Strategic Impact of EU Taxonomy on Pharmaceutical Firms' Performance
研究了2024年欧盟分类法对制药企业财务绩效的影响，发现分类法本身不直接影响绩效，但ESG可持续性有正面作用，且分类法通过ESG的中介效应不显著。
ABSTRACT Sustainability has become a central concern in economic policy and corporate governance, increasingly formalised through regulatory frameworks of the European Union (EU). The European Commission has published the EU Taxonomy, which allows economic activities and their contribution to sustainability to be analysed, taking into account indicators and variables related to the environment. With the aim of assessing the impact of this system, its repercussions on performance and awareness in the pharmaceutical industry are analysed for the period 2024 using variables obtained from Thomson Reuters Eikon. To this end, the partial least squares structural equation modelling (PLS‐SEM) model is used, which allows us to highlight that alignment with the EU Taxonomy does not influence financial performance, while the environmental, social and governance (ESG) sustainability profile does have a positive effect on such performance. However, there is no evidence of a mediating effect between the EU Taxonomy and business performance through the ESG sustainability profile, which could lead to a lack of knowledge or understanding of these measures within organisations. These results are therefore key for business leaders, as they enable them to raise awareness of current regulations and understand the importance of integrating sustainable practices that not only meet regulatory requirements but also drive competitiveness and long‐term value creation. Evidence shows that ESG indices have a greater impact on the awareness and practices of stakeholders than other reporting frameworks promoted by the EU. At the same time, it is essential to continue analysing these types of variables in the various economic activities of society, with the aim of raising awareness and analysing their true impact on the organisation and competitiveness of businesses.