The Environmental Component of CSR Specific to Energy Companies Listed on Bucharest Stock Exchange

Corporate Social Responsibility (CSR) is a concept that currently shapes the activity of Romanian companies, especially those with foreign capital, which are in fact the main promoters of social involvement. CSR is more important in the case that the initiating company has an adverse impact on the environment. For this reason, for our analysis, we chose the energy companies that are listed on the Bucharest Stock Exchange (BSE) and that, in order to ensure transparency, publish as detailed information on their activity and their social involvement. Specifically, we analyzed the environmental component of CSR specific to companies that are part of the BET-NG index. This sectoral index was launched in 2008 by the Bucharest Stock Exchange. The index focuses on the evolution of listed companies that have as their main activity field the energy and utilities. CSR activity is being pursued not only by consumers, suppliers, clients or NGOs, but also by portfolio investors. The portfolio investors' approach has changed over the past decades, meaning that besides the classical criteria of return and risk, they also take into account the social involvement of the issuing companies. Our analysis demonstrates an intense social involvement in the case of companies with foreign capital in the energy sector quoted on BSE, the protection of the environment being the main concern. In addition, we observed that there is a lack of concern in promoting the concept of CSR by state-owned companies, which should be a trend setter in this field.