| Abstract [eng] |
The final master thesis analyses the structure and disclosure of corporate environmental information. The impact of environmental disclosure on corporate share prices is assessed. The object of the study is stainless steel companies operating in Europe. The main objective of the study is to assess the impact of environmental disclosures on companies' share prices by analysing the scientific literature. The work consists of three main parts: an analysis of the scientific literature, the development of a research methodology and a study with conclusions and recommendations. The first part of the thesis analyses the academic literature and its approach to environmental disclosure, and describes the methods and regulation of corporate environmental disclosure. It assesses the relationship between environmental disclosures and corporate financial performance and share prices. The second part of the thesis analyses the research carried out to assess the impact of environmental disclosures on corporate share prices and describes the existing methods and models used to assess the impact of environmental disclosures on corporate share prices. This part draws on the literature to justify the methodology developed to calculate the impact of environmental disclosure on corporate share prices in the third part of the study and to show how the study progressed. The third part of the thesis starts with an analysis of the selected sector, the European stainless steel market for the period 2013-2023. After analysing the market indicators, the analysis of the selected companies is carried out, the characteristics of the companies are described, the calculated financial indicators are presented, and the market position of the companies is assessed. Correlation and regression analyses are carried out on the basis of the companies' financial statements and the calculated financial ratios in IBMS SPSS. The results obtained from the correlation are used to support the hypotheses. Conclusions and recommendations are presented at the end of the paper. The study reveals that environmental disclosure has a direct impact on corporate share prices in the long run, but this impact is not particularly significant in the short run. The author believes that the results of the study may be useful in encouraging companies to move towards more sustainable solutions, but agrees that more research is needed beyond the specific sector. |
