Drivers and Barriers of Environmental, Social and Governance Information in Investment Decision-Making: The Spanish Case

  •  Juan Diego Paredes-Gazquez    
  •  Laura Lazcano Benito    
  •  Marta de la Cuesta Gonzalez    


Socially responsible investment (SRI) and the consideration of environmental, social and governance (ESG)issues when investing has experienced tremendous growth in recent years around the world and especially inEurope. The aim of this paper is to analyse the drivers and barriers to the integration of ESG information in thefinancial market and why Spain has not kept pace with countries that have traditionally been leaders in SRI. Forthis purpose, we interviewed Spanish investors, asset managers, analysts and invested companies (in particularinvestor relations departments) to analyze their perceptions of ESG integration and determine the specific driversand barriers to ESG integration in investment.

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