| Abstract [eng] |
The current way of life is, in many cases, environmentally unsustainable. Excessive consumption and limited resources encourage people to produce recyclable products and reduce the amount of pollution. With the increase in climate change phenomena and mass destruction of nature, it is increasingly important to develop new progressive environmental practices to maximally protect our environment. In many countries of the world, even in the progressive western world, corporate social responsibility is debatable. In many cases, there is a desire to not follow rules and regulations for various reasons. All these factors are defined by environmental, social and governance principles (ESG). They are currently particularly relevant, and the methodologies for assessing their influence are currently multifaceted and do not give one correct answer. According to research data, there is no unanimous conclusion as to whether ASV practices, which are increasingly important in the market, have a positive effect on the value of companies' shares compared to companies that still do not follow these practices. Considering these practices, trends in the development of society's social norms and especially climate change, these securities should be the most sought after in the market. The biggest problem is equating the concept of ESG only with environmental protection - social and management principles are forgotten when talking about environmental protection in green finance forums. It is often mentioned that ESG ratings do not influence the evaluation of a company's greenness, so it is important to identify ESG indicators that influence the share price. The purpose of the study is to determine the impact of ESG factors on company share prices. Research methods - systematic analysis of scientific literature, synthesis, systematization, comparison, data processing of Bloomberg database, Microsoft Excel program, Eviews 13 program, graphic analysis and analysis of the results obtained during the research. The first part of the study found that the 5 main reasons why ESG factors are becoming increasingly important in investing are risk management, long-term company performance, involvement of interested parties, regulatory environment, and investor demand. The second part of the study highlights the benefits of ASV standards for the company - companies can be more stable, future-oriented, their securities can be used as a hedging tool, and the companies themselves make a greater social contribution. Emerging risks - lower potential returns, propensity to go bankrupt due to the need for more expensive solutions, as well as high demand for these securities may lead to lower returns on green debt securities. Problems in the interpretation of ESG arise when evaluating different sectors and sometimes companies. Also, different ESG rating methodologies evaluate companies differently. The third part of the study presents the research methodology - a panel regression model, presents the analyzed indicators, the analyzed period and different sectors. The results of the analysis of panel regression models carried out in part 4 showed that depending on the sector, the same ESG indicator can have the opposite effect. The greatest positive effect among almost all analyzed companies was observed when analyzing social indicators related to sustainable business development and inclusion of women in management functions. When assessing environmental indicators, different trends were visible in all sectors. |
