| Abstract [eng] |
Relationship between company sustainability and financial performance is widely observed in scientific literature. To understand and improve sustainability of company it is important to know what affects it. The aim of this work is to develop model for assessing the impact of financial performance on sustainability. In the last years, then interest in sustainability grow up, sustainability became important part of companies. Scientist started to observe, how sustainability is related with financial performance and what effect they make to each other. In scientific literature, we can find works, which are observing what impact financial performance do to sustainability, but most of researchers observe how sustainability affect financial performance. The need to observe and analyse companies financial performances impacts to companies sustainability in manufacturing sectors in different countries, appears because of lack of this kind of researches and sustainability relevance in today’s world. In this research, using different countries manufacturing companies financial performance and sustainability data, we analyse companies financial performance impact to companies sustainability. Research starts with scientific literature analysis. In analyse, works of other authors, who examines relationship between financial performance and sustainability, is discussed. Scientific literature analysis helps to find variables which needs to be analysed and shows what methods are most suitable for this kind of analysis. Then, methods, which are decided to use in analysis are described. Finally, work with dataset begins – the dataset is organized and general analysis for dataset is done. Double rows from dataset are deleted and dataset is balanced. By using Kalman filter and random forest method missing values are filled. Also, scales of variables are changed. Then, general analysis of dataset is performed, which let us to see various properties of variables and primary relationships. Other part of analysis is developing of fixed effect models for all countries and separately for United States of America, Europe and Asia. In model, dependent variable is environmental, social and governance indicator, independent variables are 7 financial performance indicators and country, in which company works, carbon dioxide indicator. Results of all countries shows that countries sustainability is positively affected by total assets and earnings before interest, taxes, depreciation and amortization and negatively affected by growth. Sustainability of Europe companies is affected by return on equity positively and negatively by growth. United states of America companies sustainability is positively affected by total assets and earnings before interest, taxes, depreciation and amortization. Asia companies sustainability is positively affected by total assets and earnings before interest, taxes, depreciation and amortization and also negatively affected by growth. In all equations carbon dioxide variable do negative impact for companies sustainability. This relationship shows that for company sustainability it is veryimportant in what environmental company works. We also can see that in Asia countries financial performance are doing biggest impact to companies sustainability and in Europe countries impact are the smallest. |
