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Forum | Papers » European Companies’ Environmental performance and centrality of the Board: evidence from a network analysis

European Companies’ Environmental performance and centrality of the Board: evidence from a network analysis

Anna Maria D’Arcangelis, Alessandra Ortolano
June 2026 - n. 6
Keywords: Reti di amministratori, performance Esg, punteggio ambientale, misure di centralità, comitati di sostenibilità
Jel codes: G3, Q56, L14

Networks between board members are not just relational structures: they represent channels through which skills, governance practices and strategic sensitivities circulate. In this study, which focuses on non-financial corporations, we analyze whether the position occupied by European boards in interlocking networks is reflected in their environmental performance. Using BoardEx and Lseg Workspace data for European non-financial corporations (2012-2021), we estimate panel models with fixed firm-year effects. Degree and eigenvector centrality emerge as levers associated with better E-scores, while the sustainability committee modulates the effectiveness of these dynamics. Analysis with fixed country effects and a test with carbon intensity confirm the solidity of the results. The work highlights the contribution of governance networks to Esg processes.

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