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Sustainable investing has been gaining momentum in recent years. This paper investigates the relationship between ownership structure, sustainability performance, and financial performance using a structural equation modelling (SEM) approach in the shipping sector by utilizing 56 listed shipping companies’ financial and Environmental, Social and Governance (ESG) ratings information. The results provide evidence that institutional ownership is positively associated with ESG scores, particularly from firms listed in the U.S. suggesting these investors’ consciousness in ESG investments in shipping stocks. Conversely, family ownership is negatively related to ESG ratings, while public ownership is more financially performance-driven, but not ESG-conscious. Additionally, firms with larger market capitalization tend to achieve higher ESG scores. However, this study finds no statistically significant relation between sustainability and financial performance. This research enhances the understanding of the investment behavior in the international shipping sector and has implications for investment strategy, investor relationship and policy development.
Jia et al. (Mon,) studied this question.
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