apply both QMSs and EMSs simultaneously achieve higher ESG performance than firms that operate with only one of these management systems?

To answer these RQs, this study presents a comprehensive exploratory literature review and both descriptive and cluster analyses of ESG data from 2019 for 4,292 companies spread among the three leading global economic areas: Europe, East Asia, and North America. Refinitiv Eikon is used as the data source. The descriptive analysis describes the fundamental characteristics of the data and measures central tendencies among the sample groups with or without management systems.<ref>{{Cite journal |last=Mishra |first=Prabhaker |last2=Pandey |first2=ChandraM |last3=Singh |first3=Uttam |last4=Gupta |first4=Anshul |last5=Sahu |first5=Chinmoy |last6=Keshri |first6=Amit |date=2019 |title=Descriptive statistics and normality tests for statistical data |url=http://www.annals.in/text.asp?2019/22/1/67/250184 |journal=Annals of Cardiac Anaesthesia |language=en |volume=22 |issue=1 |pages=67 |doi=10.4103/aca.ACA_157_18 |issn=0971-9784 |pmc=PMC6350423 |pmid=30648682}}</ref> The cluster analysis gradually classifies the sample based on similarities<ref>{{Cite journal |last=Bu |first=Jianwei |last2=Liu |first2=Wei |last3=Pan |first3=Zhao |last4=Ling |first4=Kang |date=2020-12-18 |title=Comparative Study of Hydrochemical Classification Based on Different Hierarchical Cluster Analysis Methods |url=https://www.mdpi.com/1660-4601/17/24/9515 |journal=International Journal of Environmental Research and Public Health |language=en |volume=17 |issue=24 |pages=9515 |doi=10.3390/ijerph17249515 |issn=1660-4601 |pmc=PMC7766391 |pmid=33353090}}</ref><ref>{{Cite journal |last=Bu |first=Maoliang |last2=Qiao |first2=Zhenzi |last3=Liu |first3=Beibei |date=2020-07 |title=Voluntary environmental regulation and firm innovation in China |url=https://linkinghub.elsevier.com/retrieve/pii/S0264999317318242 |journal=Economic Modelling |language=en |volume=89 |pages=10–18 |doi=10.1016/j.econmod.2019.12.020}}</ref>, thus allowing patterns to be defined between companies with QMSs, EMSs, or no such management systems.

This paper contributes to the academic literature by directly connecting QMSs and EMSs to the ESG concept and by empirically proving at a global level that both management system types serve as powerful business tools for enhancing ESG scores. The study helps corporate executives to understand the ESG-related strengths inherent in QMSs and EMSs and, in addition, highlights how combining these management systems can impact a corporation’s sustainable performance in different ESG categories. Furthermore, the results give policymakers an insight into the positive relationship between management systems and CSP, as well as the regional and industrial differences in ESG scores, thus emphasizing the importance of pushing forward with the international standardization of best practices in management as well as their global diffusion.

The paper continues in six sections. The next section provides extensive background information on management systems and ESG ratings. Then the data sampling process and methodologies applied are explained, followed by the findings. The paper closes with discussion and some final conclusions.

==Literature review==
===Stakeholder theory===
In accordance with the increasing stakeholder focus on CSP, this paper follows the reasoning that companies must not only fulfil obligations to their shareholders in order to be successful, but that the interests of multiple parties with stakes in the social and financial performance of the firm must be taken into account.<ref>{{Cite journal |last=Donaldson |first=Thomas |last2=Preston |first2=Lee E. |date=1995-01 |title=The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications |url=http://journals.aom.org/doi/10.5465/amr.1995.9503271992 |journal=Academy of Management Review |language=en |volume=20 |issue=1 |pages=65–91 |doi=10.5465/amr.1995.9503271992 |issn=0363-7425}}</ref> This aligns with the concept of management systems, which are directed at satisfying specific stakeholder needs (as outlined in the management system's underlying standards), as well as the ESG concept, which is linked to numerous stakeholders, including society, suppliers, employees, and shareholders.<ref name=":6" /><ref name=":7">{{Cite journal |last=Muñoz-Torres |first=María Jesús |last2=Fernández-Izquierdo |first2=María Ángeles |last3=Rivera-Lirio |first3=Juana M. |last4=Escrig-Olmedo |first4=Elena |date=2019-03 |title=Can environmental, social, and governance rating agencies favor business models that promote a more sustainable development? |url=https://onlinelibrary.wiley.com/doi/10.1002/csr.1695 |journal=Corporate Social Responsibility and Environmental Management |language=en |volume=26 |issue=2 |pages=439–452 |doi=10.1002/csr.1695}}</ref> Thus, this study is grounded in stakeholder theory, which goes beyond simply maximizing the wealth of owners to acknowledging “any group or individual who is affected by or can affect the achievement of an organization’s objectives”<ref name=":8">{{Cite book |last=Freeman |first=R. Edward |date=1984 |title=Strategic management: a stakeholder approach |series=Pitman series in business and public policy |publisher=Pitman |place=Boston |page=46 |isbn=978-0-273-01913-8}}</ref>, while addressing “morals and values explicitly as a central feature of managing organizations.”<ref>{{Cite journal |last=Phillips |first=Robert |last2=Freeman |first2=R. Edward |last3=Wicks |first3=Andrew C. |date=2003-10 |title=What Stakeholder Theory is Not |url=https://www.cambridge.org/core/product/identifier/S1052150X00006710/type/journal_article |journal=Business Ethics Quarterly |language=en |volume=13 |issue=4 |pages=479–502 |doi=10.5840/beq200313434 |issn=1052-150X}}</ref>

In general, Freeman’s<ref name=":8" /> stakeholder theory offers a pragmatic approach to a strategy that urges firms to be aware of their relationships with all stakeholders in order to become more successful.<ref>{{Cite journal |last=Laplume |first=André O. |last2=Sonpar |first2=Karan |last3=Litz |first3=Reginald A. |date=2008-12 |title=Stakeholder Theory: Reviewing a Theory That Moves Us |url=http://journals.sagepub.com/doi/10.1177/0149206308324322 |journal=Journal of Management |language=en |volume=34 |issue=6 |pages=1152–1189 |doi=10.1177/0149206308324322 |issn=0149-2063}}</ref><ref name=":9">{{Cite journal |last=Faculty of Accountancy and Management, Universiti Tunku Abdul Rahman, Jalan Sungai Long, Bandar Sg. Long, Cheras, 43000 Kajang, Selangor, Malaysia |last2=Lee |first2=Siew Peng |last3=Oxford Centre for Islamic Studies, Oxford University, Oxford, United Kingdom |last4=Isa |first4=Mansor |last5=Faculty of Business and Accountancy, Universiti Malaya, 50603 Kuala Lumpur, Malaysia |date=2020-08-14 |title=Environmental, Social and Governance (ESG) Practices and Performance in Shariah Firms: Agency or Stakeholder Theory? |url=https://ejournal.usm.my/aamjaf/article/view/aamjaf_vol16-no1-2020_1/pdf |journal=Asian Academy of Management Journal of Accounting and Finance |volume=16 |issue=1 |pages=1–34 |doi=10.21315/aamjaf2020.16.1.1}}</ref> At the moment, the stakeholder theory appears to be the prevailing theory in CSP-related research.<ref name=":10">{{Cite journal |last=Daugaard |first=Dan |last2=Ding |first2=Ashley |date=2022-02-18 |title=Global Drivers for ESG Performance: The Body of Knowledge |url=https://www.mdpi.com/2071-1050/14/4/2322 |journal=Sustainability |language=en |volume=14 |issue=4 |pages=2322 |doi=10.3390/su14042322 |issn=2071-1050}}</ref> Thereby, it should be acknowledged that (i) different stakeholders influence organizations in different ways; (ii) some stakeholders have more influence over organizations than others; (iii) not all stakeholders might be regarded as legitimate stakeholders by organizations—in this regard, stakeholder theory is closely related to legitimacy and institutional theories “in the sense that only those with legitimate claims and institutional identification can be considered stakeholders”<ref name=":10" />—and (iv) existing organization/stakeholder relations are not static but can change.<ref name=":11">{{Cite journal |last=Friedman |first=Andrew L. |last2=Miles |first2=Samantha |date=2002-01 |title=Developing Stakeholder Theory |url=https://onlinelibrary.wiley.com/doi/10.1111/1467-6486.00280 |journal=Journal of Management Studies |language=en |volume=39 |issue=1 |pages=1–21 |doi=10.1111/1467-6486.00280 |issn=0022-2380}}</ref> 

Developments in relationships in any direction might be induced by changes in material interests of either side, emergence of contingent factors, changes in the sets of ideas held by stakeholders and/or organizations, or institutional support changes.<ref name=":11" /> Nowadays, we witness increasing contingent factors such as those related to global climate change or [[pandemic]]s, causing more and more stakeholder groups, including shareholders, to adjust their material interests and to value sustainable development as an increasingly important aspect. In alignment, the institutional support for CSP increases as visible in policy making and media coverage. Hence, to ensure sustained business success, this study argues that companies must be aware of the environmental, social, and governance demands of stakeholders and address them accordingly by using suitable business tools. Therefore, the following exploratory literature review on management systems and ESG ratings emphasizes the stakeholder focus inherent in both concepts.

===Management systems===
Management systems are a set of procedures to be followed to achieve stakeholder satisfaction concerning specific demands, thus a “process of systemizing how things are done.”<ref>{{Cite journal |last=Mahesh, B.P.; Kumar, U.N. |year=2016 |title=Study and Development of Quality Management System for Educational Institutions |url=https://ijerat.com/index.php/ijerat/article/view/329 |journal=International Journal of Engineering Research and Advanced Technology |volume=2 |issue=1 |pages=577–85 |doi=10.31695/ijerat}}</ref> They are implemented to handle stakeholders’ needs systematically in both internal and external organizational contexts<ref name=":5" /><ref>{{Cite journal |last=Rebelo |first=Manuel Ferreira |last2=Santos |first2=Gilberto |last3=Silva |first3=Rui |date=2016-07 |title=Integration of management systems: towards a sustained success and development of organizations |url=https://linkinghub.elsevier.com/retrieve/pii/S0959652616302712 |journal=Journal of Cleaner Production |language=en |volume=127 |pages=96–111 |doi=10.1016/j.jclepro.2016.04.011}}</ref> and are aimed at the continuous improvement of operations and procedures.<ref name=":3" /><ref name=":4" /> Management systems can be classified as quality, environmental, or occupational health and safety (OHS) systems, among others, depending on their objective.<ref>{{Cite journal |last=Jørgensen |first=Tine H. |last2=Remmen |first2=Arne |last3=Mellado |first3=M. Dolores |date=2006-01 |title=Integrated management systems – three different levels of integration |url=https://linkinghub.elsevier.com/retrieve/pii/S0959652605000983 |journal=Journal of Cleaner Production |language=en |volume=14 |issue=8 |pages=713–722 |doi=10.1016/j.jclepro.2005.04.005}}</ref> The core elements of management systems are often defined in management system standards (MSSs), and compliant companies can receive certification if the standard allows it.<ref>{{Cite journal |last=de Oliveira |first=Otavio Jose |date=2013-10 |title=Guidelines for the integration of certifiable management systems in industrial companies |url=https://linkinghub.elsevier.com/retrieve/pii/S0959652613004289 |journal=Journal of Cleaner Production |language=en |volume=57 |pages=124–133 |doi=10.1016/j.jclepro.2013.06.037}}</ref><ref>{{Cite journal |last=Santos |first=Gilberto |last2=Mendes |first2=Fátima |last3=Barbosa |first3=Joaquim |date=2011-11 |title=Certification and integration of management systems: the experience of Portuguese small and medium enterprises |url=https://linkinghub.elsevier.com/retrieve/pii/S0959652611002289 |journal=Journal of Cleaner Production |language=en |volume=19 |issue=17-18 |pages=1965–1974 |doi=10.1016/j.jclepro.2011.06.017}}</ref> These MSSs are developed and published by national and international bodies, the most famous being the [[International Organization for Standardization]] (ISO)<ref>{{Cite journal |last=Karapetrovic |first=Stanislav |last2=Jonker |first2=Jan |date=2003-06 |title=Integration of standardized management systems: Searching for a recipe and ingredients |url=http://www.tandfonline.com/doi/full/10.1080/1478336032000047264 |journal=Total Quality Management & Business Excellence |language=en |volume=14 |issue=4 |pages=451–459 |doi=10.1080/1478336032000047264 |issn=1478-3363}}</ref>; its [[ISO 9001]] for QMSs and ISO 14001 for EMSs are the most commonly implemented and certified MSSs worldwide.<ref name=":0" />

In general, a QMS is the means by which quality management practices—including [[Quality (business)|quality]] planning, [[quality control]], [[quality assurance]], and quality improvement—are turned into an integral part of an organization that directly affects the way it conducts business.<ref>{{Cite book |last=Nanda |first=Vivek |date=2005-01-27 |title=Quality Management System Handbook for Product Development Companies |url=https://www.taylorfrancis.com/books/9781420025309 |language=en |edition=0 |publisher=CRC Press |doi=10.1201/9781420025309 |isbn=978-1-4200-2530-9}}</ref> An EMS, on the other hand, seeks to make organizations both more competitive and more environmentally responsible by adapting techniques aimed at reducing environmental impacts such as waste reduction and process/product redesign.<ref>{{Cite journal |last=Watson |first=Kevin |last2=Klingenberg |first2=Beate |last3=Polito |first3=Tony |last4=Geurts |first4=Tom G. |date=2004-12-01 |title=Impact of environmental management system implementation on financial performance: A comparison of two corporate strategies |url=https://www.emerald.com/insight/content/doi/10.1108/14777830410560700/full/html |journal=Management of Environmental Quality: An International Journal |language=en |volume=15 |issue=6 |pages=622–628 |doi=10.1108/14777830410560700 |issn=1477-7835}}</ref> The implementation of such management systems results in various benefits.<ref>{{Cite journal |last=Aba |first=Eli Kofi |last2=Badar |first2=M. Affan |date=2013-09-01 |title=A Review of the Impact of ISO 9000 and ISO 14000 Certifications |url=http://scholar.lib.vt.edu/ejournals/JOTS/v39/v39n1/aba.html |journal=The Journal of Technology Studies |volume=39 |issue=1 |at=42 |doi=10.21061/jots.v39i1.a.4 |issn=1541-9258}}</ref><ref>{{Cite journal |last=Bernardo |first=Merce |last2=Simon |first2=Alexandra |last3=Tarí |first3=Juan José |last4=Molina-Azorín |first4=José F. |date=2015-05 |title=Benefits of management systems integration: a literature review |url=https://linkinghub.elsevier.com/retrieve/pii/S0959652615000803 |journal=Journal of Cleaner Production |language=en |volume=94 |pages=260–267 |doi=10.1016/j.jclepro.2015.01.075}}</ref><ref name=":12">{{Cite journal |last=Tarí |first=Juan José |last2=Molina-Azorín |first2=José Francisco |last3=Heras |first3=Iñaki |date=2012-12-29 |title=Benefits of the ISO 9001 and ISO 14001 standards: A literature review |url=http://www.jiem.org/index.php/jiem/article/view/488 |journal=Journal of Industrial Engineering and Management |volume=5 |issue=2 |pages=297–322 |doi=10.3926/jiem.488 |issn=2013-0953}}</ref> For example, QMSs are positively correlated with business performance, as companies improve the efficiency of their processes, provide their customers with added value, enhance customer satisfaction and, ultimately, generate more revenue.<ref name=":12" /><ref>{{Cite journal |last=Singh |first=Prakash J. |date=2008-05 |title=Empirical assessment of ISO 9000 related management practices and performance relationships |url=https://linkinghub.elsevier.com/retrieve/pii/S092552730700309X |journal=International Journal of Production Economics |language=en |volume=113 |issue=1 |pages=40–59 |doi=10.1016/j.ijpe.2007.02.047}}</ref><ref>{{Cite journal |last=Zaramdini |first=Walid |date=2007-05-29 |title=An empirical study of the motives and benefits of ISO 9000 certification: the UAE experience |url=https://www.emerald.com/insight/content/doi/10.1108/02656710710748358/full/html |journal=International Journal of Quality & Reliability Management |language=en |volume=24 |issue=5 |pages=472–491 |doi=10.1108/02656710710748358 |issn=0265-671X}}</ref> Similarly, EMSs positively impact the performance of firms due to savings in resource input and energy consumption, increased efficiency, and better profitability.<ref name=":12" /><ref>{{Cite journal |last=Zutshi |first=A. |last2=Sohal |first2=A. |date=2004-04 |title=Environmental management system adoption by Australasian organisations: part 1: reasons, benefits and impediments |url=https://linkinghub.elsevier.com/retrieve/pii/S0166497202000536 |journal=Technovation |language=en |volume=24 |issue=4 |pages=335–357 |doi=10.1016/S0166-4972(02)00053-6}}</ref> However, the adoption benefits depend on the individual circumstances of firms. Operating management systems alongside comparable practices, for example, might be less beneficial for companies’ financial performance due to the redundancy of different processes aimed at similar goals related to stakeholder satisfaction.<ref>{{Cite journal |last=Franco |first=Stefano |last2=Caroli |first2=Matteo Giuliano |last3=Cappa |first3=Francesco |last4=Del Chiappa |first4=Giacomo |date=2020-07 |title=Are you good enough? CSR, quality management and corporate financial performance in the hospitality industry |url=https://linkinghub.elsevier.com/retrieve/pii/S0278431919304724 |journal=International Journal of Hospitality Management |language=en |volume=88 |pages=102395 |doi=10.1016/j.ijhm.2019.102395}}</ref>

===ESG ratings and scores===
ESG ratings are company assessments based on an evaluation of environmental, social, and governance matters whose individual weightings result in an overall score.<ref name=":13">{{Cite journal |last=Clementino |first=Ester |last2=Perkins |first2=Richard |date=2021-06 |title=How Do Companies Respond to Environmental, Social and Governance (ESG) ratings? Evidence from Italy |url=https://link.springer.com/10.1007/s10551-020-04441-4 |journal=Journal of Business Ethics |language=en |volume=171 |issue=2 |pages=379–397 |doi=10.1007/s10551-020-04441-4 |issn=0167-4544}}</ref> They are provided by specialized rating agencies, whose expertise makes them a key reference point for firms, financial markets, and scholars regarding CSP data<ref>{{Cite journal |last=Escrig-Olmedo |first=Elena |last2=Fernández-Izquierdo |first2=María |last3=Ferrero-Ferrero |first3=Idoya |last4=Rivera-Lirio |first4=Juana |last5=Muñoz-Torres |first5=María |date=2019-02-11 |title=Rating the Raters: Evaluating how ESG Rating Agencies Integrate Sustainability Principles |url=http://www.mdpi.com/2071-1050/11/3/915 |journal=Sustainability |language=en |volume=11 |issue=3 |pages=915 |doi=10.3390/su11030915 |issn=2071-1050}}</ref> and which emerged in response to an increased demand for social and environmental information.<ref>{{Cite journal |last=Avetisyan |first=Emma |last2=Ferrary |first2=Michel |date=2013-06 |title=Dynamics of Stakeholders’ Implications in the Institutionalization of the CSR Field in France and in the United States |url=http://link.springer.com/10.1007/s10551-012-1386-3 |journal=Journal of Business Ethics |language=en |volume=115 |issue=1 |pages=115–133 |doi=10.1007/s10551-012-1386-3 |issn=0167-4544}}</ref> Rating agencies typically use their own research methodologies<ref name=":1" /> , which are based mainly on publicly available information, third-party research, and corporate reports.<ref>{{Cite journal |last=Drempetic |first=Samuel |last2=Klein |first2=Christian |last3=Zwergel |first3=Bernhard |date=2020-11 |title=The Influence of Firm Size on the ESG Score: Corporate Sustainability Ratings Under Review |url=http://link.springer.com/10.1007/s10551-019-04164-1 |journal=Journal of Business Ethics |language=en |volume=167 |issue=2 |pages=333–360 |doi=10.1007/s10551-019-04164-1 |issn=0167-4544}}</ref><ref>{{Cite journal |last=Jackson |first=Gregory |last2=Bartosch |first2=Julia |last3=Avetisyan |first3=Emma |last4=Kinderman |first4=Daniel |last5=Knudsen |first5=Jette Steen |date=2020-03 |title=Mandatory Non-financial Disclosure and Its Influence on CSR: An International Comparison |url=http://link.springer.com/10.1007/s10551-019-04200-0 |journal=Journal of Business Ethics |language=en |volume=162 |issue=2 |pages=323–342 |doi=10.1007/s10551-019-04200-0 |issn=0167-4544}}</ref>

Applying ESG practices is generally aligned with stakeholder theory<ref name=":9" />, as the concept is linked to numerous stakeholders.<ref name=":6" /><ref name=":7" /> Furthermore, ESG scores play a crucial role “in helping stakeholders apprehend, evaluate, and manage the increasingly complex, multi-faceted nature of business ethics and sustainability.”<ref name=":13" /> They serve as a standard for comparison and set benchmarks for further improvement.<ref name=":2" /><ref>{{Cite journal |last=Tamayo-Torres |first=Ignacio |last2=Gutierrez-Gutierrez |first2=Leopoldo |last3=Ruiz-Moreno |first3=Antonia |date=2019-06-03 |title=Boosting sustainability and financial performance: the role of supply chain controversies |url=https://www.tandfonline.com/doi/full/10.1080/00207543.2018.1562248 |journal=International Journal of Production Research |language=en |volume=57 |issue=11 |pages=3719–3734 |doi=10.1080/00207543.2018.1562248 |issn=0020-7543}}</ref> Managing ESG issues responsibly increases companies’ integrity within society and stakeholders’ trust, thus influencing the economic performance of firms.<ref>{{Cite journal |last=the Faculty of Accountancy, Universiti Teknologi MARA |last2=Tarmuji |first2=Indarawati |last3=Maelah |first3=Ruhanita |last4=the Faculty of Economics and Management, Universiti Kebangsaan Malaysia |last5=Tarmuji |first5=Nor Habibah |last6=the Faculty of Computer and Mathematical Sciences, Universiti Teknologi MARA |date=2016-06 |title=The Impact of Environmental, Social and Governance Practices (ESG) on Economic Performance: Evidence from ESG Score |url=http://www.ijtef.org/index.php?m=content&c=index&a=show&catid=77&id=828 |journal=International Journal of Trade, Economics and Finance |volume=7 |issue=3 |pages=67–74 |doi=10.18178/ijtef.2016.7.3.501}}</ref> Therefore, companies with high ESG ratings might enjoy better market and financial performance<ref>{{Cite journal |last=Aboud |first=Ahmed |last2=Diab |first2=Ahmed |date=2019-07-01 |title=The financial and market consequences of environmental, social and governance ratings: The implications of recent political volatility in Egypt |url=https://www.emerald.com/insight/content/doi/10.1108/SAMPJ-06-2018-0167/full/html |journal=Sustainability Accounting, Management and Policy Journal |language=en |volume=10 |issue=3 |pages=498–520 |doi=10.1108/SAMPJ-06-2018-0167 |issn=2040-8021}}</ref><ref>{{Cite journal |last=Kotró |first=Balázs |last2=Márkus |first2=Martin |date=2020 |title=The impact of ESG rating on corporate bond yields |url=http://bankszovetseg.hu/Public/gep/2020/474-488%20Kotro%20B%20Eng.pdf |journal=Economy & finance |volume=7 |issue=4 |pages=474–488 |doi=10.33908/EF.2020.4.7}}</ref><ref>{{Cite journal |last=Shakil |first=Mohammad Hassan |date=2022-08 |title=Environmental, social and governance performance and stock price volatility: A moderating role of firm size |url=https://onlinelibrary.wiley.com/doi/10.1002/pa.2574 |journal=Journal of Public Affairs |language=en |volume=22 |issue=3 |at=e2574 |doi=10.1002/pa.2574 |issn=1472-3891}}</ref>, although there is no univocal consensus on how that should be approached. (Brogi & Lagasio, 2019; Miralles-Quirós et al., 2019; Taliento et al., 2019) Due to increasing public awareness of sustainability issues and the corresponding corporate acknowledgement, the number of firms disclosing ESG data is rapidly increasing. (Alsayegh et al., 2020)

However, ESG ratings also face criticism. As the concept has no fixed boundaries, the validity of ratings is questioned, since the various rating agencies view the ESG pillars differently and, moreover, use different weighting strategies to compile the final scores. (Chatterji et al., 2016; Saadaoui & Soobaroyen, 2018) Another set of criticism concerns the quality of the data underlying the scores. (Clementino & Perkins, 2021; Drempetic et al., 2020) To mitigate these key concerns related to ESG ratings, this study utilizes data from Thomson Reuters, whose ESG database is one of the market leaders and is both used and accepted by fellow scholars. (e.g. Burritt et al., 2020; Jeriji & Louhichi, 2021; Rajesh, 2020; Yunus et al., 2020)

===ESG-related benefits of management system implementation===
To justify researching the role of QMSs and EMSs as business tools to enhance ESG ratings, this work clusters their adoption benefits by ESG pillar (see Table 1) and, subsequently, derives corresponding hypotheses about their impact on ESG performance.

{| 
 | style="vertical-align:top;" |
{| class="wikitable" border="1" cellpadding="5" cellspacing="0" width="80%"
 |-
  | colspan="5" style="background-color:white; padding-left:10px; padding-right:10px;" |'''Table 1.''' Benefits of QMS and EMS Adoption sorted by ESG Dimensions (source: own elaboration based on Eikon database)
 |-
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |ESG dimension
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |ESG issues
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |QMS
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |EMS
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |References
 |-
  | rowspan="3" style="background-color:white; padding-left:10px; padding-right:10px;" |Environmental
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Resource use
  | style="background-color:white; padding-left:10px; padding-right:10px;" | - Waste reduction
  | style="background-color:white; padding-left:10px; padding-right:10px;" | - Enhanced use of resources<br />- Reduction in resource use<br />- Supports implementation of environmental management practices regarding green product design, procurement, production, logistics, and packaging
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Tan (2005); Schylander and Martinuzzi (2007); Gavronski et al. (2008); Comoglio and Botta (2012); Wong et al. (2020); Zimon et al. (2021)
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Emissions
  | style="background-color:white; padding-left:10px; padding-right:10px;" |
  | style="background-color:white; padding-left:10px; padding-right:10px;" | - Reduced emissions, water contamination, and air pollution<br />- Reduced risk of environmental accidents<br />- Improved environmental performance
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Potoski and Prakash (2005); Tan (2005); Russo (2009); Comoglio and Botta (2012); Boiral et al. (2018); Shi et al. (2019); Bravi et al. (2020)
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Environmental innovation
  | style="background-color:white; padding-left:10px; padding-right:10px;" | - Improved innovation capability for supply chains<br />- Positive impact on environmental process innovations
  | style="background-color:white; padding-left:10px; padding-right:10px;" | - Increased environmental innovation capabilities<br />- Enhanced problem-solving regarding technologies and procedures<br />- Greening of supply chain
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Ann et al. (2006); Ziegler (2015); Manders et al. (2016); Boiral et al. (2018); Montobbio and Solito (2018); Papagiannakis et al. (2019); M. Bu, Liu, et al. (2020), Bu, Qiao, et al. (2020)); Erauskin‐Tolosa et al. (2020)
 |-
  | rowspan="4" style="background-color:white; padding-left:10px; padding-right:10px;" |Social
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Workforce
  | style="background-color:white; padding-left:10px; padding-right:10px;" | - Improved teamwork<br />- Better commitment<br />- Enhanced internal communication<br />- Improved employee motivation and involvement<br />- Increased work satisfaction<br />- Reduced incidents, rejections, and complaints
  | style="background-color:white; padding-left:10px; padding-right:10px;" | - Enhanced risk prevention and improved safety procedures<br />- Enhanced internal communication<br />- Improved employee motivation<br />- Improved work culture<br />- Increased employee discretion
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Gotzamani and Tsiotras (2002); Arauz and Suzuki (2004); Casadesús and Karapetrovic (2005); Tan (2005); Link and Naveh (2006); Zaramdini (2007); Gavronski et al. (2008); Sampaio et al. (2009); Tarí et al. (2012); Shi et al. (2019); Bravi et al. (2020)
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Human rights
  | style="background-color:white; padding-left:10px; padding-right:10px;" |
  | style="background-color:white; padding-left:10px; padding-right:10px;" | - Increased compliance with legal and regulatory requirements
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Morrow and Rondinelli (2002); Ratiu and Mortan (2014); Boiral et al. (2018); Pesce et al. (2018); Bravi et al. (2020)
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Community
  | style="background-color:white; padding-left:10px; padding-right:10px;" | - Improved relationship with suppliers<br />- Helps supplier selection<br />- Improved relationships with authorities and other stakeholders
  | style="background-color:white; padding-left:10px; padding-right:10px;" | - Improved relationship with suppliers<br />- Improved relationships with authorities and other stakeholders<br />- Improved relations with communities<br />- Enhanced corporate image<br />- Increased Transparency
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Magd and Curry (2003); Pan (2003); Casadesús and Karapetrovic (2005); Tan (2005); Zeng et al. (2005); Schylander and Martinuzzi (2007); Gavronski et al. (2008); Tarí et al. (2012); Bernardo et al. (2015); Boiral et al. (2018)
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Product responsibility
  | style="background-color:white; padding-left:10px; padding-right:10px;" | - Improved customer satisfaction<br />- Improved customer communication<br />- Improved customer relationships<br />- Improved product/service quality
  | style="background-color:white; padding-left:10px; padding-right:10px;" | - Improved customer satisfaction<br />- Improved customer communication<br />- Improved customer relationships<br />- Improved product/service quality
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Gotzamani and Tsiotras (2002); Magd and Curry (2003); Melnyk et al. (2003); Pan (2003); Casadesús and Karapetrovic (2005); Zaramdini (2007); Padma et al. (2008); Sampaio et al. (2009); Tarí et al. (2012); Siva et al. (2016)
 |-
  | rowspan="3" style="background-color:white; padding-left:10px; padding-right:10px;" |Governance
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Management
  | style="background-color:white; padding-left:10px; padding-right:10px;" | - Enhanced internal organization and operations<br />- Increased commitment in moving towards best quality practices<br />- Improved employee-management relationships
  | style="background-color:white; padding-left:10px; padding-right:10px;" | - Increased top management commitment<br />- Adherence of EMS MSSs to best corporate governance principles<br />- Enhanced internal organization<br />- Increased top management and awareness for environmental issues<br />- Increased employee awareness for environmental issues
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Gotzamani and Tsiotras (2002); Arauz and Suzuki (2004); Schylander and Martinuzzi (2007); Sampaio et al. (2009); Comoglio and Botta (2012); Tarí et al. (2012); Boiral et al. (2018); Grotta et al. (2020)
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Shareholders
  | style="background-color:white; padding-left:10px; padding-right:10px;" |
  | style="background-color:white; padding-left:10px; padding-right:10px;" |
  | style="background-color:white; padding-left:10px; padding-right:10px;" |
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |CSR strategy
  | style="background-color:white; padding-left:10px; padding-right:10px;" | - Provides (infra)structural framework to adopt and develop CSR policy, strategy, and activities
  | style="background-color:white; padding-left:10px; padding-right:10px;" | - Improved CSR activities<br />- Statistically significant relationship between incorporating CSR and incorporating EMS
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Castka and Balzarova (2008); Benavides-Velasco et al. (2014); Frolova and Lapina (2015); Ikram et al. (2019); Dubravská et al. (2020)
 |-
|}
|}

====Benefits regarding the environmental pillar====
EMS adoption leads to various environmental-related benefits, such as decreased and more efficient use of resources (e.g. Gavronski et al., 2008; Tan, 2005), and facilitates the implementation of environmental management practices regarding green product design, procurement, production, logistics, and packaging. (e.g. Wong et al., 2020) Furthermore, EMSs enable companies to reduce emissions (e.g. Potoski & Prakash, 2005; Russo, 2009) and the risk of environmental accidents. (e.g. Bravi et al., 2020) Environmental innovation capabilities (e.g. M. Bu, Liu, et al., 2020; Bu, Qiao, et al., 2020; Montobbio & Solito, 2018) and enhanced problem solving with regard to technologies and procedures might also evolve. (e.g. Ann et al., 2006) With regard to QMSs, these can reduce waste (e.g. Zimon et al., 2021) and, furthermore, positively impact environmental process innovations (e.g. Ziegler, 2015), especially for supply chain management (e.g. Shi et al., 2019), a crucial organizational element of CSP. In addition, quality management “can help support necessary stakeholder management in sustainable development.” (Siva et al., 2016, p. 151) In conclusion, the following hypotheses are derived:

*'''H1''': Companies operating with QMSs achieve higher performance scores in the environmental pillar than firms without QMSs.
*'''H2''': Companies operating with EMSs achieve higher performance scores in the environmental pillar than firms without EMSs.

====Benefits regarding the social pillar====
Both management systems present several positive effects when it comes to workforce, community, and product responsibility. Regarding human rights, no specific academic research was discovered. However, EMS implementation increases legal and regulatory compliance (e.g. Bravi et al., 2020), which implies a certain level of conformity with basic human rights. Important benefits related to the workforce are increased employee motivation (e.g. Gavronski et al., 2008; Zaramdini, 2007) and better internal communication. (e.g. Sampaio et al., 2009; Tan, 2005) With respect to community, both management systems result in improved relationships with suppliers and other key stakeholders, as stated in the standards (e.g. Bernardo et al., 2015; Casadesús & Karapetrovic, 2005; Zeng et al., 2005), among others. Regarding product responsibility, management systems increase customer satisfaction, communication, and relationships, as well as product and service quality. (e.g. Casadesús & Karapetrovic, 2005; Gotzamani & Tsiotras, 2002; Tarí et al., 2012) Hence, the hypotheses related to this pillar are as follows:


*'''H3''': Companies operating with QMSs achieve higher performance scores in the social pillar than firms without QMSs.
*'''H4''': Companies operating with EMSs achieve higher performance scores in the social pillar than firms without EMSs.

====Benefits regarding the governance pillar====
Positive links have been revealed between management systems and the management of organizations. QMSs enhance internal organization and operations (e.g. Sampaio et al., 2009), increase the commitment of management to best quality practices (e.g. Arauz & Suzuki, 2004), and improve management-employee relationships. (e.g. Gotzamani & Tsiotras, 2002) EMSs result in better awareness of environmental issues among both management and employees, as well as enhanced internal organization. (e.g. Gotzamani & Tsiotras, 2002; Schylander & Martinuzzi, 2007) Regarding corporations’ effectiveness with respect to the equal treatment of shareholders, no academic studies revealing specific relationships were found. Regarding CSR strategies, EMS adoption leads to improved CSR activities (e.g. Ikram et al., 2019) (as incorporating CSR principles is closely related to EMS principles (e.g. Dubravská et al., 2020)), and QMSs provide a structural framework that facilitates the adoption of CSR policies, strategies, and activities. (e.g. Frolova & Lapina, 2015) Thus, hypotheses five and six are deduced:

*'''H5''': Companies operating with QMSs achieve higher performance scores in the governance pillar than firms without QMSs.
*'''H6''': Companies operating with EMSs achieve higher performance scores in the governance pillar than firms without EMSs.

====Benefits of operating both management systems simultaneously====
Table 1 reveals that QMSs and EMSs lead to distinct CSP benefits. Consequently, operating both management systems simultaneously should enable firms to cover an even broader range of ESG issues. Moreover, having EMSs alongside QMSs could give rise to synergy effects (e.g. Casadesús et al., 2011; Zimon et al., 2021), and both management systems together could lead to stronger business performance. (e.g. Ferrón Vílchez & Darnall, 2016) In addition, the benefits of integrating the management systems (e.g. Bernardo et al., 2015) might also play a pivotal role. Although the sample used in this study does not reveal information regarding the integration level, integration benefits should be taken into account, as most organizations with multiple management systems do actually integrate them. (e.g. Karapetrovic & Casadesús, 2009) ESG-related integration advantages include the improved adoption of cleaner production technologies (e.g. Hernandez-Vivanco et al., 2018), greater motivation among staff (e.g. Abad et al., 2014), better partnerships with key stakeholders (e.g. Rebelo et al., 2014), and improvements in the organizational culture. (e.g. Simon et al., 2012) Therefore, the literature makes it possible to hypothesize the following:

*'''H7''': Companies operating with both QMSs and EMSs achieve higher performance scores in the environmental pillar than firms with only either QMSs or EMSs.
*'''H8''': Companies operating with both QMSs and EMSs achieve higher performance scores in the social pillar than firms with only either QMSs or EMSs.
*'''H9''': Companies operating with both QMSs and EMSs achieve higher performance scores in the governance pillar than firms with only either QMSs or EMSs.

Figure 1 offers a graphic summary of the nine hypotheses outlined in this section and reveals their connection to the RQs formulated in the introduction. The ESG variables displayed (V1 to V16), as well as the statistical methods used for testing the hypotheses, are further explained in the following section.


[[File:Fig1 Ronalter EnviroDevSust22 660.png|1200px]]
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{| 
 | style="vertical-align:top;" |
{| border="0" cellpadding="5" cellspacing="0" width="1200px"
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |<blockquote>'''Figure 1.''' Hypotheses about QMSs and EMSs adoption on ESG performance scores (source: own elaboration)</blockquote>
 |- 
|}
|}

[[File:Fig2 Ronalter EnviroDevSust22 660.png|900px]]
{{clear}}
{| 
 | style="vertical-align:top;" |
{| border="0" cellpadding="5" cellspacing="0" width="900px"
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |<blockquote>'''Figure 2.''' Applied methodology (source: own elaboration)</blockquote>
 |- 
|}
|}

[[File:Fig3 Ronalter EnviroDevSust22 660.png|900px]]
{{clear}}
{| 
 | style="vertical-align:top;" |
{| border="0" cellpadding="5" cellspacing="0" width="900px"
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |<blockquote>'''Figure 3.''' Boxplots for the ESG overall score and the three pillar scores (source: own elaboration)</blockquote>
 |- 
|}
|}

==Methodology==
To test the hypotheses, ESG data from companies located in Europe (i.e., E.U., U.K., and European Free Trade Association [EFTA] states), East Asia (i.e., China, Japan, and four tiger states), and North America (i.e., U.S. and Canada) were retrieved and analyzed. The country clustering considers geographic regions with comparable economic and human development status, shared commercial relationships, and common regulatory environments. (e.g. Hartmann et al., 2020; Nallari & Griffith, 2013; UNDP, 2019) The analyses consider the 19 variables listed in Table 2. Of those variables, 16 aim to measure ESG performance (V1 to V16) and three serve as control variables (CV1 to CV3), as empirical studies on both ESG ratings and management systems have shown that results are likely to be influenced by industrial sector (e.g. Garcia et al., 2017; Nadae et al., 2019), region (e.g. Tan, 2005; Thanetsunthorn, 2015), and company size. (e.g. Arauz & Suzuki, 2004; Drempetic et al., 2020; Wong et al., 2020)

{| 
 | style="vertical-align:top;" |
{| class="wikitable" border="1" cellpadding="5" cellspacing="0" width="80%"
 |-
  | colspan="4" style="background-color:white; padding-left:10px; padding-right:10px;" |'''Table 2.''' Variables used in the analysis (source: adapted from Refinitiv 2020)
 |-
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Code
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Variable
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |ESG dimension
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Description
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V1
  | style="background-color:white; padding-left:10px; padding-right:10px;" |ESG Score
  | style="background-color:white; padding-left:10px; padding-right:10px;" |/
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Overall company score based on the self-reported information in the environmental, social, and corporate governance pillars
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |ESG Combined Score
  | style="background-color:white; padding-left:10px; padding-right:10px;" |/
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Overall company score ESG Controversies overlay
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |ESG Controversies Score
  | style="background-color:white; padding-left:10px; padding-right:10px;" |/
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Measures a company's exposure to ESG controversies and negative events reflected in global media
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Environment Pillar Score
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Environmental
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Measures a company's impact on living and non-living natural systems, including the air, land, and water, as well as complete ecosystem; reflects how well a company uses best management practices to avoid environmental risks and capitalize on environmental opportunities in order to generate long-term shareholder value
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V5
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Resource Use Score
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Environmental
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reflects a company's performance and capacity to reduce the use of materials, energy, or water, and to find more eco-efficient solutions by improving supply chain management
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V6
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Emissions Score
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Environmental
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Measures a company's commitment and effectiveness towards reducing environmental emissions in production and operational processes
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V7
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Environmental Innovation Score
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Environmental
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reflects a company's capacity to reduce the environmental costs and burdens for its customers, thereby creating new market opportunities through new environmental technologies and processes or eco-designed products
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V8
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Social Pillar Score
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Social
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Measures a company's capacity to generate trust and loyalty with its workforce, customers, and society, through its use of best management practices; a reflection of the company's reputation and the health of its license to operate, which are key factors in determining its ability to generate long-term shareholder value
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V9
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Workforce Score
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Social
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Measures a company's effectiveness towards job satisfaction, healthy and safe workplace, maintaining diversity and equal opportunities, and development opportunities for its workforce
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V10
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Human Rights Score
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Social
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Measures a company's effectiveness towards respecting the fundamental human rights conventions
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V11
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Community Score
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Social
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Measures the company's commitment towards being a good citizen, protecting public health and respecting business ethics
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V12
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Product Responsibility Score
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Social
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reflects a company's capacity to produce quality goods and services integrating the customer's health and safety, integrity, and data privacy
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V13
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Governance Pillar Score
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Governance
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Measures a company's systems and processes, which ensure that its board members and executives act in the best interests of its long-term shareholders; reflects a company's capacity, through its use of best management practices, to direct and control its rights and responsibilities through the creation of incentives, as well as checks and balances in order to generate long-term shareholder value
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V14
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Management Score
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Governance
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Measures a company's commitment and effectiveness towards following best practice corporate governance principles
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V15
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Shareholders Score
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Governance
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Measures a company's effectiveness towards equal treatment of shareholders and the use of anti-takeover devices
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V16
  | style="background-color:white; padding-left:10px; padding-right:10px;" |CSR Strategy Score
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Governance
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reflects a company's practices to communicate that it integrates the economic (financial), social, and environmental dimensions into its day-to-day decision-making processes
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |CV1
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Market Capitalization
  | style="background-color:white; padding-left:10px; padding-right:10px;" |/
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Market capitalization of the company
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |CV2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Country of Headquarters
  | style="background-color:white; padding-left:10px; padding-right:10px;" |/
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Country in which the company´s headquarters is located
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |CV3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Industry
  | style="background-color:white; padding-left:10px; padding-right:10px;" |/
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Industry in which the company operates
 |-
|}
|}

===Sampling process===
The first step in the sampling process involves searching for reliable ESG data. Therefore, Thomson Reuters Eikon, also known as Refinitiv Eikon (formerly ASSET4), is used, as it offers one of the largest ESG databases with ratings for over 10,000 companies worldwide. Refinitiv Eikon calculates 10 ESG category scores, which evaluate the environmental (V5, V6, V7), social (V9, V10, V11, V12), and governance (V14, V15, V16) dimensions. The category scores are based on numerous data points and summarized in the respective pillar scores (V4, V8, V13), which together result in the overall score. (V1) In addition, the ESG combined score (V2) takes into account scandals relating to any of Refinitiv Eikon’s twenty-three ESG controversy topics (V3). All scores are expressed in values between 0 (worst) and 100 (best). (Refinitiv, 2020)

The second step consists of retrieving the aforementioned data for companies headquartered in the regions of interest. Refinitiv Eikon allows users to filter by companies that use QMSs and EMS-certified organizations. The third step involves filtering these data for 2015 through to 2019 to ensure that the companies have been running their management systems for at least five consecutive years. This is done to ensure that the sample firms have accumulated experience of working with management systems to avoid distorting the ESG data with short-term influences that might occur straight after implementing management systems. (e.g. Casadesús & Karapetrovic, 2005; Testa et al., 2014) In addition, the filtering by time considers the renewal of certified management systems after a three-year period. To ensure data quality, the fourth step consists of removing all companies that lack information, i.e., that present no value for any of the 19 variables.

===Sample description
The sampling process was performed on November 15, 2020, resulting in data on 4,292 companies, which are classified into the following four sample groups:

*Group 1: Companies without a QMS or an EMS
*Group 2: Companies with a QMS but no EMS
*Group 3: Companies with an EMS but no QMS
*Group 4: Companies with both a QMS and an EMS

As illustrated in Table 3, most companies in the sample have not been operating any QMS or EMS (74.5%) consecutively between 2015 and 2019. Firms operating both management systems represent the second largest group (17.4%), and corporations with either a QMS (2.9%) or an EMS (5.1%) constitute less than 10% of the sample.

{| 
 | style="vertical-align:top;" |
{| class="wikitable" border="1" cellpadding="5" cellspacing="0" width="80%"
 |-
  | colspan="11" style="background-color:white; padding-left:10px; padding-right:10px;" |'''Table 3.''' Sample clustered by control variables (source: own elaboration)
 |-
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Control variable
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Total
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |In %
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Group 1
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |In %
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Group 2
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |In %
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Group 3
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |In %
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Group 4
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |In %
 |-
  | colspan="11" style="background-color:white; padding-left:10px; padding-right:10px;" |''Industry''
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Academic and educational services
  | style="background-color:white; padding-left:10px; padding-right:10px;" |17
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |16
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.5
  | style="background-color:white; padding-left:10px; padding-right:10px;" |–
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.0
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.5
  | style="background-color:white; padding-left:10px; padding-right:10px;" |–
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.0
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Basic materials
  | style="background-color:white; padding-left:10px; padding-right:10px;" |259
  | style="background-color:white; padding-left:10px; padding-right:10px;" |6.0
  | style="background-color:white; padding-left:10px; padding-right:10px;" |109
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3.4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |7
  | style="background-color:white; padding-left:10px; padding-right:10px;" |5.6
  | style="background-color:white; padding-left:10px; padding-right:10px;" |23
  | style="background-color:white; padding-left:10px; padding-right:10px;" |10.4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |120
  | style="background-color:white; padding-left:10px; padding-right:10px;" |16.0
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Consumer cyclicals
  | style="background-color:white; padding-left:10px; padding-right:10px;" |654
  | style="background-color:white; padding-left:10px; padding-right:10px;" |15.2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |511
  | style="background-color:white; padding-left:10px; padding-right:10px;" |16.0
  | style="background-color:white; padding-left:10px; padding-right:10px;" |16
  | style="background-color:white; padding-left:10px; padding-right:10px;" |12.9
  | style="background-color:white; padding-left:10px; padding-right:10px;" |36
  | style="background-color:white; padding-left:10px; padding-right:10px;" |16.3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |91
  | style="background-color:white; padding-left:10px; padding-right:10px;" |12.2
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Consumer non-cyclicals
  | style="background-color:white; padding-left:10px; padding-right:10px;" |247
  | style="background-color:white; padding-left:10px; padding-right:10px;" |5.8
  | style="background-color:white; padding-left:10px; padding-right:10px;" |146
  | style="background-color:white; padding-left:10px; padding-right:10px;" |4.6
  | style="background-color:white; padding-left:10px; padding-right:10px;" |18
  | style="background-color:white; padding-left:10px; padding-right:10px;" |14.5
  | style="background-color:white; padding-left:10px; padding-right:10px;" |12
  | style="background-color:white; padding-left:10px; padding-right:10px;" |5.4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |71
  | style="background-color:white; padding-left:10px; padding-right:10px;" |9.5
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Energy
  | style="background-color:white; padding-left:10px; padding-right:10px;" |200
  | style="background-color:white; padding-left:10px; padding-right:10px;" |4.7
  | style="background-color:white; padding-left:10px; padding-right:10px;" |147
  | style="background-color:white; padding-left:10px; padding-right:10px;" |4.6
  | style="background-color:white; padding-left:10px; padding-right:10px;" |10
  | style="background-color:white; padding-left:10px; padding-right:10px;" |8.1
  | style="background-color:white; padding-left:10px; padding-right:10px;" |4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.8
  | style="background-color:white; padding-left:10px; padding-right:10px;" |39
  | style="background-color:white; padding-left:10px; padding-right:10px;" |5.2
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Financials
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1182
  | style="background-color:white; padding-left:10px; padding-right:10px;" |27.5
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1097
  | style="background-color:white; padding-left:10px; padding-right:10px;" |34.3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |9
  | style="background-color:white; padding-left:10px; padding-right:10px;" |7.3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |57
  | style="background-color:white; padding-left:10px; padding-right:10px;" |25.8
  | style="background-color:white; padding-left:10px; padding-right:10px;" |19
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2.5
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Healthcare
  | style="background-color:white; padding-left:10px; padding-right:10px;" |474
  | style="background-color:white; padding-left:10px; padding-right:10px;" |11.0
  | style="background-color:white; padding-left:10px; padding-right:10px;" |395
  | style="background-color:white; padding-left:10px; padding-right:10px;" |12.3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |19
  | style="background-color:white; padding-left:10px; padding-right:10px;" |15.3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |9
  | style="background-color:white; padding-left:10px; padding-right:10px;" |4.1
  | style="background-color:white; padding-left:10px; padding-right:10px;" |51
  | style="background-color:white; padding-left:10px; padding-right:10px;" |6.8
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Industrials
  | style="background-color:white; padding-left:10px; padding-right:10px;" |579
  | style="background-color:white; padding-left:10px; padding-right:10px;" |13.5
  | style="background-color:white; padding-left:10px; padding-right:10px;" |305
  | style="background-color:white; padding-left:10px; padding-right:10px;" |9.5
  | style="background-color:white; padding-left:10px; padding-right:10px;" |26
  | style="background-color:white; padding-left:10px; padding-right:10px;" |21.0
  | style="background-color:white; padding-left:10px; padding-right:10px;" |37
  | style="background-color:white; padding-left:10px; padding-right:10px;" |16.7
  | style="background-color:white; padding-left:10px; padding-right:10px;" |211
  | style="background-color:white; padding-left:10px; padding-right:10px;" |28.2
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Technology
  | style="background-color:white; padding-left:10px; padding-right:10px;" |514
  | style="background-color:white; padding-left:10px; padding-right:10px;" |12.0
  | style="background-color:white; padding-left:10px; padding-right:10px;" |366
  | style="background-color:white; padding-left:10px; padding-right:10px;" |11.4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |17
  | style="background-color:white; padding-left:10px; padding-right:10px;" |13.7
  | style="background-color:white; padding-left:10px; padding-right:10px;" |14
  | style="background-color:white; padding-left:10px; padding-right:10px;" |6.3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |117
  | style="background-color:white; padding-left:10px; padding-right:10px;" |15.6
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Telecommunications services
  | style="background-color:white; padding-left:10px; padding-right:10px;" |67
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.6
  | style="background-color:white; padding-left:10px; padding-right:10px;" |43
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.8
  | style="background-color:white; padding-left:10px; padding-right:10px;" |8
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3.6
  | style="background-color:white; padding-left:10px; padding-right:10px;" |15
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2.0
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Utilities
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2.3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |64
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2.0
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.8
  | style="background-color:white; padding-left:10px; padding-right:10px;" |20
  | style="background-color:white; padding-left:10px; padding-right:10px;" |9.0
  | style="background-color:white; padding-left:10px; padding-right:10px;" |14
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.9
 |-
  | colspan="11" style="background-color:white; padding-left:10px; padding-right:10px;" |''Region''
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Europe
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1003
  | style="background-color:white; padding-left:10px; padding-right:10px;" |23.4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |549
  | style="background-color:white; padding-left:10px; padding-right:10px;" |17.2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |32
  | style="background-color:white; padding-left:10px; padding-right:10px;" |25.8
  | style="background-color:white; padding-left:10px; padding-right:10px;" |93
  | style="background-color:white; padding-left:10px; padding-right:10px;" |42.1
  | style="background-color:white; padding-left:10px; padding-right:10px;" |329
  | style="background-color:white; padding-left:10px; padding-right:10px;" |44.0
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |East Asia
  | style="background-color:white; padding-left:10px; padding-right:10px;" |978
  | style="background-color:white; padding-left:10px; padding-right:10px;" |22.8
  | style="background-color:white; padding-left:10px; padding-right:10px;" |599
  | style="background-color:white; padding-left:10px; padding-right:10px;" |18.7
  | style="background-color:white; padding-left:10px; padding-right:10px;" |21
  | style="background-color:white; padding-left:10px; padding-right:10px;" |16.9
  | style="background-color:white; padding-left:10px; padding-right:10px;" |83
  | style="background-color:white; padding-left:10px; padding-right:10px;" |37.6
  | style="background-color:white; padding-left:10px; padding-right:10px;" |275
  | style="background-color:white; padding-left:10px; padding-right:10px;" |36.8
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |North America
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2311
  | style="background-color:white; padding-left:10px; padding-right:10px;" |53.8
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2051
  | style="background-color:white; padding-left:10px; padding-right:10px;" |64.1
  | style="background-color:white; padding-left:10px; padding-right:10px;" |71
  | style="background-color:white; padding-left:10px; padding-right:10px;" |57.3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |45
  | style="background-color:white; padding-left:10px; padding-right:10px;" |20.4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |144
  | style="background-color:white; padding-left:10px; padding-right:10px;" |19.3
 |-
  | colspan="11" style="background-color:white; padding-left:10px; padding-right:10px;" |''Market capitalization''
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Small
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1328
  | style="background-color:white; padding-left:10px; padding-right:10px;" |30.9
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1196
  | style="background-color:white; padding-left:10px; padding-right:10px;" |37.4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |31
  | style="background-color:white; padding-left:10px; padding-right:10px;" |25.0
  | style="background-color:white; padding-left:10px; padding-right:10px;" |19
  | style="background-color:white; padding-left:10px; padding-right:10px;" |8.6
  | style="background-color:white; padding-left:10px; padding-right:10px;" |82
  | style="background-color:white; padding-left:10px; padding-right:10px;" |11.0
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Medium
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1544
  | style="background-color:white; padding-left:10px; padding-right:10px;" |36.0
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1192
  | style="background-color:white; padding-left:10px; padding-right:10px;" |37.3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |30
  | style="background-color:white; padding-left:10px; padding-right:10px;" |24.2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |66
  | style="background-color:white; padding-left:10px; padding-right:10px;" |29.9
  | style="background-color:white; padding-left:10px; padding-right:10px;" |256
  | style="background-color:white; padding-left:10px; padding-right:10px;" |34.2
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Large
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1420
  | style="background-color:white; padding-left:10px; padding-right:10px;" |33.1
  | style="background-color:white; padding-left:10px; padding-right:10px;" |811
  | style="background-color:white; padding-left:10px; padding-right:10px;" |25.4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |63
  | style="background-color:white; padding-left:10px; padding-right:10px;" |50.8
  | style="background-color:white; padding-left:10px; padding-right:10px;" |136
  | style="background-color:white; padding-left:10px; padding-right:10px;" |61.5
  | style="background-color:white; padding-left:10px; padding-right:10px;" |410
  | style="background-color:white; padding-left:10px; padding-right:10px;" |54.8
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |'''Total'''
  | style="background-color:white; padding-left:10px; padding-right:10px;" |4292
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.0
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3199
  | style="background-color:white; padding-left:10px; padding-right:10px;" |74.5
  | style="background-color:white; padding-left:10px; padding-right:10px;" |124
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2.9
  | style="background-color:white; padding-left:10px; padding-right:10px;" |221
  | style="background-color:white; padding-left:10px; padding-right:10px;" |5.1
  | style="background-color:white; padding-left:10px; padding-right:10px;" |748
  | style="background-color:white; padding-left:10px; padding-right:10px;" |17.4
 |-
|}
|}

Regarding sectors, most firms are engaged in finance (27.5%), consumer cyclicals (15.2%), industry (13.5%), technology (12.0%), or healthcare (11.0%). The geographical distribution shows that the majority of the companies is from North America (53.8%), while the number of European (23.4%) and East Asian (22.8%) enterprises is roughly equal. The percentage shares of the four sample groups per region reveal that, whereas a significant portion of the sample in Europe (45.3%) and East Asia (38.8%) runs management systems, companies in North America are much more likely to operate without them (88.7%). This is consistent with the fact that the 10 countries with the most ISO 9001 and ISO 14001 certifications are based predominantly in Europe and East Asia, while neither the U.S. nor Canada appear in the top 10 ranking (ISO, 2021). Furthermore, the sample presents a well-distributed cross section of company sizes, which are measured by market capitalization. (e.g. Dang et al., 2018) Small (market capitalization < USD 1 billion), medium (< 5 bn) and large companies (> 5 bn) each make up about one third of the sample.

===Data analysis===
The sample is analyzed with IBM SPSS Statistics 25 and StataSE 16. First, a descriptive analysis is performed to describe the basic features and characteristics of the dataset. (Mishra et al., 2019) This makes it possible to explain and validate the research findings and serves as a basis for further quantitative analysis, which is carried out in the framework of a cluster analysis. The cluster analysis is designed to produce a logical structure concerning ESG performance that is easy to read and interpret so that similarities can be analyzed. (J. Bu, Liu, et al., 2020; Bu, Qiao, et al., 2020)

The descriptive analysis consists of four steps. First, the full sample is analyzed to describe the ESG performance of all four sample groups in comparison. Second, data normality is tested with the Kolmogorov–Smirnov test and the Shapiro–Wilk test. As the sample does not present a normal distribution of data, the nonparametric Kruskal–Wallis test is performed in the third step to evaluate the statistical significance of differences. Moreover, the Dunn–Bonferroni ''post hoc'' test is conducted and Cohen’s d is calculated to determine the sample groups between which these statistically significant differences exist and to what extent. Fourth, the Kruskal–Wallis test, the Dunn–Bonferroni test, and Cohen’s d are performed and analyzed for the single control variables; each company size, each region, and each sector (except for the academic and educational services sector due to the small sample size). This is done to detect possible influences and potential biases of the control variables. The descriptive analysis is presented in the next section.

The cluster analysis considers the 10 ESG category scores and is conducted in three subsequent steps. First, the single-linkage method is applied to detect and exclude outliers that might distort the classification; furthermore, hierarchical methods are applied to produce a small number of clusters and distances are measured to evaluate similarities and dissimilarities. To obtain homogeneous groups with minimum variances, the Ward method is used. Such hierarchical clustering is the most widely applied methodology in cluster analysis. (J. Bu, Liu, et al., 2020; Bu, Qiao, et al., 2020) This first step results in two clusters. Second, the Mann–Whitney U test is performed to verify the clustering after ensuring that the cluster analysis samples are also not normally distributed via the Kolmogorov–Smirnov test and the Shapiro–Wilk test. Third, the clusters are analyzed. This cluster analysis is presented in the next section.

Figure 2 summarizes these methodological steps, their application, and how they fit into the structure of the paper.

==Findings==
===Descriptive analysis===
'''Step 1: Descriptive analysis of the full sample'''

The descriptive analysis of the full sample is summarized in Table 4. As shown, Group 4 reveals the best performance as measured by the mean and median of the ESG score (V1) and the ESG combined score (V2), whereas Group 3 performs second best, Group 2 third best, and Group 1 exhibits the lowest values. With respect to the controversy score (V3), Group 1 presents the highest mean. However, this outperformance might be due to the fact that Group 1 has the highest percentage of small and medium-sized enterprises (SMEs) (74.7%), which are less likely than their bigger counterparts to feature in the global media. The environmental (V4) and social pillars (V8) show the same performance pattern as the overall score, while Group 3 performs best in the governance dimension (V13). The sample groups rank nearly the same for most ESG category scores as for the respective ESG pillar scores. The only exceptions are emissions (V3) and workforce (V9) matters, which are highest in Group 3. The overall score and pillar scores are illustrated in the prior Fig. 3 in the form of four box plots.

{| 
 | style="vertical-align:top;" |
{| class="wikitable" border="1" cellpadding="5" cellspacing="0" width="80%"
 |-
  | colspan="9" style="background-color:white; padding-left:10px; padding-right:10px;" |'''Table 4.''' Descriptive analysis for ESG performance variables by sample group (source: own elaboration)
 |-
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Variable
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |''n''
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Mean
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |SD
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Minimum
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |25th Perc
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Median
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |75th Perc
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Maximum
 |-
  | colspan="11" style="background-color:white; padding-left:10px; padding-right:10px;" |''Group 1''
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V1
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3199
  | style="background-color:white; padding-left:10px; padding-right:10px;" |33.23
  | style="background-color:white; padding-left:10px; padding-right:10px;" |16.69
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.06
  | style="background-color:white; padding-left:10px; padding-right:10px;" |20.70
  | style="background-color:white; padding-left:10px; padding-right:10px;" |30.41
  | style="background-color:white; padding-left:10px; padding-right:10px;" |43.25
  | style="background-color:white; padding-left:10px; padding-right:10px;" |88.06
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3199
  | style="background-color:white; padding-left:10px; padding-right:10px;" |32.67
  | style="background-color:white; padding-left:10px; padding-right:10px;" |16.08
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.06
  | style="background-color:white; padding-left:10px; padding-right:10px;" |20.57
  | style="background-color:white; padding-left:10px; padding-right:10px;" |30.19
  | style="background-color:white; padding-left:10px; padding-right:10px;" |42.56
  | style="background-color:white; padding-left:10px; padding-right:10px;" |88.06
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3199
  | style="background-color:white; padding-left:10px; padding-right:10px;" |95.04
  | style="background-color:white; padding-left:10px; padding-right:10px;" |17.29
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.60
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3199
  | style="background-color:white; padding-left:10px; padding-right:10px;" |17.63
  | style="background-color:white; padding-left:10px; padding-right:10px;" |23.14
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |6.26
  | style="background-color:white; padding-left:10px; padding-right:10px;" |28.85
  | style="background-color:white; padding-left:10px; padding-right:10px;" |96.13
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V5
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3199
  | style="background-color:white; padding-left:10px; padding-right:10px;" |19.21
  | style="background-color:white; padding-left:10px; padding-right:10px;" |27.30
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |34.19
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.88
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V6
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3199
  | style="background-color:white; padding-left:10px; padding-right:10px;" |20.74
  | style="background-color:white; padding-left:10px; padding-right:10px;" |27.41
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |6.67
  | style="background-color:white; padding-left:10px; padding-right:10px;" |36.34
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.43
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V7
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3199
  | style="background-color:white; padding-left:10px; padding-right:10px;" |11.65
  | style="background-color:white; padding-left:10px; padding-right:10px;" |23.74
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |5.86
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.38
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V8
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3199
  | style="background-color:white; padding-left:10px; padding-right:10px;" |34.11
  | style="background-color:white; padding-left:10px; padding-right:10px;" |18.94
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.35
  | style="background-color:white; padding-left:10px; padding-right:10px;" |19.82
  | style="background-color:white; padding-left:10px; padding-right:10px;" |31.86
  | style="background-color:white; padding-left:10px; padding-right:10px;" |45.73
  | style="background-color:white; padding-left:10px; padding-right:10px;" |92.44
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V9
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3199
  | style="background-color:white; padding-left:10px; padding-right:10px;" |38.25
  | style="background-color:white; padding-left:10px; padding-right:10px;" |25.84
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.11
  | style="background-color:white; padding-left:10px; padding-right:10px;" |16.85
  | style="background-color:white; padding-left:10px; padding-right:10px;" |34.07
  | style="background-color:white; padding-left:10px; padding-right:10px;" |57.16
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.94
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V10
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3199
  | style="background-color:white; padding-left:10px; padding-right:10px;" |14.94
  | style="background-color:white; padding-left:10px; padding-right:10px;" |25.46
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |22.50
  | style="background-color:white; padding-left:10px; padding-right:10px;" |98.91
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V11
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3199
  | style="background-color:white; padding-left:10px; padding-right:10px;" |44.72
  | style="background-color:white; padding-left:10px; padding-right:10px;" |26.27
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.59
  | style="background-color:white; padding-left:10px; padding-right:10px;" |22.80
  | style="background-color:white; padding-left:10px; padding-right:10px;" |45.06
  | style="background-color:white; padding-left:10px; padding-right:10px;" |64.57
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.89
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V12
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3199
  | style="background-color:white; padding-left:10px; padding-right:10px;" |30.62
  | style="background-color:white; padding-left:10px; padding-right:10px;" |23.08
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |16.11
  | style="background-color:white; padding-left:10px; padding-right:10px;" |30.47
  | style="background-color:white; padding-left:10px; padding-right:10px;" |41.67
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.84
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V13
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3199
  | style="background-color:white; padding-left:10px; padding-right:10px;" |42.76
  | style="background-color:white; padding-left:10px; padding-right:10px;" |21.77
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.31
  | style="background-color:white; padding-left:10px; padding-right:10px;" |24.93
  | style="background-color:white; padding-left:10px; padding-right:10px;" |41.96
  | style="background-color:white; padding-left:10px; padding-right:10px;" |60.66
  | style="background-color:white; padding-left:10px; padding-right:10px;" |97.55
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V14
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3199
  | style="background-color:white; padding-left:10px; padding-right:10px;" |46.28
  | style="background-color:white; padding-left:10px; padding-right:10px;" |28.51
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.15
  | style="background-color:white; padding-left:10px; padding-right:10px;" |21.02
  | style="background-color:white; padding-left:10px; padding-right:10px;" |44.49
  | style="background-color:white; padding-left:10px; padding-right:10px;" |70.09
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.98
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V15
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3199
  | style="background-color:white; padding-left:10px; padding-right:10px;" |47.81
  | style="background-color:white; padding-left:10px; padding-right:10px;" |29.05
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.02
  | style="background-color:white; padding-left:10px; padding-right:10px;" |21.85
  | style="background-color:white; padding-left:10px; padding-right:10px;" |46.53
  | style="background-color:white; padding-left:10px; padding-right:10px;" |73.05
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.92
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V16
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3199
  | style="background-color:white; padding-left:10px; padding-right:10px;" |17.57
  | style="background-color:white; padding-left:10px; padding-right:10px;" |27.33
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |28.83
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.89
 |-
  | colspan="11" style="background-color:white; padding-left:10px; padding-right:10px;" |''Group 2''
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V1
  | style="background-color:white; padding-left:10px; padding-right:10px;" |124
  | style="background-color:white; padding-left:10px; padding-right:10px;" |51.86
  | style="background-color:white; padding-left:10px; padding-right:10px;" |18.79
  | style="background-color:white; padding-left:10px; padding-right:10px;" |8.48
  | style="background-color:white; padding-left:10px; padding-right:10px;" |38.09
  | style="background-color:white; padding-left:10px; padding-right:10px;" |51.39
  | style="background-color:white; padding-left:10px; padding-right:10px;" |65.31
  | style="background-color:white; padding-left:10px; padding-right:10px;" |90.80
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |124
  | style="background-color:white; padding-left:10px; padding-right:10px;" |49.88
  | style="background-color:white; padding-left:10px; padding-right:10px;" |17.41
  | style="background-color:white; padding-left:10px; padding-right:10px;" |8.48
  | style="background-color:white; padding-left:10px; padding-right:10px;" |37.07
  | style="background-color:white; padding-left:10px; padding-right:10px;" |48.76
  | style="background-color:white; padding-left:10px; padding-right:10px;" |61.91
  | style="background-color:white; padding-left:10px; padding-right:10px;" |88.38
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |124
  | style="background-color:white; padding-left:10px; padding-right:10px;" |90.85
  | style="background-color:white; padding-left:10px; padding-right:10px;" |22.72
  | style="background-color:white; padding-left:10px; padding-right:10px;" |7.81
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |124
  | style="background-color:white; padding-left:10px; padding-right:10px;" |41.48
  | style="background-color:white; padding-left:10px; padding-right:10px;" |26.53
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |18.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |41.87
  | style="background-color:white; padding-left:10px; padding-right:10px;" |62.84
  | style="background-color:white; padding-left:10px; padding-right:10px;" |95.76
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V5
  | style="background-color:white; padding-left:10px; padding-right:10px;" |124
  | style="background-color:white; padding-left:10px; padding-right:10px;" |46.53
  | style="background-color:white; padding-left:10px; padding-right:10px;" |30.95
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |21.37
  | style="background-color:white; padding-left:10px; padding-right:10px;" |45.47
  | style="background-color:white; padding-left:10px; padding-right:10px;" |72.74
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.66
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V6
  | style="background-color:white; padding-left:10px; padding-right:10px;" |124
  | style="background-color:white; padding-left:10px; padding-right:10px;" |43.77
  | style="background-color:white; padding-left:10px; padding-right:10px;" |31.82
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |16.34
  | style="background-color:white; padding-left:10px; padding-right:10px;" |40.08
  | style="background-color:white; padding-left:10px; padding-right:10px;" |70.91
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.09
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V7
  | style="background-color:white; padding-left:10px; padding-right:10px;" |124
  | style="background-color:white; padding-left:10px; padding-right:10px;" |27.87
  | style="background-color:white; padding-left:10px; padding-right:10px;" |30.41
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |18.18
  | style="background-color:white; padding-left:10px; padding-right:10px;" |50.42
  | style="background-color:white; padding-left:10px; padding-right:10px;" |95.57
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V8
  | style="background-color:white; padding-left:10px; padding-right:10px;" |124
  | style="background-color:white; padding-left:10px; padding-right:10px;" |57.10
  | style="background-color:white; padding-left:10px; padding-right:10px;" |22.01
  | style="background-color:white; padding-left:10px; padding-right:10px;" |5.43
  | style="background-color:white; padding-left:10px; padding-right:10px;" |40.09
  | style="background-color:white; padding-left:10px; padding-right:10px;" |56.39
  | style="background-color:white; padding-left:10px; padding-right:10px;" |76.06
  | style="background-color:white; padding-left:10px; padding-right:10px;" |96.98
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V9
  | style="background-color:white; padding-left:10px; padding-right:10px;" |124
  | style="background-color:white; padding-left:10px; padding-right:10px;" |58.56
  | style="background-color:white; padding-left:10px; padding-right:10px;" |25.79
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.22
  | style="background-color:white; padding-left:10px; padding-right:10px;" |39.98
  | style="background-color:white; padding-left:10px; padding-right:10px;" |61.72
  | style="background-color:white; padding-left:10px; padding-right:10px;" |79.99
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.80
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V10
  | style="background-color:white; padding-left:10px; padding-right:10px;" |124
  | style="background-color:white; padding-left:10px; padding-right:10px;" |39.16
  | style="background-color:white; padding-left:10px; padding-right:10px;" |34.47
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |4.93
  | style="background-color:white; padding-left:10px; padding-right:10px;" |28.06
  | style="background-color:white; padding-left:10px; padding-right:10px;" |74.19
  | style="background-color:white; padding-left:10px; padding-right:10px;" |97.08
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V11
  | style="background-color:white; padding-left:10px; padding-right:10px;" |124
  | style="background-color:white; padding-left:10px; padding-right:10px;" |58.91
  | style="background-color:white; padding-left:10px; padding-right:10px;" |29.45
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.79
  | style="background-color:white; padding-left:10px; padding-right:10px;" |34.26
  | style="background-color:white; padding-left:10px; padding-right:10px;" |65.20
  | style="background-color:white; padding-left:10px; padding-right:10px;" |84.18
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.81
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V12
  | style="background-color:white; padding-left:10px; padding-right:10px;" |124
  | style="background-color:white; padding-left:10px; padding-right:10px;" |72.95
  | style="background-color:white; padding-left:10px; padding-right:10px;" |19.56
  | style="background-color:white; padding-left:10px; padding-right:10px;" |21.47
  | style="background-color:white; padding-left:10px; padding-right:10px;" |60.37
  | style="background-color:white; padding-left:10px; padding-right:10px;" |77.41
  | style="background-color:white; padding-left:10px; padding-right:10px;" |88.73
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.53
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V13
  | style="background-color:white; padding-left:10px; padding-right:10px;" |124
  | style="background-color:white; padding-left:10px; padding-right:10px;" |53.05
  | style="background-color:white; padding-left:10px; padding-right:10px;" |20.35
  | style="background-color:white; padding-left:10px; padding-right:10px;" |11.79
  | style="background-color:white; padding-left:10px; padding-right:10px;" |37.01
  | style="background-color:white; padding-left:10px; padding-right:10px;" |55.12
  | style="background-color:white; padding-left:10px; padding-right:10px;" |69.25
  | style="background-color:white; padding-left:10px; padding-right:10px;" |90.16
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V14
  | style="background-color:white; padding-left:10px; padding-right:10px;" |124
  | style="background-color:white; padding-left:10px; padding-right:10px;" |56.76
  | style="background-color:white; padding-left:10px; padding-right:10px;" |26.40
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2.98
  | style="background-color:white; padding-left:10px; padding-right:10px;" |34.64
  | style="background-color:white; padding-left:10px; padding-right:10px;" |59.96
  | style="background-color:white; padding-left:10px; padding-right:10px;" |77.46
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.75
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V15
  | style="background-color:white; padding-left:10px; padding-right:10px;" |124
  | style="background-color:white; padding-left:10px; padding-right:10px;" |50.66
  | style="background-color:white; padding-left:10px; padding-right:10px;" |26.88
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.12
  | style="background-color:white; padding-left:10px; padding-right:10px;" |29.26
  | style="background-color:white; padding-left:10px; padding-right:10px;" |49.91
  | style="background-color:white; padding-left:10px; padding-right:10px;" |72.25
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.42
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V16
  | style="background-color:white; padding-left:10px; padding-right:10px;" |124
  | style="background-color:white; padding-left:10px; padding-right:10px;" |38.05
  | style="background-color:white; padding-left:10px; padding-right:10px;" |33.52
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |37.06
  | style="background-color:white; padding-left:10px; padding-right:10px;" |68.82
  | style="background-color:white; padding-left:10px; padding-right:10px;" |97.44
 |-
  | colspan="11" style="background-color:white; padding-left:10px; padding-right:10px;" |''Group 3''
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V1
  | style="background-color:white; padding-left:10px; padding-right:10px;" |221
  | style="background-color:white; padding-left:10px; padding-right:10px;" |62.11
  | style="background-color:white; padding-left:10px; padding-right:10px;" |17.06
  | style="background-color:white; padding-left:10px; padding-right:10px;" |12.28
  | style="background-color:white; padding-left:10px; padding-right:10px;" |51.61
  | style="background-color:white; padding-left:10px; padding-right:10px;" |63.80
  | style="background-color:white; padding-left:10px; padding-right:10px;" |76.59
  | style="background-color:white; padding-left:10px; padding-right:10px;" |89.54
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |221
  | style="background-color:white; padding-left:10px; padding-right:10px;" |58.67
  | style="background-color:white; padding-left:10px; padding-right:10px;" |16.73
  | style="background-color:white; padding-left:10px; padding-right:10px;" |12.28
  | style="background-color:white; padding-left:10px; padding-right:10px;" |47.54
  | style="background-color:white; padding-left:10px; padding-right:10px;" |58.82
  | style="background-color:white; padding-left:10px; padding-right:10px;" |72.54
  | style="background-color:white; padding-left:10px; padding-right:10px;" |89.41
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |221
  | style="background-color:white; padding-left:10px; padding-right:10px;" |85.91
  | style="background-color:white; padding-left:10px; padding-right:10px;" |27.52
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.44
  | style="background-color:white; padding-left:10px; padding-right:10px;" |90.91
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |221
  | style="background-color:white; padding-left:10px; padding-right:10px;" |62.66
  | style="background-color:white; padding-left:10px; padding-right:10px;" |22.13
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.41
  | style="background-color:white; padding-left:10px; padding-right:10px;" |47.43
  | style="background-color:white; padding-left:10px; padding-right:10px;" |68.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |81.48
  | style="background-color:white; padding-left:10px; padding-right:10px;" |98.89
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V5
  | style="background-color:white; padding-left:10px; padding-right:10px;" |221
  | style="background-color:white; padding-left:10px; padding-right:10px;" |68.35
  | style="background-color:white; padding-left:10px; padding-right:10px;" |25.54
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |50.12
  | style="background-color:white; padding-left:10px; padding-right:10px;" |73.61
  | style="background-color:white; padding-left:10px; padding-right:10px;" |90.48
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.80
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V6
  | style="background-color:white; padding-left:10px; padding-right:10px;" |221
  | style="background-color:white; padding-left:10px; padding-right:10px;" |71.95
  | style="background-color:white; padding-left:10px; padding-right:10px;" |24.55
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |55.70
  | style="background-color:white; padding-left:10px; padding-right:10px;" |79.91
  | style="background-color:white; padding-left:10px; padding-right:10px;" |91.76
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.88
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V7
  | style="background-color:white; padding-left:10px; padding-right:10px;" |221
  | style="background-color:white; padding-left:10px; padding-right:10px;" |42.88
  | style="background-color:white; padding-left:10px; padding-right:10px;" |31.48
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |11.86
  | style="background-color:white; padding-left:10px; padding-right:10px;" |47.89
  | style="background-color:white; padding-left:10px; padding-right:10px;" |62.88
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.08
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V8
  | style="background-color:white; padding-left:10px; padding-right:10px;" |221
  | style="background-color:white; padding-left:10px; padding-right:10px;" |61.56
  | style="background-color:white; padding-left:10px; padding-right:10px;" |20.95
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2.96
  | style="background-color:white; padding-left:10px; padding-right:10px;" |47.40
  | style="background-color:white; padding-left:10px; padding-right:10px;" |65.33
  | style="background-color:white; padding-left:10px; padding-right:10px;" |79.37
  | style="background-color:white; padding-left:10px; padding-right:10px;" |95.02
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V9
  | style="background-color:white; padding-left:10px; padding-right:10px;" |221
  | style="background-color:white; padding-left:10px; padding-right:10px;" |72.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |23.58
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2.63
  | style="background-color:white; padding-left:10px; padding-right:10px;" |59.21
  | style="background-color:white; padding-left:10px; padding-right:10px;" |79.41
  | style="background-color:white; padding-left:10px; padding-right:10px;" |90.12
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.86
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V10
  | style="background-color:white; padding-left:10px; padding-right:10px;" |221
  | style="background-color:white; padding-left:10px; padding-right:10px;" |54.39
  | style="background-color:white; padding-left:10px; padding-right:10px;" |31.16
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |30.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |60.48
  | style="background-color:white; padding-left:10px; padding-right:10px;" |79.73
  | style="background-color:white; padding-left:10px; padding-right:10px;" |97.47
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V11
  | style="background-color:white; padding-left:10px; padding-right:10px;" |221
  | style="background-color:white; padding-left:10px; padding-right:10px;" |61.90
  | style="background-color:white; padding-left:10px; padding-right:10px;" |29.10
  | style="background-color:white; padding-left:10px; padding-right:10px;" |4.03
  | style="background-color:white; padding-left:10px; padding-right:10px;" |35.94
  | style="background-color:white; padding-left:10px; padding-right:10px;" |68.58
  | style="background-color:white; padding-left:10px; padding-right:10px;" |88.22
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.75
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V12
  | style="background-color:white; padding-left:10px; padding-right:10px;" |221
  | style="background-color:white; padding-left:10px; padding-right:10px;" |50.10
  | style="background-color:white; padding-left:10px; padding-right:10px;" |30.23
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |23.19
  | style="background-color:white; padding-left:10px; padding-right:10px;" |47.65
  | style="background-color:white; padding-left:10px; padding-right:10px;" |78.75
  | style="background-color:white; padding-left:10px; padding-right:10px;" |98.90
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V13
  | style="background-color:white; padding-left:10px; padding-right:10px;" |221
  | style="background-color:white; padding-left:10px; padding-right:10px;" |61.87
  | style="background-color:white; padding-left:10px; padding-right:10px;" |20.93
  | style="background-color:white; padding-left:10px; padding-right:10px;" |6.53
  | style="background-color:white; padding-left:10px; padding-right:10px;" |46.42
  | style="background-color:white; padding-left:10px; padding-right:10px;" |65.51
  | style="background-color:white; padding-left:10px; padding-right:10px;" |77.74
  | style="background-color:white; padding-left:10px; padding-right:10px;" |95.82
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V14
  | style="background-color:white; padding-left:10px; padding-right:10px;" |221
  | style="background-color:white; padding-left:10px; padding-right:10px;" |63.83
  | style="background-color:white; padding-left:10px; padding-right:10px;" |26.67
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2.08
  | style="background-color:white; padding-left:10px; padding-right:10px;" |42.03
  | style="background-color:white; padding-left:10px; padding-right:10px;" |67.62
  | style="background-color:white; padding-left:10px; padding-right:10px;" |88.71
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.67
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V15
  | style="background-color:white; padding-left:10px; padding-right:10px;" |221
  | style="background-color:white; padding-left:10px; padding-right:10px;" |55.11
  | style="background-color:white; padding-left:10px; padding-right:10px;" |26.45
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.22
  | style="background-color:white; padding-left:10px; padding-right:10px;" |34.47
  | style="background-color:white; padding-left:10px; padding-right:10px;" |57.95
  | style="background-color:white; padding-left:10px; padding-right:10px;" |75.10
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.38
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V16
  | style="background-color:white; padding-left:10px; padding-right:10px;" |221
  | style="background-color:white; padding-left:10px; padding-right:10px;" |62.25
  | style="background-color:white; padding-left:10px; padding-right:10px;" |28.27
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |41.10
  | style="background-color:white; padding-left:10px; padding-right:10px;" |67.26
  | style="background-color:white; padding-left:10px; padding-right:10px;" |86.29
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.66
 |-
  | colspan="11" style="background-color:white; padding-left:10px; padding-right:10px;" |''Group 4''
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V1
  | style="background-color:white; padding-left:10px; padding-right:10px;" |748
  | style="background-color:white; padding-left:10px; padding-right:10px;" |64.32
  | style="background-color:white; padding-left:10px; padding-right:10px;" |16.83
  | style="background-color:white; padding-left:10px; padding-right:10px;" |4.47
  | style="background-color:white; padding-left:10px; padding-right:10px;" |53.82
  | style="background-color:white; padding-left:10px; padding-right:10px;" |67.23
  | style="background-color:white; padding-left:10px; padding-right:10px;" |77.04
  | style="background-color:white; padding-left:10px; padding-right:10px;" |93.72
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |748
  | style="background-color:white; padding-left:10px; padding-right:10px;" |60.05
  | style="background-color:white; padding-left:10px; padding-right:10px;" |16.34
  | style="background-color:white; padding-left:10px; padding-right:10px;" |4.47
  | style="background-color:white; padding-left:10px; padding-right:10px;" |49.31
  | style="background-color:white; padding-left:10px; padding-right:10px;" |61.58
  | style="background-color:white; padding-left:10px; padding-right:10px;" |72.41
  | style="background-color:white; padding-left:10px; padding-right:10px;" |93.72
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |748
  | style="background-color:white; padding-left:10px; padding-right:10px;" |84.25
  | style="background-color:white; padding-left:10px; padding-right:10px;" |28.57
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.93
  | style="background-color:white; padding-left:10px; padding-right:10px;" |82.53
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |748
  | style="background-color:white; padding-left:10px; padding-right:10px;" |64.36
  | style="background-color:white; padding-left:10px; padding-right:10px;" |22.15
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |51.87
  | style="background-color:white; padding-left:10px; padding-right:10px;" |68.50
  | style="background-color:white; padding-left:10px; padding-right:10px;" |81.52
  | style="background-color:white; padding-left:10px; padding-right:10px;" |98.68
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V5
  | style="background-color:white; padding-left:10px; padding-right:10px;" |748
  | style="background-color:white; padding-left:10px; padding-right:10px;" |69.82
  | style="background-color:white; padding-left:10px; padding-right:10px;" |24.93
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |54.60
  | style="background-color:white; padding-left:10px; padding-right:10px;" |77.28
  | style="background-color:white; padding-left:10px; padding-right:10px;" |89.65
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.85
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V6
  | style="background-color:white; padding-left:10px; padding-right:10px;" |748
  | style="background-color:white; padding-left:10px; padding-right:10px;" |69.34
  | style="background-color:white; padding-left:10px; padding-right:10px;" |26.45
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |54.21
  | style="background-color:white; padding-left:10px; padding-right:10px;" |77.43
  | style="background-color:white; padding-left:10px; padding-right:10px;" |90.68
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.85
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V7
  | style="background-color:white; padding-left:10px; padding-right:10px;" |748
  | style="background-color:white; padding-left:10px; padding-right:10px;" |50.20
  | style="background-color:white; padding-left:10px; padding-right:10px;" |32.21
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |26.35
  | style="background-color:white; padding-left:10px; padding-right:10px;" |50.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |79.74
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.84
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V8
  | style="background-color:white; padding-left:10px; padding-right:10px;" |748
  | style="background-color:white; padding-left:10px; padding-right:10px;" |67.09
  | style="background-color:white; padding-left:10px; padding-right:10px;" |20.24
  | style="background-color:white; padding-left:10px; padding-right:10px;" |5.63
  | style="background-color:white; padding-left:10px; padding-right:10px;" |54.61
  | style="background-color:white; padding-left:10px; padding-right:10px;" |71.79
  | style="background-color:white; padding-left:10px; padding-right:10px;" |83.11
  | style="background-color:white; padding-left:10px; padding-right:10px;" |97.84
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V9
  | style="background-color:white; padding-left:10px; padding-right:10px;" |748
  | style="background-color:white; padding-left:10px; padding-right:10px;" |71.65
  | style="background-color:white; padding-left:10px; padding-right:10px;" |23.67
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.95
  | style="background-color:white; padding-left:10px; padding-right:10px;" |57.03
  | style="background-color:white; padding-left:10px; padding-right:10px;" |77.45
  | style="background-color:white; padding-left:10px; padding-right:10px;" |91.75
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.81
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V10
  | style="background-color:white; padding-left:10px; padding-right:10px;" |748
  | style="background-color:white; padding-left:10px; padding-right:10px;" |59.94
  | style="background-color:white; padding-left:10px; padding-right:10px;" |29.61
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |40.12
  | style="background-color:white; padding-left:10px; padding-right:10px;" |66.72
  | style="background-color:white; padding-left:10px; padding-right:10px;" |86.71
  | style="background-color:white; padding-left:10px; padding-right:10px;" |98.12
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V11
  | style="background-color:white; padding-left:10px; padding-right:10px;" |748
  | style="background-color:white; padding-left:10px; padding-right:10px;" |65.66
  | style="background-color:white; padding-left:10px; padding-right:10px;" |27.39
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.55
  | style="background-color:white; padding-left:10px; padding-right:10px;" |47.48
  | style="background-color:white; padding-left:10px; padding-right:10px;" |73.29
  | style="background-color:white; padding-left:10px; padding-right:10px;" |88.51
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.77
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V12
  | style="background-color:white; padding-left:10px; padding-right:10px;" |748
  | style="background-color:white; padding-left:10px; padding-right:10px;" |73.03
  | style="background-color:white; padding-left:10px; padding-right:10px;" |21.60
  | style="background-color:white; padding-left:10px; padding-right:10px;" |5.98
  | style="background-color:white; padding-left:10px; padding-right:10px;" |59.64
  | style="background-color:white; padding-left:10px; padding-right:10px;" |78.95
  | style="background-color:white; padding-left:10px; padding-right:10px;" |90.75
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.87
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V13
  | style="background-color:white; padding-left:10px; padding-right:10px;" |748
  | style="background-color:white; padding-left:10px; padding-right:10px;" |59.74
  | style="background-color:white; padding-left:10px; padding-right:10px;" |20.49
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3.02
  | style="background-color:white; padding-left:10px; padding-right:10px;" |44.78
  | style="background-color:white; padding-left:10px; padding-right:10px;" |61.85
  | style="background-color:white; padding-left:10px; padding-right:10px;" |77.30
  | style="background-color:white; padding-left:10px; padding-right:10px;" |97.76
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V14
  | style="background-color:white; padding-left:10px; padding-right:10px;" |748
  | style="background-color:white; padding-left:10px; padding-right:10px;" |61.19
  | style="background-color:white; padding-left:10px; padding-right:10px;" |26.10
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.86
  | style="background-color:white; padding-left:10px; padding-right:10px;" |41.57
  | style="background-color:white; padding-left:10px; padding-right:10px;" |63.33
  | style="background-color:white; padding-left:10px; padding-right:10px;" |84.33
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.72
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V15
  | style="background-color:white; padding-left:10px; padding-right:10px;" |748
  | style="background-color:white; padding-left:10px; padding-right:10px;" |54.29
  | style="background-color:white; padding-left:10px; padding-right:10px;" |28.61
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.32
  | style="background-color:white; padding-left:10px; padding-right:10px;" |29.74
  | style="background-color:white; padding-left:10px; padding-right:10px;" |57.54
  | style="background-color:white; padding-left:10px; padding-right:10px;" |79.81
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.85
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V16
  | style="background-color:white; padding-left:10px; padding-right:10px;" |748
  | style="background-color:white; padding-left:10px; padding-right:10px;" |60.68
  | style="background-color:white; padding-left:10px; padding-right:10px;" |29.45
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |40.39
  | style="background-color:white; padding-left:10px; padding-right:10px;" |66.68
  | style="background-color:white; padding-left:10px; padding-right:10px;" |85.37
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.67
 |-
|}
|}


'''Step 2: Test of data normality'''

Data normality is tested with the Kolmogorov–Smirnov and Shapiro–Wilk tests. Only variables V1, V2, and V13 have an approximately normal distribution for Group 2, as assessed by the Kolmogorov–Smirnov test (p > 0.05). However, as assessed by the Shapiro–Wilk test, only V1 and V2 have an approximately normal distribution for Group 2 (p > 0.05). When testing data normality for the full sample rather than for the four sample groups, the results of both tests indicate that the data are in fact not normally distributed.


'''Step 3: Kruskal–Wallis test, Dunn–Bonferroni post hoc test and Cohen’s d'''

Therefore, the nonparametric Kruskal–Wallis test is used to analyze the statistical significance of the differences between sample groups. As demonstrated in Table 5, there are differences for all 16 ESG indicators regarding the central tendencies between the four sample groups (p < 0.05).

The Dunn–Bonferroni test is used to reveal the sample groups, between which there are statistically significant differences. Table 6 provides an overview of the ''post hoc'' test. In addition, the effect size is quantitatively measured by Cohen’s d to evaluate the magnitude of these differences, as shown in Table 7.

{| 
 | style="vertical-align:top;" |
{| class="wikitable" border="1" cellpadding="5" cellspacing="0" width="80%"
 |-
  | colspan="9" style="background-color:white; padding-left:10px; padding-right:10px;" |'''Table 5.''' Independent-samples Kruskal–Wallis Test (source: own elaboration). Asymptotic significances are displayed. The confidence level is 0.095, the significance level is 0.05. Null Hypothesis: The distribution of the indicator is the same across the sample groups.
 |-
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V1
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V2
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V3
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V4
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V5
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V6
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V7
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V8
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Significance
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Decision
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reject
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reject
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reject
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reject
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reject
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reject
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reject
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reject
 |-
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V9
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V10
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V11
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V12
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V13
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V14
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V15
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V16
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Significance
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Decision
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reject
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reject
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reject
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reject
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reject
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reject
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reject
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Reject
 |-
|}
|}

{| 
 | style="vertical-align:top;" |
{| class="wikitable" border="1" cellpadding="5" cellspacing="0" width="80%"
 |-
  | colspan="9" style="background-color:white; padding-left:10px; padding-right:10px;" |'''Table 6.''' ''Post hoc'' test for Kruskal–Wallis Test (Dunn–Bonferroni Test) (source: own elaboration). Each row tests the null hypothesis that the Sample 1 and Sample 2 distributions are the same. Asymptotic significances (two-sided tests) are displayed. The significance level is 0.05. Significance values have been adjusted by the Bonferroni correction for multiple tests.
 |-
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Sample 1–Sample 2
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V1
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V2
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V3
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V4
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V5
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V6
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V7
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V8
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 1–Group 2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.018
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 1–Group 3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 1–Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 2–Group 3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.007
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.093
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.749
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 2–Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.005
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.002
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3–Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.095
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.117
 |-
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Sample 1–Sample 2
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V9
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V10
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V11
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V12
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V13
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V14
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V15
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V16
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 1–Group 2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 1–Group 3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 1–Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 2–Group 3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.001
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.003
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.005
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.173
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 2–Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.087
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.022
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.686
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3–Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.386
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.446
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.000
 |-
|}
|}

{| 
 | style="vertical-align:top;" |
{| class="wikitable" border="1" cellpadding="5" cellspacing="0" width="100%"
 |-
  | colspan="9" style="background-color:white; padding-left:10px; padding-right:10px;" |'''Table 7.''' Cohen’s d (source: own elaboration). 95% Confidence Level.
 |-
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Sample 1–Sample 2
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V1
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V2
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V3
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V4
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V5
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V6
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V7
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V8
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 1–Group 2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.110
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.067
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.239
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.025
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.995
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.835
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.675
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.206
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 1–Group 3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.728
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.613
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.504
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.951
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.807
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.880
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.284
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.440
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 1–Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.860
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.697
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.542
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 2.036
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.883
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.784
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.508
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.719
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 2–Group 3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.579
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.518
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.191
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.889
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.791
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.030
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.482
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.209
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 2–Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.728
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.617
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.237
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.002
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.900
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.937
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.699
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.487
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3–Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.131
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.084
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.059
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.077
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.058
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.101
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.229
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.271
 |-
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Sample 1–Sample 2
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V9
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V10
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V11
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V12
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V13
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V14
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V15
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V16
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 1–Group 2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.786
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.937
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.537
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.843
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.474
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.369
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.098
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.742
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 1–Group 3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.314
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.526
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.649
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.825
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.880
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.618
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.253
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.631
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 1–Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.313
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.711
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.790
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.859
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.789
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.531
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.224
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 1.553
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 2–Group 3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.551
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.470
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.102
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.849
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.426
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.266
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.167
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.800
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 2–Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.546
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.685
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.244
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.004
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.327
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.169
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.128
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.753
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3–Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.015
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.185
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.135
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 0.962
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.104
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.101
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.029
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.054
 |-
|}
|}

The Dunn–Bonferroni test confirms H1 to H6, as companies with QMSs or EMSs achieve statistically significant higher performance scores in the environmental (V4), social (V8), and governance (V13) pillars than firms without these management systems. Furthermore, groups two, three, and four present statistically significant higher overall ESG scores (V1, V2) as compared to Group 1, thereby making it possible to answer RQ1 positively. With respect to RQ2, the descriptive analysis of the full data sample reveals that Group 2 has significantly higher ratings for nine areas (except V15), while groups three and four present enhanced performance in all 10 ESG category scores, again compared to Group 1. The values for Cohen’s d confirm these statements.

Furthermore, Group 3 achieves significantly higher ESG scores (V1, V2) than Group 2 due to significant outperformance in the environmental (V4) and governance (V13) dimensions; even though the management (V14) and shareholder (V15) scores do not differ significantly, companies with EMSs achieve considerably better values in the CSR strategy category (V16), which causes the outperformance in the pillar’s rating. Although the consolidated social pillar score (V8) is not significantly different between groups two and three, companies with QMSs significantly outperform their counterparts with EMSs in terms of product responsibility (V12), while underperforming in the workforce (V9) and human rights (V10) categories. Thus, to answer RQ1 more precisely, it is concluded that EMSs appear to represent more effective business tools for enhanced ESG performance than QMSs. With respect to RQ2, it is important to mention that both management systems apparently share common strengths (V11, V14, V15), but also possess individual advantages (QMS: V12; EMS: V5, V6, V7, V9, V10, V16).

In terms of RQ3, Group 4 statistically outperforms Group 2 in the overall (V1, V2) and pillar (V4, V8, V9) scores, thus confirming H7 to H9 with respect to companies with QMSs only. There are no significant differences compared to Group 3; nonetheless, the mean and median values for Group 4 are higher in the overall scores (V1, V2) as well as the environmental (V4) and social (V8) dimensions, except for emissions (V6) and workforce (V9) matters. However, for the governance categories and pillar score (V13, V14, V15, V16), companies with EMSs alone present the highest mean and median values. In summary, H7 to H9 are confirmed with respect to firms with QMSs only, but not with respect to companies with EMSs only.


'''Step 4: Descriptive analysis of the control variables' sub-samples'''

Company size (CV1) appears to affect the magnitude of differences, as the Dunn–Bonferroni test reveals far more statistically significant differences between the four sample groups when it comes to large companies as opposed to SMEs. Furthermore, it is noticeable that large companies on average achieve higher ESG ratings than small firms. Nonetheless, companies with QMSs and/or EMSs significantly outperform firms without management systems in the overall ESG scores (V1, V2), regardless of their size. The same is true for the environmental (V4) and social (V8) dimensions, thus confirming H1 to H4. However, in the governance pillar (V13), small firms with EMSs and medium-sized firms with QMSs lack this statistically significant outperformance, thereby only partially supporting H5 and H6.

On average, European companies achieve higher ESG ratings than East Asian or North American firms, but companies with QMSs or EMSs achieve significantly better ESG performance (V1, V2) than companies without these management systems, regardless of the location (CV2). This outperformance also holds true for the social dimension (V8). However, European firms with QMSs lack this statistically significant outperformance in the governance dimension (V13) and, in East Asia, also in the environmental dimension (V4). For East Asia, the Kruskal–Wallis test even retains its null hypothesis for the shareholders score (V15). Hence, the analysis fully confirms H2, H3, H4, and H6, while only partially supporting H1 and H5.

Moreover, the nature of business operations (CV3) impacts ESG performance per sample group. For basic materials, consumer (non-)cyclicals, energy, industry, and telecommunication services, the Kruskal–Wallis test retains its null hypothesis for the shareholders score (V15) and for the utilities sector also for the management category (V14) and, conclusively, the whole governance pillar score (V13). The statistically significant higher ESG performance (V1, V2) of companies with management systems holds true for all sectors except for energy, telecommunication, and utilities, in which companies with QMSs do not present significantly better performance than companies without management systems. The same pattern appears for the same sectors as well as for basic materials for the environmental (V4) and social (V8) dimensions. For the energy sector, even companies with EMSs fail to outperform in the social pillar (V8). Regarding the governance pillar (V13), there are numerous sectors in which Group 2 (consumer (non-)cyclicals, energy, finance, industry, technology, telecommunications, utilities) and Group 3 (consumer non-cyclicals, technology, utilities) do not show statistically significant higher values than Group 1. Hence, the analysis fully confirms H2 and only partially supports H1 and H3 to H6.

Although H7 to H9 are confirmed with respect to QMSs in the full sample analysis, the analyses of control variables deliver a mixed picture. Despite the fact that H7 holds true for medium and large firms (CV1) and all three regions (CV2) against Group 2, statistically significant higher ESG scores in the environmental pillar (V4) are revealed only for industrial companies when it comes to business sectors (CV3). H8 does not hold true against Group 2 when location is considered (CV2). Significant outperformance in the social pillar (V8) is visible only in the analysis of large firms (CV1) and companies classified as industrial (CV3). The same (CV1, CV2) accounts for H9 related to the governance dimension (V13), but for technology companies (CV3). Thus, although the full sample analysis confirms H7 to H9 with respect to firms with QMSs only, the analyses of the control variables reveal numerous exceptions, which calls for more detailed research in the future.

Table 8 shows the sample group with the highest mean value for the overall and pillar scores per control variable. This overview strengthens the tendency observed in Group 4 to perform best in terms of the ESG score (V1) and the environmental (V4) and social pillars score (V8), regardless of the control variables, while the governance pillar (V13) appears to be affected most by the adoption of EMSs alone. Thus, Table 8 supports the findings of the full dataset analysis.

{| 
 | style="vertical-align:top;" |
{| class="wikitable" border="1" cellpadding="5" cellspacing="0" width="80%"
 |-
  | colspan="5" style="background-color:white; padding-left:10px; padding-right:10px;" |'''Table 8.''' Highest mean value by sample group for ESG Score and ESG Pillar Scores (source: own elaboration)
 |-
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Control variable
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V1
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V4
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V8
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V13
 |-
  | colspan="5" style="background-color:white; padding-left:10px; padding-right:10px;" |''Industry''
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Academic and educational services
  | style="background-color:white; padding-left:10px; padding-right:10px;" |n/a
  | style="background-color:white; padding-left:10px; padding-right:10px;" |n/a
  | style="background-color:white; padding-left:10px; padding-right:10px;" |n/a
  | style="background-color:white; padding-left:10px; padding-right:10px;" |n/a
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Basic materials
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 2
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Consumer cyclicals
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Consumer non-cyclicals
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Energy
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Financials
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Healthcare
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Industrials
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Technology
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Telecommunications services
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Utilities
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 2
 |-
  | colspan="5" style="background-color:white; padding-left:10px; padding-right:10px;" |''Region''
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Europe
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |East Asia
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |North America
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3
 |-
  | colspan="" style="background-color:white; padding-left:10px; padding-right:10px;" |''Market capitalization''
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Small
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Medium
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Large
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Group 3
 |-
|}
|}

To summarize the findings of the descriptive analysis, Table 9 provides an overview of the confirmation status of the nine hypotheses, as well as exceptions detected in relation to the control variables.

{| 
 | style="vertical-align:top;" |
{| class="wikitable" border="1" cellpadding="5" cellspacing="0" width="80%"
 |-
  | colspan="5" style="background-color:white; padding-left:10px; padding-right:10px;" |'''Table 9.''' Findings from the descriptive analysis (source: own elaboration)
 |-
  ! rowspan="2" style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Hypotheses
  ! rowspan="2" style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Result (full sample)
  ! colspan="3" style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Exceptions (control variables)
 |-
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Size
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Location
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Industry
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |H1
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Confirmed
  | style="background-color:white; padding-left:10px; padding-right:10px;" |/
  | style="background-color:white; padding-left:10px; padding-right:10px;" |East Asia
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Basic materials, Energy, Telecommunication services, Utilities
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |H2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Confirmed
  | style="background-color:white; padding-left:10px; padding-right:10px;" |/
  | style="background-color:white; padding-left:10px; padding-right:10px;" |/
  | style="background-color:white; padding-left:10px; padding-right:10px;" |/
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |H3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Confirmed
  | style="background-color:white; padding-left:10px; padding-right:10px;" |/
  | style="background-color:white; padding-left:10px; padding-right:10px;" |/
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Basic materials, Energy, Telecommunication services, Utilities
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |H4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Confirmed
  | style="background-color:white; padding-left:10px; padding-right:10px;" |/
  | style="background-color:white; padding-left:10px; padding-right:10px;" |/
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Energy
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |H5
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Confirmed
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Medium
  | style="background-color:white; padding-left:10px; padding-right:10px;" |East Asia, Europe
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Consumer (non-)cyclicals, Energy, Financials, Industrials, Technology, Telecommunication services, Utilities
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |H6
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Confirmed
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Small
  | style="background-color:white; padding-left:10px; padding-right:10px;" |/
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Consumer (non-)cyclicals, Technology, Utilities
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |H7
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Only confirmed against QMS
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Small
  | style="background-color:white; padding-left:10px; padding-right:10px;" |/
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Basic materials, Consumer (non-)cyclicals, Energy, Financials, Healthcare, Technology, Telecommunication services, Utilities
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |H8
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Only confirmed against QMS
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Small, Medium
  | style="background-color:white; padding-left:10px; padding-right:10px;" |No confirmation
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Basic materials, Consumer (non-)cyclicals, Energy, Financials, Healthcare, Technology, Telecommunication services, Utilities
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |H9
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Only confirmed against QMS
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Small, Medium
  | style="background-color:white; padding-left:10px; padding-right:10px;" |No confirmation
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Basic materials, Consumer (non-)cyclicals, Energy, Financials, Healthcare, Industrials, Telecommunication services, Utilities
 |-
|}
|}

===Cluster analysis===
'''Step 1: Single-linkage method and ward method'''

Cluster analysis considers the 10 ESG category scores. To detect outliers, the single-linkage method is applied. Therefore, nine data points are eliminated, which reduces the sample size from 4,292 to 4,283 companies. The outliers excluded are from all three regions and operate across various industries, and seven outliers have a large market capitalization. No outlier operates any QMSs or EMSs, and each company presents extremely low values for at least one ESG issue. The Ward method is applied to obtain homogenous groups with minimum variance. The resulting dendrogram, shown in Fig. 4, indicates clustering with two groups.


[[File:Fig4 Ronalter EnviroDevSust22 660.png|500px]]
{{clear}}
{| 
 | style="vertical-align:top;" |
{| border="0" cellpadding="5" cellspacing="0" width="500px"
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |<blockquote>'''Figure 4.'''  Retrieved dendrogram (source: own elaboration)</blockquote>
 |- 
|}
|}


'''Step 2: Test of data normality and Mann–Whitney U test'''

Both the Kolmogorov–Smirnov test and the Shapiro–Wilk test disprove data normality for the reduced sample with 4,283 companies and for the two clusters. The Mann–Whitney U test verifies the clustering. Table 10 illustrates that there are indeed statistically significant differences in the central tendencies of all ESG indicators (''p'' < 0.05).

{| 
 | style="vertical-align:top;" |
{| class="wikitable" border="1" cellpadding="5" cellspacing="0" width="100%"
 |-
  | colspan="9" style="background-color:white; padding-left:10px; padding-right:10px;" |'''Table 10.''' Independent-Samples Mann–Whitney U test (source: own elaboration)
 |-
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Cluster 1–Cluster 2
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V1
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V2
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V3
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V4
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V5
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V6
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V7
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V8
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Mann–Whitney U
  | style="background-color:white; padding-left:10px; padding-right:10px;" |114,023
  | style="background-color:white; padding-left:10px; padding-right:10px;" |162,081
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,627,708
  | style="background-color:white; padding-left:10px; padding-right:10px;" |120,488
  | style="background-color:white; padding-left:10px; padding-right:10px;" |145,009
  | style="background-color:white; padding-left:10px; padding-right:10px;" |155,507
  | style="background-color:white; padding-left:10px; padding-right:10px;" |818,921
  | style="background-color:white; padding-left:10px; padding-right:10px;" |259,465
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Wilcoxon W
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3,946,319
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3,994,377
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2,776,078
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3,952,784
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3,977,305
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3,987,803
  | style="background-color:white; padding-left:10px; padding-right:10px;" |4,651,217
  | style="background-color:white; padding-left:10px; padding-right:10px;" |4,091,761
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Z
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 51.244
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 50.002
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 19.432
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 51.631
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 51.962
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 51.299
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 37.541
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 47.485
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Asymp. Sig. (2-tailed)
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
 |-
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V9
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V10
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V11
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V12
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V13
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V14
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V15
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |V16
  |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Mann–Whitney U
  | style="background-color:white; padding-left:10px; padding-right:10px;" |340,245
  | style="background-color:white; padding-left:10px; padding-right:10px;" |370,305
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,051,221
  | style="background-color:white; padding-left:10px; padding-right:10px;" |739,630
  | style="background-color:white; padding-left:10px; padding-right:10px;" |919,584
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,273,263
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,687,330
  | style="background-color:white; padding-left:10px; padding-right:10px;" |211,470
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Wilcoxon W
  | style="background-color:white; padding-left:10px; padding-right:10px;" |4,172,541
  | style="background-color:white; padding-left:10px; padding-right:10px;" |4,202,601
  | style="background-color:white; padding-left:10px; padding-right:10px;" |4,883,517
  | style="background-color:white; padding-left:10px; padding-right:10px;" |4,571,926
  | style="background-color:white; padding-left:10px; padding-right:10px;" |4,751,880
  | style="background-color:white; padding-left:10px; padding-right:10px;" |5,105,559
  | style="background-color:white; padding-left:10px; padding-right:10px;" |5,519,626
  | style="background-color:white; padding-left:10px; padding-right:10px;" |4,043,766
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Z
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 45.397
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 47.600
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 27.023
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 35.126
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 30.424
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 21.283
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 10.582
  | style="background-color:white; padding-left:10px; padding-right:10px;" |− 51.097
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |Asymp. Sig. (2-tailed)
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.000
 |-
|}
|}



'''Step 3: Analysis of clusters'''

The cluster compositions are shown in Figs. 5 and 6. Cluster 1 contains 1,515 companies, i.e., 35.4% of the full sample. The majority of Cluster 1 has at least one management system in place. More specifically, 4.9% run QMSs, 12.5% EMSs, and 42.0% operate both management systems simultaneously. Although 40.7% of the cluster does not have any management systems, the disproportionally low presence of companies without management systems is more obvious when looking at the horizontal distribution. Only 19.3% of the companies without any management systems make it into Cluster 1, whereas the respective figures for companies with QMSs, EMSs, and both management systems amount to 59.7%, 85.5%, and 85.0%, respectively. Therefore, Cluster 1 is clearly dominated by companies operating management systems. Cluster 2, on the other hand, with 2,768 organizations, is clearly overpopulated by companies without any management systems (93.0%).


[[File:Fig5 Ronalter EnviroDevSust22 660.png|900px]]
{{clear}}
{| 
 | style="vertical-align:top;" |
{| border="0" cellpadding="5" cellspacing="0" width="900px"
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |<blockquote>'''Figure 5.''' Description of Cluster 1 (source: own elaboration)</blockquote>
 |- 
|}
|}

[[File:Fig6 Ronalter EnviroDevSust22 660.png|900px]]
{{clear}}
{| 
 | style="vertical-align:top;" |
{| border="0" cellpadding="5" cellspacing="0" width="900px"
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |<blockquote>'''Figure 6.''' Description of Cluster 2 (source: own elaboration)</blockquote>
 |- 
|}
|}

Regarding company size, Cluster 1 in particular contains organizations with large market capitalizations (55.7%) and only a few small companies (11.6%). This tendency is underlined by figures from the horizontal analysis. Whereas 59.7% of all large companies are in Cluster 1, only 13.3% of the small companies can be found there. This is clearly an anomaly, given that each company size represents approximately one-third of the full sample. The vertical (32.7%) and horizontal (32.1%) share of medium-sized companies is reasonable, in light of the fact that Cluster 1 makes up only around a third of the full sample. Thus, Cluster 1 is dominated by large companies and, in turn, Cluster 2 is characterized by small companies (41.6%) and an underrepresentation of large organizations (20.6%). This is in line with the observations and remarks concerning firm size and ESG ratings presented above.

When it comes to geography, North American (29.2%) and East Asian (27.9%) firms have almost the same weight in Cluster 1, while companies from Europe are noticeably overrepresented (42.9%). Cluster 2 presents the opposite composition, with more than two-thirds of enterprises located in North America (67.4%) and much smaller shares for East Asian (19.9%) and European firms (12.6%). The horizontal analysis reveals that 65.0% of European enterprises make it into Cluster 1, whereas the respective figures for East Asia and North America are only 43.4% and 19.1%, respectively. This is consistent with the observations and remarks about location and ESG ratings mentioned above.

With respect to sectors, most organizations in Cluster 1 operate in industry (17.0%), consumer cyclicals (17.2%), or finance (20.9%). Considering that this cluster represents only about one-third of the full sample, it is noticeable that 60.2% of the companies engaged in basic materials, 49.8% in consumer non-cyclicals, and 44.6% in industry can be found here. Most organizations in Cluster 2 are engaged in healthcare (14.1%), consumer cyclicals (14.2%), or finance (31.1%).

In addition to the numerous contrasts between the compositions of the clusters, there are also major ESG performance differences between Clusters 1 and 2. As shown in Fig. 7, the mean values for the ESG indicators (V1 to V16) are higher for Cluster 1 than for Cluster 2, except for the ESG controversy score (V3). The smallest performance gap between the two clusters is detected in the shareholder score (V15).


[[File:Fig7 Ronalter EnviroDevSust22 660.png|900px]]
{{clear}}
{| 
 | style="vertical-align:top;" |
{| border="0" cellpadding="5" cellspacing="0" width="900px"
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |<blockquote>'''Figure 7.''' Mean ESG performance, by cluster (source: own elaboration)</blockquote>
 |- 
|}
|}

Cluster 1 clearly presents higher ESG performance ratings. The overall ESG score (V1) achieves a mean of 63.73 and a median of 63.80; both values are more than 35 points higher than for Cluster 2. The scores are comparably high with respect to the environmental (V4), social (V8), and governance (V13) pillars. At the level of single ESG issues, Cluster 1 reveals particularly strong outperformance in terms of resource use (V5) and emissions (V6) in the environmental dimension; workforce (V9) and human rights (V10) in the social pillar; and CSR strategy (V16) in the governance pillar (see Table 11).

{| 
 | style="vertical-align:top;" |
{| class="wikitable" border="1" cellpadding="5" cellspacing="0" width="100%"
 |-
  | colspan="9" style="background-color:white; padding-left:10px; padding-right:10px;" |'''Table 11.''' Descriptive analysis for ESG performance variables, by cluster (source: own elaboration)
 |-
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Indicator
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |''n''
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Mean
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |SD
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Minimum
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |25th percentile
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Median
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |75th percentila
  ! style="background-color:#e2e2e2; padding-left:10px; padding-right:10px;" |Maximum
 |-
  | colspan="9" style="background-color:white; padding-left:10px; padding-right:10px;" |'''Cluster 1'''
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V1
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,515
  | style="background-color:white; padding-left:10px; padding-right:10px;" |63.73
  | style="background-color:white; padding-left:10px; padding-right:10px;" |13.61
  | style="background-color:white; padding-left:10px; padding-right:10px;" |26.75
  | style="background-color:white; padding-left:10px; padding-right:10px;" |53.77
  | style="background-color:white; padding-left:10px; padding-right:10px;" |63.80
  | style="background-color:white; padding-left:10px; padding-right:10px;" |74.23
  | style="background-color:white; padding-left:10px; padding-right:10px;" |93.72
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,515
  | style="background-color:white; padding-left:10px; padding-right:10px;" |60.12
  | style="background-color:white; padding-left:10px; padding-right:10px;" |13.55
  | style="background-color:white; padding-left:10px; padding-right:10px;" |26.09
  | style="background-color:white; padding-left:10px; padding-right:10px;" |50.26
  | style="background-color:white; padding-left:10px; padding-right:10px;" |59.62
  | style="background-color:white; padding-left:10px; padding-right:10px;" |70.74
  | style="background-color:white; padding-left:10px; padding-right:10px;" |93.72
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,515
  | style="background-color:white; padding-left:10px; padding-right:10px;" |85.69
  | style="background-color:white; padding-left:10px; padding-right:10px;" |27.58
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.44
  | style="background-color:white; padding-left:10px; padding-right:10px;" |87.50
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,515
  | style="background-color:white; padding-left:10px; padding-right:10px;" |62.54
  | style="background-color:white; padding-left:10px; padding-right:10px;" |20.19
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3.17
  | style="background-color:white; padding-left:10px; padding-right:10px;" |48.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |64.22
  | style="background-color:white; padding-left:10px; padding-right:10px;" |79.05
  | style="background-color:white; padding-left:10px; padding-right:10px;" |98.89
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V5
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,515
  | style="background-color:white; padding-left:10px; padding-right:10px;" |69.46
  | style="background-color:white; padding-left:10px; padding-right:10px;" |22.31
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |54.71
  | style="background-color:white; padding-left:10px; padding-right:10px;" |73.32
  | style="background-color:white; padding-left:10px; padding-right:10px;" |87.84
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.88
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V6
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,515
  | style="background-color:white; padding-left:10px; padding-right:10px;" |70.28
  | style="background-color:white; padding-left:10px; padding-right:10px;" |22.30
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |55.52
  | style="background-color:white; padding-left:10px; padding-right:10px;" |75.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |88.68
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.88
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V7
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,515
  | style="background-color:white; padding-left:10px; padding-right:10px;" |43.51
  | style="background-color:white; padding-left:10px; padding-right:10px;" |33.52
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |49.38
  | style="background-color:white; padding-left:10px; padding-right:10px;" |76.32
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.84
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V8
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,515
  | style="background-color:white; padding-left:10px; padding-right:10px;" |65.66
  | style="background-color:white; padding-left:10px; padding-right:10px;" |17.35
  | style="background-color:white; padding-left:10px; padding-right:10px;" |13.30
  | style="background-color:white; padding-left:10px; padding-right:10px;" |53.03
  | style="background-color:white; padding-left:10px; padding-right:10px;" |67.57
  | style="background-color:white; padding-left:10px; padding-right:10px;" |79.80
  | style="background-color:white; padding-left:10px; padding-right:10px;" |97.84
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V9
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,515
  | style="background-color:white; padding-left:10px; padding-right:10px;" |74.08
  | style="background-color:white; padding-left:10px; padding-right:10px;" |19.15
  | style="background-color:white; padding-left:10px; padding-right:10px;" |6.05
  | style="background-color:white; padding-left:10px; padding-right:10px;" |62.22
  | style="background-color:white; padding-left:10px; padding-right:10px;" |77.75
  | style="background-color:white; padding-left:10px; padding-right:10px;" |89.85
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.94
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V10
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,515
  | style="background-color:white; padding-left:10px; padding-right:10px;" |56.97
  | style="background-color:white; padding-left:10px; padding-right:10px;" |29.38
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |35.80
  | style="background-color:white; padding-left:10px; padding-right:10px;" |60.26
  | style="background-color:white; padding-left:10px; padding-right:10px;" |82.12
  | style="background-color:white; padding-left:10px; padding-right:10px;" |98.91
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V11
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,515
  | style="background-color:white; padding-left:10px; padding-right:10px;" |65.47
  | style="background-color:white; padding-left:10px; padding-right:10px;" |27.19
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.55
  | style="background-color:white; padding-left:10px; padding-right:10px;" |45.06
  | style="background-color:white; padding-left:10px; padding-right:10px;" |71.88
  | style="background-color:white; padding-left:10px; padding-right:10px;" |88.93
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.89
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V12
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,515
  | style="background-color:white; padding-left:10px; padding-right:10px;" |62.43
  | style="background-color:white; padding-left:10px; padding-right:10px;" |27.50
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |35.42
  | style="background-color:white; padding-left:10px; padding-right:10px;" |68.41
  | style="background-color:white; padding-left:10px; padding-right:10px;" |86.51
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.87
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V13
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,515
  | style="background-color:white; padding-left:10px; padding-right:10px;" |61.42
  | style="background-color:white; padding-left:10px; padding-right:10px;" |19.34
  | style="background-color:white; padding-left:10px; padding-right:10px;" |5.85
  | style="background-color:white; padding-left:10px; padding-right:10px;" |47.67
  | style="background-color:white; padding-left:10px; padding-right:10px;" |63.22
  | style="background-color:white; padding-left:10px; padding-right:10px;" |77.01
  | style="background-color:white; padding-left:10px; padding-right:10px;" |97.76
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V14
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,515
  | style="background-color:white; padding-left:10px; padding-right:10px;" |62.70
  | style="background-color:white; padding-left:10px; padding-right:10px;" |25.68
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.35
  | style="background-color:white; padding-left:10px; padding-right:10px;" |43.83
  | style="background-color:white; padding-left:10px; padding-right:10px;" |65.70
  | style="background-color:white; padding-left:10px; padding-right:10px;" |85.10
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.72
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V15
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,515
  | style="background-color:white; padding-left:10px; padding-right:10px;" |55.75
  | style="background-color:white; padding-left:10px; padding-right:10px;" |27.77
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.22
  | style="background-color:white; padding-left:10px; padding-right:10px;" |32.82
  | style="background-color:white; padding-left:10px; padding-right:10px;" |59.38
  | style="background-color:white; padding-left:10px; padding-right:10px;" |79.58
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.85
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V16
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1,515
  | style="background-color:white; padding-left:10px; padding-right:10px;" |63.55
  | style="background-color:white; padding-left:10px; padding-right:10px;" |25.03
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |46.72
  | style="background-color:white; padding-left:10px; padding-right:10px;" |67.39
  | style="background-color:white; padding-left:10px; padding-right:10px;" |85.37
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.89
 |-
  | colspan="9" style="background-color:white; padding-left:10px; padding-right:10px;" |'''Cluster 2'''
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V1
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2,768
  | style="background-color:white; padding-left:10px; padding-right:10px;" |28.02
  | style="background-color:white; padding-left:10px; padding-right:10px;" |11.89
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.06
  | style="background-color:white; padding-left:10px; padding-right:10px;" |19.23
  | style="background-color:white; padding-left:10px; padding-right:10px;" |27.02
  | style="background-color:white; padding-left:10px; padding-right:10px;" |36.03
  | style="background-color:white; padding-left:10px; padding-right:10px;" |66.90
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V2
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2,768
  | style="background-color:white; padding-left:10px; padding-right:10px;" |27.83
  | style="background-color:white; padding-left:10px; padding-right:10px;" |11.77
  | style="background-color:white; padding-left:10px; padding-right:10px;" |1.06
  | style="background-color:white; padding-left:10px; padding-right:10px;" |19.14
  | style="background-color:white; padding-left:10px; padding-right:10px;" |26.84
  | style="background-color:white; padding-left:10px; padding-right:10px;" |35.69
  | style="background-color:white; padding-left:10px; padding-right:10px;" |66.90
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V3
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2,768
  | style="background-color:white; padding-left:10px; padding-right:10px;" |96.32
  | style="background-color:white; padding-left:10px; padding-right:10px;" |14.89
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.60
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |100.00
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V4
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2,768
  | style="background-color:white; padding-left:10px; padding-right:10px;" |10.22
  | style="background-color:white; padding-left:10px; padding-right:10px;" |14.51
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2.90
  | style="background-color:white; padding-left:10px; padding-right:10px;" |16.41
  | style="background-color:white; padding-left:10px; padding-right:10px;" |82.28
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V5
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2,768
  | style="background-color:white; padding-left:10px; padding-right:10px;" |10.42
  | style="background-color:white; padding-left:10px; padding-right:10px;" |17.41
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |16.33
  | style="background-color:white; padding-left:10px; padding-right:10px;" |95.17
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V6
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2,768
  | style="background-color:white; padding-left:10px; padding-right:10px;" |11.77
  | style="background-color:white; padding-left:10px; padding-right:10px;" |17.84
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |19.73
  | style="background-color:white; padding-left:10px; padding-right:10px;" |92.86
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V7
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2,768
  | style="background-color:white; padding-left:10px; padding-right:10px;" |7.72
  | style="background-color:white; padding-left:10px; padding-right:10px;" |18.68
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.38
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V8
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2,768
  | style="background-color:white; padding-left:10px; padding-right:10px;" |28.90
  | style="background-color:white; padding-left:10px; padding-right:10px;" |14.83
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.35
  | style="background-color:white; padding-left:10px; padding-right:10px;" |17.56
  | style="background-color:white; padding-left:10px; padding-right:10px;" |28.25
  | style="background-color:white; padding-left:10px; padding-right:10px;" |38.92
  | style="background-color:white; padding-left:10px; padding-right:10px;" |85.09
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V9
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2,768
  | style="background-color:white; padding-left:10px; padding-right:10px;" |31.18
  | style="background-color:white; padding-left:10px; padding-right:10px;" |21.19
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.11
  | style="background-color:white; padding-left:10px; padding-right:10px;" |13.78
  | style="background-color:white; padding-left:10px; padding-right:10px;" |27.75
  | style="background-color:white; padding-left:10px; padding-right:10px;" |44.93
  | style="background-color:white; padding-left:10px; padding-right:10px;" |98.40
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V10
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2,768
  | style="background-color:white; padding-left:10px; padding-right:10px;" |8.22
  | style="background-color:white; padding-left:10px; padding-right:10px;" |17.93
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |3.10
  | style="background-color:white; padding-left:10px; padding-right:10px;" |94.84
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V11
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2,768
  | style="background-color:white; padding-left:10px; padding-right:10px;" |41.01
  | style="background-color:white; padding-left:10px; padding-right:10px;" |24.49
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.59
  | style="background-color:white; padding-left:10px; padding-right:10px;" |20.25
  | style="background-color:white; padding-left:10px; padding-right:10px;" |42.18
  | style="background-color:white; padding-left:10px; padding-right:10px;" |61.57
  | style="background-color:white; padding-left:10px; padding-right:10px;" |98.91
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V12
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2,768
  | style="background-color:white; padding-left:10px; padding-right:10px;" |28.09
  | style="background-color:white; padding-left:10px; padding-right:10px;" |21.21
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |14.72
  | style="background-color:white; padding-left:10px; padding-right:10px;" |28.89
  | style="background-color:white; padding-left:10px; padding-right:10px;" |35.29
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.60
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V13
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2,768
  | style="background-color:white; padding-left:10px; padding-right:10px;" |39.11
  | style="background-color:white; padding-left:10px; padding-right:10px;" |20.41
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.31
  | style="background-color:white; padding-left:10px; padding-right:10px;" |22.96
  | style="background-color:white; padding-left:10px; padding-right:10px;" |37.13
  | style="background-color:white; padding-left:10px; padding-right:10px;" |55.22
  | style="background-color:white; padding-left:10px; padding-right:10px;" |87.41
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V14
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2,768
  | style="background-color:white; padding-left:10px; padding-right:10px;" |43.17
  | style="background-color:white; padding-left:10px; padding-right:10px;" |27.92
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.15
  | style="background-color:white; padding-left:10px; padding-right:10px;" |18.70
  | style="background-color:white; padding-left:10px; padding-right:10px;" |40.24
  | style="background-color:white; padding-left:10px; padding-right:10px;" |66.01
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.98
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V15
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2,768
  | style="background-color:white; padding-left:10px; padding-right:10px;" |45.99
  | style="background-color:white; padding-left:10px; padding-right:10px;" |28.93
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.02
  | style="background-color:white; padding-left:10px; padding-right:10px;" |20.54
  | style="background-color:white; padding-left:10px; padding-right:10px;" |43.61
  | style="background-color:white; padding-left:10px; padding-right:10px;" |69.92
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.92
 |-
  | style="background-color:white; padding-left:10px; padding-right:10px;" |V16
  | style="background-color:white; padding-left:10px; padding-right:10px;" |2,768
  | style="background-color:white; padding-left:10px; padding-right:10px;" |8.46
  | style="background-color:white; padding-left:10px; padding-right:10px;" |17.36
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |0.00
  | style="background-color:white; padding-left:10px; padding-right:10px;" |6.96
  | style="background-color:white; padding-left:10px; padding-right:10px;" |99.45
 |-
|}
|}

Cluster 2 shows relatively low ESG ratings. In concrete terms, the overall score (V1) is only 28.02 on average, with a median value of 27.02. The respective values for the three ESG dimensions are especially low for the environmental (V4) and social (V8) dimensions, while the highest scores are detected in the governance pillar (V13). With respect to the numerous ESG issues, Cluster 2 presents its highest performance in the management (V14) and shareholder categories (V15). These two indicators are also those with the lowest underperformance as opposed to Cluster 1 (see Table 11).

In summary, the cluster analysis produces two large clusters; most of the companies with QMSs (59.7%), EMSs (85.5%), or both management systems (85.0%) are grouped in Cluster 1, whereas most companies without management systems (80.7%) populate Cluster 2. In addition, Cluster 1 is characterized by a high percentage of large organizations and European companies. The first cluster shows significantly higher values for the 10 ESG category scores, the three ESG pillar scores, and the (combined) ESG score than the second cluster. In conclusion, the patterns detected through the cluster analysis support H1 to H6 and make it possible to answer RQ1 positively. The analysis offers insight into RQ2 by showing that Cluster 1 outperforms Cluster 2 regarding all ESG issues, while revealing the smallest performance gap for the shareholder category (V15). Referring to RQ3, the composition of the clusters supports H7 to H9 with respect to companies with QMSs only.

==Discussion==
The statistically significant outperformance of firms with QMSs and/or EMSs as opposed to companies without such management systems for all ESG category scores (except for V15 for Group 2) aligns with previous research that revealed the positive impacts of these management systems on several issues in all three ESG pillars, including waste reduction (E) and improvements in customer (S) and internal (G) communication for QMSs (e.g. Sampaio et al., 2009; Zimon et al., 2021), and improved resources consumption (E), enhanced stakeholder relationships (S), and better manager involvement (G) for EMSs. (e.g. Boiral et al., 2018) Therefore, the results support the literature review summarized in Table 1 and contribute to the debate regarding the positive relationship between QMSs/EMSs and CSP. (e.g. Ferreira et al., 2019) Furthermore, it is noteworthy that although both management systems have comparable benefits for areas such as workforce (V9), product responsibility (V12), and management (V13) (see Table 1), the empirical results reveal varying magnitudes for these benefits as measured by ESG category scores, with Group 2 significantly underperforming compared to Group 3 for V9, outperforming it for V12 and presenting comparable results for V13. This contributes valuable in-depth information to the existing literature reviews about the benefits of implementing QMSs and EMSs that do not mention data-based, magnitude-related differences between both types of management systems. (Tarí et al. 2012, Aba and Badar 2013) Furthermore, in regard to stakeholder theory, this study evidences the management systems focus on specific stakeholder groups, such as QMSs’ overperformance in V12 being mainly beneficial for customers and EMSs’ V9 overperformance being favourable for employees.

In addition to discussing the results of the full sample, more light should be shed on the deviations detected in relation to the control variables. The descriptive analysis reveals more statistically significant differences between the four sample groups for large companies than for SMEs. Furthermore, Cluster 1 presents strong underrepresentation of small firms, thus demonstrating that large companies are more likely to achieve higher ESG scores. These findings relating to company size are consistent with previous research on ESG ratings (e.g. Drempetic et al., 2020) and might be due to the fact that SMEs have fewer resources to implement environmental strategies (e.g. Stubblefield Loucks et al., 2010), and because firm size moderates issues such as stakeholder pressure and impacts media coverage (e.g. Darnall et al., 2010; Seroka‐Stolka & Fijorek, 2020), which in turn affects quality and environmental disclosure. (e.g. Dienes et al., 2016; Junita & Yulianto, 2018; Solikhah & Subowo, 2020) Furthermore, the analyses confirmed that European companies tend to achieve higher ESG ratings than firms from East Asia or North America, a finding that is generally aligned with previous cross-regional sustainability research. (e.g. Thanetsunthorn, 2015) The geographic heatmap of ESG performances for 2018, as presented by Daugaard and Ding (2022), visualizes the ESG scores around the globe and shows that other providers of ESG data (these authors used Sustainalytics as data source) also confirm the European ESG-related superiority. Such geographical differences in CSP might be due to different sociocultural systems, legal frameworks, and stakeholder pressure for sustainability in the three regions. (e.g. Camilleri, 2015; Rosati & Faria, 2019; Singhania & Saini, 2021; Tran & Beddewela, 2020; Yu & Rowe, 2017) Furthermore, it should be noted that such formal and informal institutional frameworks also play a pivotal role in facilitating or obstructing the difussion of standards (e.g. Delmas & Montes-Sancho, 2011; Orcos et al., 2018), including promotional, informational, financial, and legal measures (Pantelitsa et al., 2018), which in turn impacts ESG scores, as demonstrated by this study. Therefore, it is worth noting that the European and Asian countries included in the sample experience greater QMS and EMS diffusion rates than North American countries. (ISO, 2021)

Comparable normative and coercive pressures might also contribute to the deviations detected regarding sectors. Business sectors have varying levels of competition and stakeholder pressure (e.g. Betts et al., 2015; Yalabik & Fairchild, 2011), as well as varying needs, motivations, and barriers regarding management systems implementation. As indicated in ISO's 2020 survey results (2021), the tendency to adopt QMSs and EMSs does indeed differ among sectors. Moreover, the documented impact of the nature of business operations on ESG scores might be partially explained by the differing degree of ESG transparency among sectors. (e.g. Tamimi & Sebastianelli, 2017) The cluster analysis, however, with its two distinctive clusters of ESG performance patterns, clearly reveals that Cluster 1 is overpopulated by companies with management systems, which holds true for every control variable (except for the industrial sector). However, even though companies without QMSs or EMSs are found in the cluster with the higher ESG scores, this likelihood appears to be connected to the sector type, location, and firm size. Future research should seek to gather more data on the variances identified in relation to the control variables, as well as on possible interdependencies among these.

In summary, the cluster composition supports the proposed ESG-related advantages of adopting management systems. Furthermore, companies with EMSs or both management systems are more likely to be in Cluster 1 (on average 85.5% and 85%, respectively) than firms operating with QMSs only (59.7%) for most control variable inputs. This is in-line with both the descriptive analysis of the full sample, which shows that Group 3 outperforms Group 2 in several ESG categories (see Tables 4 and 6), as well as the summarized literature review (see Table 1), which only reveals ESG-related benefits of EMSs for some areas, such as emissions (e.g. Russo, 2009) and regulatory compliance. (e.g. Bravi et al., 2020; Morrow & Rondinelli, 2002) Hence, it appears reasonable that combining both management systems is significantly more favourable than operating with QMSs alone (thus confirming H7 to H9 for QMSs). However, this combination leads to slight decline in performance in the governance dimension as opposed to running EMSs only (thus refuting H7 to H9 for EMSs). This might be due to the duplication of tasks and the suboptimal use of resources when multiple separate management systems are in place (e.g. Lim et al., 2020) or the negative effects of carrying out practices with comparable goals (compare, for example, Franco et al., 2020) outweighing the potential benefits of combining the systems. This contributes to the line of discussion related to complementarities in the capabilities required for QMS and EMS adoption and their impact on business performance. (e.g. Allur et al., 2018; Ferrón Vílchez & Darnall, 2016) Moreover, this result calls for more detailed studies on the ESG-related impacts of having multiple management systems, while distinguishing if companies simply add or actually integrate these systems (Sampaio et al., 2012), as integration can lead to a reduction in administrative burdens and progress in the sustainable development of corporations (Jørgensen et al., 2006), among other benefits. 

Regrettably, it is not possible to draw any conclusions from the study sample about either the integration level (none, partial, or full) (Asif et al., 2010; Bernardo et al., 2017) nor the corresponding integration strategies (QMS or EMS implemented first or simultaneous implementation). (Karapetrovic & Willborn, 1998) Therefore, addressing the integration maturity level (Domingues et al., 2016), which evidently affects CSP (Poltronieri et al., 2018, 2019), would contribute additional knowledge related to the results of this work.

==Conclusions==
The literature suggests that ESG themes may be anchored in management systems (Schmid et al., 2017), thus leading to increased scores in certain pillars (Broadstock et al., 2021), and this paper aims to empirically prove that quality and environmental management systems are indeed suitable business tools to achieve significantly higher performance in the environmental, social, and governance dimensions.

The analysis reveals two major clusters, which demonstrate quite different ESG score patterns for firms with and without the aforementioned management systems. The findings support hypotheses H1 to H6 as well as H7 to H9 for firms with QMSs, while revealing some exceptions related to the control variables. In summary, the work concludes that both QMSs and EMSs enable companies to achieve enhanced ESG performances (RQ1), thus being suitable business tools for addressing sustainability-related stakeholder demands. It is further demonstrated that, despite sharing certain comparable sustainability-related benefits, management systems present varying strengths and weaknesses when it comes to tackling specific ESG categories, while, overall, EMSs achieve a greater impact than QMSs on ESG pillar scores (RQ2). Consequently, combining both management systems leads to statistically significant improved ESG performance compared to operating QMSs alone, whereas the combination leads to slightly, albeit not significantly, improved scores in the environmental and social pillars and minor performance losses in the governance dimension compared to operating EMSs only (RQ3). 

Through these conclusions, this work makes three key contributions to the literature and allows to derive several academic, managerial, and policy-related implications aimed at satisfying stakeholders’ needs for greater CSP. First, this paper contributes to the literature on the impact of QMSs and EMSs on companies’ ESG performance (e.g. Chams et al., 2021; Miralles-Quirós et al., 2019) by directly linking the concept of ESG ratings to quality and environmental management systems. As such, the focus is on all three pillars simultaneously as opposed to one dimension alone. (e.g. Alsayegh et al., 2020; Frolova & Lapina, 2015; Russo, 2009) In this context, sorting the benefits of implementing QMSs and EMSs by a detailed ESG classification, which is broadly used and accepted by practitioners, represents a valuable step. 

Second, to the best of the authors’ knowledge, this is the first study to quantitatively investigate the relationship between management system implementation and ESG scores. Thus, it contributes to the academic literature by empirically proving the positive impact of QMS and EMS implementation on ESG performance through a large-scale, cross-regional analysis.

Finally, this study sheds some additional light on the advantages of management systems in the context of stakeholder theory, as it shows that their adoption leads to positive developments in CSP-relevant organization/stakeholder relations such as workforce, customers, and community, as well as in the environmental dimension.

===Managerial implications===
The results show corporate executives that management systems adoption represents a way of successfully responding to the increasing CSP demands of stakeholders in areas such as product responsibility, which is best addressed by QMSs, and resource use and emissions, which are best addressed by EMSs. Decision-makers find out about the single ESG-related benefits of QMSs and EMSs with respect to the numerous stakeholder issues, as well as how combining them can impact CSP. This enables them to implement management systems in accordance with their firm’s individual sustainability needs. In view of the global green awakening and its influence on business success (e.g. Hoffman, 2018; Weidinger, 2014), such knowledge will likely become a competitive advantage for enterprises and a benefit for their stakeholders. (e.g. Cantele & Zardini, 2018; Kahupi et al., 2021; Laszlo & Zhexembayeva, 2017)

===Policy implications===
The findings of this work support studies that declare management systems to foster CSP (see Table 1), thus emphasizing the importance of their international diffusion. (Heras-Saizarbitoria & Boiral, 2013) Therefore, regulators should take advantage of the fact that companies view regulators as the stakeholder group with the strongest influence on organizations’ environmental sustainability efforts. (Deloitte, 2021) The differences detected in ESG scores across regions and company sizes call for greater standardization in sustainability reporting. (e.g. Mynhardt et al., 2017) In addition, to encourage CSP across all industries, policymakers must closely monitor which sectors are shifting towards greater sustainability due to pressure from certain stakeholder groups, and which sectors require additional institutional pressure to increase ESG practices, thus allowing coercive and regulatory forces to be balanced to foster the global diffusion of standards. (e.g. Braun, 2019; Delmas & Montes-Sancho, 2011)

===Academic implications===
The relationship identified allows deepening the research on which management systems can lead to a better ESG performance. Thus, the importance and impact of management systems implementation, as well as their internalization, is still crucial to make companies more efficient and sustainable. Also, the stakeholder theory framework has been identified as important as stakeholders can be the drivers for implementing more sustainable practices, such as management systems.

===Limitations and future research===
Future research should be directed at overcoming this study’s limitations as well as enlarging and/or specifying the research scope. Firstly, the chosen database and its ESG classification—ESG database providers use their own methodologies (Avetisyan & Hockerts, 2017), thus conceptualizing the ESG dimensions differently (Saadaoui & Soobaroyen, 2018)—impact the availability and quality of data. Hence, subsequent research should consider different databases to support the outcomes. Secondly, the study is intentionally directed at QMSs and EMSs in general, thus providing space for both either restricting this focus to specific MSSs (such as ISO 9001 and ISO 14001) or expanding it to other types of management systems (such as OHS) or related practices. Thirdly, the study’s data sample makes no statements regarding the integration level (e.g. Karapetrovic, 2002) of companies with both management systems or if other management-related practices are in place (e.g. Franco et al., 2020), which is why future investigations should shed light on the degree of integration, firm-specific circumstances, and their impacts. Fourthly, albeit the country-clustering considers common economic, cultural, and regulatory features, there are nevertheless likely to be certain management systems-related differences among countries from the same regions (e.g. Pan, 2003), which is why more in-detail research is needed for single countries. Fifthly, the chosen methodology implies certain limitations. Despite conducting a time filtering, this study is not longitudinal, only depicting the year 2019, thus demanding to verify the outcomes for other time periods (see, e.g. the longitudinal panel data analysis applied by Hernandez-Vivanco et al. (2019) for combinations of MSSs and firm financial performance). Moreover, applying other methodologies such as the mentioned panel data analysis (Homburg et al., 2017; Yıldırım, 2021) and structural equation modelling (SEM) (Barrett, 2007) might enable researchers to draw additional or adjusted conclusions and give a broader picture of the relationship between management systems implementation and ESG performance.

==Acknowledgements==
The database used has been funded by the Catalan Government program “Ajuts a Grups de Recerca. SGR 2017,” specifically for the project 2017SGR1641. Further, Javier Romaní acknowledges support from Grant PID2020-114896RB-I00 (Agencia Estatal de Investigación, AEI / 10.13039/501100011033; Spanish State Plan for Scientific and Technical Research and Innovation 2017-2020).

===Funding===
Open Access funding provided thanks to the CRUE-CSIC agreement with Springer Nature. Catalan Government program “Ajuts a Grups de Recerca. SGR 2017.”

===Data availability===
The data that support the findings of this study are available from Refinitiv Eikon, but restrictions apply to the availability of these data, which were used under licence for the current study, and so are not publicly available. Data are, however, available from the authors upon reasonable request and with permission of Refinitiv Eikon.

===Conflict of interest===
None stated.

==References==
{{Reflist|colwidth=30em}}

==Notes==
This presentation is faithful to the original, with only a few minor changes to presentation, spelling, and grammar. We also added PMCID and DOI when they were missing from the original reference. The original article lists references in alphabetical order; however, this version lists them in order of appearance, by design.

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[[Category:LIMSwiki journal articles (added in 2022)]]
[[Category:LIMSwiki journal articles (all)]]
[[Category:LIMSwiki journal articles on quality management]]