Wpływ zrównoważonych finansów na wycenę spółek publicznych

Abstract

The dominance of profit-oriented corporate operations has exacerbated global environmental, social, and governance (ESG) challenges, necessitating a paradigm shift toward Sustainable Finance. This concept integrates economic and ESG benefits to ensure sustainable global economic growth without compromising future generations' needs. A key research question in this study concerns the relationship between companies' ESG performance and their market value, particularly within non-financial sector public companies in the European Union and the UK (K-28) from 2010 to 2022. ESG scores and ratings were utilized as comprehensive measures of companies’ ESG activities. Two research hypotheses were formulated: (RH1) ESG scoring positively impacts the market value of listed companies, and (RH2) Environmental (E) scoring has the strongest effect on market value. The study employed data from the Refinitiv Eikon database and applied empirical analyses to examine these hypotheses. Contrary to expectations, the findings revealed that higher ESG scores correlated with a decrease in market value, leading to the falsification of RH1. However, RH2 remained valid, as environmental scoring exerted the most significant impact. In an academic context, research on Sustainable Finance provides valuable data and analysis to help improve understanding of the benefits and challenges of implementing Sustainable Finance into economic practice. Continuing and developing research in this area is then crucial to shape future policies and strategies, as it provides the tools to set the course for change for example with regard to the purpose of a company's operations, so that ultimately, it contributes to long-term economic and social well-being.