A multi-criteria model for measuring the sustainability orientation of Italian water utilities.

This article investigates the influence of socioeconomic context and stakeholder pressure on water utilities' sustainability performance and disclosure. The Urban Water Cycle Services (UWCS) framework has been adapted to the Italian context and integrated with a social equity variable, which enhances the framework's ability to account for the distinctive characteristics and mission of water utilities in measuring sustainability performance. The sample comprises 17 Italian utilities providing water services that released a sustainability report in 2021. The results show that the socioeconomic context and stakeholder pressure influence how water utilities align with economic, environmental, and social sustainability goals. Listed multi-utility companies are strongly influenced by private shareholders, pushing them towards financial sustainability, while small public water utilities are more sensitive to the needs of their disadvantaged users, especially in low-income contexts. The findings of the study have interesting theoretical, managerial and policy implications. • Sustainability is a complex topic. • Listed companies favour shareholders, showing greater attention to the economic dimension of sustainability. • Mixed companies do not actually select any reference category, but tend to pay equal attention to all the different dimensions of the performance measurement model. • Fully public companies are driven by the socioeconomic context. • Stakeholders seem to play an active role in guiding the sustainability performance of water utilities. [ABSTRACT FROM AUTHOR]