Annalisa Baldissera – University of Brescia, Department of Law, Via San Faustino, 41, 25122, Brescia, Italy

Keywords:                       ESG;
Blue Chips;
MIB ESG Index;
Italian companies;
Financial performance;
ESG performance;


Abstract: This study aims to analyze the relationship between financial per­formance and ESG performance with particular reference to a market seg­ment characterized by high liquidity. The research concerns, in fact, the Ital­ian blue chips that make up the MIB ESG index, that is, the first forty com­panies among the best sixties. The methodology used is based on a sample of the top ten companies in the index and uses regression analysis, assum­ing liquidity ratio, debt ratio, ROE and ROA as independent variables, while dependent variables are ESG scores. The results show that relationships be­tween variables are mostly positive. However, they are still rather weak and therefore have room for improvement. The study helps to deepen the knowl­edge of a market segment still little studied in the literature.

9th International Scientific ERAZ Conference – ERAZ 2023 – Selected Papers: KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT, hybrid – online, virtually and in person, Prague, Czech Republic, June 1, 2023

ERAZ Selected Papers published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia

ERAZ conference partners: Faculty of Logistics, University of Maribor, Maribor (Slovenia); University of National and World Economy – UNWE, Sofia (Bulgaria); Center for Political Research and Documentation (KEPET), Research Laboratory of the Department of Political Science of University of Crete (Greece); Institute of Public Finance – Zagreb (Croatia); Faculty of Tourism and Hospitality Ohrid, University of St. Kliment Ohridski from Bitola (North Macedonia)

ERAZ Conference 2023 Selected Papers: ISBN 978-86-80194-73-8, ISSN 2683-5568, DOI:

Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License ( which permits non-commercial use, reproduction and distribution of the work without further permission. 

Suggested citation

Baldissera, A. (2023). Financial Performance and Large Sustainable Companies: What Relationships in the Italian Blue Chips of the MIB ESG Index?. In V. Bevanda (Ed.), ERAZ Conference – Knowlegde Based Sustainable Development: Vol 9. Selected Papers (pp. 73-82). Association of Economists and Managers of the Balkans.


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