Luigi Lepore

Utilities have a key role in the transition to a more economically and socially sustainable future. Driven by pressures from investors, regulators, government and society, companies across all sectors are setting bold ambitions for sustainability. However, they strongly depend on the utility industry meeting their own sustainability goals. Despite the relevance of their role, the determinants and obstacles to the adoption of sustainability practices by utility companies have been little investigated by scholars. This article aims to bridge this gap through a systematic literature review of 72 articles published from 1990 to 2023 in the accounting and management fields. After the analysis of bibliometric data and keywords used for science mapping, this study developed an in-depth review of the literature. Five different clusters, corresponding to the main research topics on which management and accounting literature has focused over the last 30 years, were identified. The results highlight that the expanding regulation and institutional pressures coming from governments, financial investors, consumers and society represent the primary factors that are driving utility companies toward sustainability. However, there are still several obstacles preventing utility companies from radically changing their business models, including the high costs associated with the technological and process innovations required. This study offers theoretical and practical contributions and policy implications. It contributes to systematizing literature on this topic, evidencing existing gaps and future research guidelines. It also outlines some managerial propositions that may be useful for practitioners, governments and policymakers.