| Abstract [eng] |
The main purpose of this master thesis is to perform an analysis of Lithuanian and Italian companies that have issued green bonds and to reveal their impact on the company's stock returns and financial results. The work consists of three main parts: the analysis of literature, methodology for conducting research, and summarize of analysis and results, conclusions and recommendations. The research conducted of five year period of the daily share price of the companies “Ignitis group”, “Auga group”, “HERA S.P.A.” and “IREN S.P.A.”, as well as the daily price of the MSCI Europe index. The first part of the work reveals and systematizes the concept of green financial technologies, including and defining the aspect of sustainability that cannot be separated from green financial technologies. Also, one of the main examples of green financial technologies is green bonds, which are analyzed during the research in order to reveal their impact on the company's returns and financial indicators. In the next part of the work, the companies that were selected according to the previously established criteria are examined, and then the financial indicators of the selected Lithuanian and Italian companies are analyzed in 2018-2022 and the abnormal cumulative return method is applied. The results of the study revealed that the best financial results of Lithuanian companies were during the pandemic (2020-2021), and of Italian companies - before the pandemic (2018). The applied abnormal cumulative return method showed that the return of shares of Lithuaniancompanies is confirmed in only one of the three methods, while in Italian companies it is confirmed in all three methods. The last part of the paper summarizes the main results of the literature and research analysis and offers recommendations. |
