Co-Authors: Krystallis, A., Apostolaki, S. & Alexopoulos, A.
The results of our recent survey on how Greek society perceives the environmental, social, and governance (ESG) efforts of businesses operating in the country—the 2025 Hellenic ESG Barometer—have been released.
The survey, conducted through a representative sample of 1,000 adults (with a minor underrepresentation of individuals over 65 due to the mobile platform used), offers a clear reflection of public sentiment toward ESG. Despite growing awareness of the United Nations Sustainable Development Goals (SDGs), Greek society exhibits deep skepticism about the commitment and integrity of businesses regarding ESG performance.
One of the most important findings is the low level of trust in companies' environmental and social performance. While some firms may position ESG as a strategic priority, the public remains unconvinced. When asked whether businesses “deliver on what they promise,” the responses revealed significant doubt. This indicates a gap between corporate ESG communication and public perception.
Are Corporate ESG Efforts Socially Legitimate?
The Greek public largely believes that companies are driven more by profitability and competitive advantage than by genuine or moral motives when engaging in ESG. Notably, the motive of “moral obligation underlying ESG efforts” received the lowest score in the entire survey, suggesting that businesses are seen more as self-serving entities than as stewards of sustainable development (see Figure 1, below)
Figure 1. Please rate the performance of businesses in our country in the following areas of ESG / Corporate Social Responsibility (CSR) and sustainability.
It is also important to note a strong relationship between how much people trust institutions (such as government, media, NGOs, and businesses, see Figure 2 below)) and how credible they find ESG claims. Those with high institutional trust are more receptive to ESG narratives and believe businesses can be part of the solution. Those with low trust tend to see ESG as superficial or mere window-dressing. Our segmentation analysis shows significant heterogeneity in how Greeks interpret firms’ ESG efforts. Fortunately, there are segments of the public that may serve as allies for firms that have genuinely embedded sustainability into their strategy (see Figure 2 below).
Figure 2. How much do you trust each of the following institutions?
Interestingly, respondents favor financial sanctions for companies that fail to meet ESG standards more strongly than they support financial rewards for compliant firms. This preference underscores the extent of public disappointment and the call for stronger regulation and oversight.
At the same time, individual engagement with firms’ ESG efforts remains limited. While one in four employees would accept lower pay to work for a socially responsible company, and one in three consumers would pay more for sustainable products, the broader trend reveals a reluctance to personally bear the cost of ESG objectives. This contradiction—supporting corporate accountability while showing limited personal responsibility—reflects a complex societal attitude that both policymakers and business leaders must consider.
Our findings indicate that for businesses in Greece to earn social legitimacy, they must move beyond symbolic gestures and demonstrate real commitment and transparency in their ESG practices.
*Results of the 2025 Hellenic ESG Barometer can be downloaded here.
** The Barometer, is a biennial initiative run by the Theodore Papalexopoulos Chair in Sustainability at Alba Graduate Business School, in collaboration with the Centers of Excellence in Food, Tourism & Leisure and Sustainability, and under the auspices of the Sustainability Office - Public Affairs at The American College of Greece, aims to track the social legitimacy of business activity in Greece.
